Buying a house is choosing a place to live for many years, and often is the culmination of a dream that should not turn into a nightmare. For most, property values come into play when buying a home. For others, it is about other things like location or the type of area. In any case, here are some tips to becoming a proud owner.
Buying a property is an important step that cannot be improvised. An acquisition is not a disillusion, so proper preparation is essential. Know first what you need – house, land, swimming pool or not, new or recent, area, number of rooms, habitable immediately, etc. Think of life you want, your habits, your leisure, all the practical aspects (schools, shops, trips, neighborhood, etc.).
Even if you know the rules related to the purchase of a property, and even if you are fully aware of developments in the real estate market (essential to know its “health” before starting your research), please surround yourself with sound advice. Estate agents and notaries are made for just this type of advice. They are here to support you, and the web is no exception.
Determine your budget
All your wishes and needs, and everything that goes into financing your purchase is nevertheless inevitable. To determine your budget, you’ll first need to make your total wages, pensions, annuities, etc. These types of things cannot be overstated and deducting incompressible charges (credits outstanding, taxes, childcare, pay the housekeeper, etc.) is important. Rate the monthly payments that you will be able to pay without straining your budget heavily, knowing that your total debt does not exceed 30% of your net income.
Also remember that if you resort to a loan, it will be contracted for a period of minimum 10 to 30 years. This means you’ll have to anticipate changes in your income and your expenses, imagining that your children will want to go to graduate school and you’ll possibly plan your retirement. Don’t forget that you will have to calculate your future residency expenses: property tax, local taxes, work, etc.
If you follow these tips you’ll be able to successfully gain the house you’ve always wanted without breaking your budget.