Buying a home has always been one of the most important decisions of our life. You are young, you work, you want to become independent, or you are even tired of paying rent every month that, finally, goes to a lost fund.
Today, buying a home is much more difficult than a few years ago. Banks are giving lower and lower loans, and they are increasingly asking for more requirements. Work is scarce, and wages are often precarious.
In addition, if we did not have enough, the Covid-19 pandemic has generated great uncertainty both in the present and in the future.
However, and despite the situation suffered by young people today, the illusion of a first home is always present.
If you are currently thinking of buying your first home, but you have certain doubts, keep reading because in this post we are going to give you some useful tips before running out like a headless chicken to buy a house.
Aspects to take into account before buying a home
When making the decision to buy a home, we must take into account some aspects that can influence our purchase. We’ll tell you about them!
1. Own resources to buy a home
We would all love to buy a large house with garden and pool,especially after the 3 months of confinement we lived a year ago, in which our 4 walls, in some cases, became small.
But, we have to be realistic and know the budget we have to face the corresponding payments with which we will access the purchase of housing.
Therefore, our initial question has to be: How much can I afford? And we are not only talking about the amount that the house will cost us, but also about the unforeseen expenses that may arise and the expenses inherent in the process of buying the house, such as, for example, expenses of deed, appraisal, registration in the Property Registry and Taxes, etc.
2. Find the mortgage that best suits your needs
This task may be the most difficult and the most expensive. In addition, you have to take into account whether to take out a fixed or variable rate mortgage. Each bank will offer you a different plan and interests, so you will have to visit several entities and compare between them to know which mortgage is the one that best suits your circumstances and needs.
We, in this case, advise to calculate the mortgage in ING, since they have low interest and attractive offers. You may find your ideal mortgage with them.
Banks are always going to try to get you to take out some kind of insurance or product. Obviously at no time can they condition the granting of the mortgage to the contracting of insurance or products.
But, you can reach an agreement with them in which, by contracting this type of insurance or product, the bank rewards you by lowering the interest rate. Of course, currently that a bank gives you more than 80% of the appraised value or the sale price of the house is very difficult. Patience!
3. Seek professional advice
Buying a home is no nonsense, so it is important to reflect and review all the movements that are going to be made so as not to make any mistakes.
In the event that you do not have much idea, or do not know how to proceed, it is best to seek help from a professional to lend you a hand when processing the processes. It’s better to have help than to regret bad decisions for life.
4. Find out about the aid
If you are young and want to buy your first home, it is convenient that you take a look at the aid offered by the government, or each autonomous community. There are public programs that make the process easier for you.
Before disbursing a large amount of money, find out well about all the aid that belongs to you for being young and wanting to buy a first home.
5. Location of the house
When we are looking for a home it is important to do it in an area that totally fits our personality. A home is for life, so if you want to have a family you must have many amenities nearby and be a neighborhood that you like and in which you are well and at ease.
According to researcher Markus Jokela, “our level of happiness depends on whether our environment is suitable with our personality.”
This leads us to think that the area where the purchase of the house occurs must fit as much as possible with our personality in order to achieve greater satisfaction in our life.
It is true that finding a home according to our taste and needs is a bit difficult, but not impossible. It’s all a matter of looking for it and finding it. Follow the right steps and always let yourself be helped by a professional.