It is difficult to follow the real estate market and know the right time to buy. In order not to repeat mistakes, get to know the most common ones that everyone encounters.
Wait for the market to improve or not buy at all?
No one can predict exactly which direction the real estate market will go, so waiting to buy your home while the market is at its bottom is futile. If you are financially and emotionally ready to become the owner of a house or apartment, it is always a good time to buy. The time you spend thinking about buying a house or apartment could be spent enjoying your own home.
Count on unforeseen expenses
For a smart purchase of a house or apartment, you must have an additional plan. If the home has any intractable defects that you didn't know about before, or if there are credit problems, what then?! No matter how confident you are in your purchase, don't put your offer on the table if you don't have an approximate price for possible additional costs.
Read the final contract
The lawyer has already read and examined all the papers of the desired real estate at the beginning and of course informed you about everything so that there are no surprises. Remember to double check everything before signing any contract.
Don't buy without checking
Even if the home looks flawless it is wrong to assume that everything is right. All houses or flats have flaws – even brand new ones – so it's important to get a professional opinion before making a decision. Be present at the inspection so that the inspector can explain any problems to you.
Don't buy at first sight
Buying the first house or apartment you see is not a good idea. If you don't look around carefully and see what's left out there, you could miss out on a good deal or potentially regret your purchase.
Don't buy a property you can't afford
Just because a lender is willing to give you a huge sum of money doesn't mean you should take it. Buying a property that costs more than you can afford can quickly lead to financial problems. You must be aware that you need to live even after buying a property.
Explore the neighborhood
What's the point of having your dream property if your neighbors give you a headache? Before shopping for a home, do your neighborhood research. Make sure you fit into their lifestyle – what do you want around?! Kindergarten, school, shops or night club? Even if you don't have children, living near a good school increases property values. Visit the neighborhood several times at different times of the day.
Calendar and chemical, bookmarking or e-record
Whether you are a fan of the good old "paper and pencil" scheme, or you write everything down in some kind of application, no problem. The point is to write it down, because that way you will know exactly the flow of your own thoughts and what you want or don't want. Make a plan! Ask yourself (and write down!) the basic questions: What is my budget, or how many loan installments can I handle? If you don't have to take out a loan, then you belong to the lucky group, but the budget still exists. Location is most important. Do you want to be close to a school, kindergarten, or is a quieter area more important to you, so you don't have a problem traveling a little longer? What is the square footage of the apartment, i.e. what do I want in the apartment or house? Is a large kitchen, the number of bedrooms important to me, or do I want a larger balcony or terrace and less square footage inside the property? How much square footage is optimal? Clearly, the criteria are different if you are single or have a family with children. Does the building have an elevator, what kind of heating is there, are there parking spaces? Do I need a woodshed, an attic...?
Quality agent and location
The most important thing is the quality of the real estate. It doesn't have to be about equipment, on the contrary. If the property is older, it does not necessarily mean that it is worse. The thickness of the walls, the condition of the roof, the staircase...everything will immediately reveal the quality of the apartment. Be sure to hire an agent! A good and quality agent will be honest and tell you the facts about the property. Take someone with you who is an expert in the field of construction - friends, acquaintances, relatives, neighbors... ask around and ask them to look at the property with you. A professional agent will definitely give you additional information about the property, simply because he has experience in it.
Don't buy in a hurry, but don't procrastinate too much either. From the moment of decision to the moment of purchase, no more than six months should pass. Too much information can be confusing, so distinguish the important from the irrelevant. When you feel lost, revisit your wish list and your plan and get back on track. Collect all the properties that are interesting to you. The Internet is full of search engines, which have quality filters. In this way, you can precisely limit your need according to square footage, location, price...
Once you've narrowed down your choice of properties to buy, start looking around. Don't make the list too long. When you have put the properties you are interested in on the broader list, ask additionally about the details that interest you and may not have been highlighted in the ad. Only then narrow down the list. If the number of properties is larger, make an agreement with the agent that the viewing will be arranged order over two or three days, in order to settle the impressions. During the tour, take a piece of paper or a mobile phone with you where you wrote down all the questions that interest you. The agent will be happy to give you answers, and additionally find out everything you are interested in. Look around the apartment or house. If you have decided to renovate, draw up an additional renovation cost estimate. If it is a property in good condition, investors offer you the opportunity to choose ceramics, parquet... which is certainly an additional advantage.
Arm yourself with time and patience. Carefully review all documentation, pre-contracts, title deeds, permits... so that there are no unwanted consequences. Be sure to take your time in this segment and be well informed. In the end, agents know very well how to solve things for you, so don't hesitate to trust them!
The end result
Never ignore your instinct! If it is a property that is not attractive at first, and you have a good feeling for it, definitely give it another chance. Look at it again, ask additional questions. However, the property is bought for a long period! With renovations, minor or major operations, smart modular furniture and a whole series of little things, even an unattractive property can become great very quickly!