Things to consider when buying a house
Are you about to embark on the great adventure of buying a property? Before you take the leap towards the home of your dreams, it is important that you know all those things to take into account when buying a house, a series of factors that will help you make the right decision.
What type of home fits perfectly with your lifestyle? What are your present and future needs? How do I proceed if the house I am going to buy needs to be renovated?
With this article, we will explore what to consider when buying a home, as well as the advantages of hiring an interior design studio to guide you before, during and after the home buying process.
Hire a reliable interior design studio
When buying a home, it is essential to take into account several aspects that guarantee a practical and safe experience. In a constantly evolving real estate market, having the advice of local interior design studios can make all the difference when making such a momentous decision.
Here are some of the advantages of hiring a design and architecture firm before buying a home:
Interior design firms often have a network of trusted suppliers. This can be beneficial when buying a home, as they can put their contacts in place to get much more competitive quotes.
In addition to getting quality materials and coordinating the different professionals needed to carry out renovation or remodeling projects.
Buying a house involves a considerable investment of time and effort. By having the help of an interior design studio, you can delegate part of that responsibility in expert hands. That is, they will help you in the search and selection of homes, work with you to file all the necessary permits with the town hall, etc.
The experience of a group of experts in design and interior design can help your new home become a space perfectly adapted to your tastes and requirements.
These professionals not only have a wide knowledge in design and distribution of spaces, but they are also familiar with the particularities of the area. Something that will be very useful to have personalized recommendations according to your needs and lifestyle.
Phases of the home buying and selling process
PHASE 1: The offer
At this stage, you have found a property that you like and you are interested in buying it. First of all, we recommend that you consult the cadastral file of the property, to check such basic questions as its reference value, the year of construction, usable square meters and other common elements.
Do not forget to visit the town hall to take a look at the Technical Inspection of Buildings (ITE) and ask about the costs of the property and other taxes such as IBI. In addition, it will also be the best time to talk to your bank and let them know if the operation is viable.
Then, what you have to do is to make an offer to the seller, indicating the price you are willing to pay. If the seller accepts your offer, a commitment is made and you agree to pay an initial deposit, usually around 1% of the purchase price. This phase marks the beginning of the purchase process and is based on a written agreement or offer.
PHASE 2: Earnest Money
Once the initial offer has been accepted, you can move on to the earnest money stage. At this stage, a private contract is signed between the buyer and the seller, known as an earnest money contract.
In this contract, a stronger financial commitment is made by the buyer. Generally, an additional deposit is paid, equivalent to approximately 9% of the purchase price, which is added to the 1% already paid in the previous phase.
This deposit demonstrates a greater commitment and seriousness in the purchase of the property. If the buyer backs out at this stage, the deposit paid as compensation to the seller may be forfeited.
PHASE 3: Purchase and sale before a notary public
The final phase is the notarized sale and purchase. At this time, all parties involved in the transaction, i.e. the buyer, the seller and the notary, meet to formalize and close the purchase process.
The deed of sale is executed before the notary, where the final terms and conditions of the sale are established, including the agreed price and the relevant legal details. During this phase, the remaining payment of the purchase price is also made, deducting the deposits already paid.
Once all parties have signed the deed and the final payment has been made, the sale is considered completed and ownership is legally transferred to the buyer.
These three phases represent the main things to keep in mind when buying a home, from the initial offer to the legal formalization of the transaction. It is important to follow each phase with caution and proper legal advice to ensure a smooth and successful purchase process.
30 things to check before buying a house
Note these other things to consider when buying a home:
1. Location: Evaluate the area and proximity to services, transportation and activities that are important to you.
2. Budget: Establish a realistic financial limit and consider the costs associated with the purchase and maintenance of the house.
3. Size and distribution: Determine how many bedrooms, bathrooms and common areas you need.
4. Condition of the property: Conduct a thorough inspection to identify possible structural or maintenance problems.
5. Age of the house: Assess whether you prefer a new property or one with history and charm that you can renovate to your liking.
6. Architectural style: Define your preferences in terms of construction styles.
7. Orientation: Consider the solar orientation of the house to take advantage of natural light.
8. Outdoor space: Evaluate if you need a garden, backyard or terrace.
9. Infrastructure and utilities: Verify the quality and availability of services such as electricity, water and internet connection.
10. Safety: Investigate the crime rate and neighborhood safety.
11. Quality of construction: Make sure the house is built with quality materials.
12. Noise level: Determine if the location is exposed to noise nuisance.
13. Growth potential: Evaluate whether the house has room for future expansion or renovation.
14. Parking: Check if there is enough space to park your vehicles.
15. Accessibility: Verify accessibility for people with reduced mobility.
16. Orientation of rooms: Consider orientation of principal rooms in relation to sun and privacy.
17. Climate: Evaluate the climate of the area and how it will affect your comfort in the house.
18. Schools and education: Investigate the quality of nearby schools if you have school-age children.
19. Leisure and activities: Assess the availability of parks, stores, restaurants and other leisure activities in the area.
20. Flood history: Investigate whether the property is located in a flood-prone area.
21. Zoning and development plans: Find out if there are any development projects that may affect the area in the future.
22. Taxes and Fees: Find out about local taxes and fees associated with the property.
23. Community and neighborhood: Investigate community dynamics and neighborhood relations in the area.
24. Transportation: Evaluate accessibility to public transportation routes or major thoroughfares.
25. Home amenities: Consider the features and amenities you desire, such as a fireplace, air conditioning, or swimming pool.
26. Resale value: Evaluate the resale potential of the property in case you need to sell it in the future.
27. Rules and restrictions: Find out if there are any regulations or restrictions that affect how you can use the property.
28. Property history: Find out if the house has had any previous legal problems or disputes.
29. Homeowner’s Community: If the property is in a homeowner’s community, know the associated rules and regulations.
30. Additional facilities and services: Consider the availability of gyms, swimming pools or recreational areas within the community.
Remember that everyone has different needs and priorities, so it is important to adapt this list to your personal preferences.
18 February 2022