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What do I need to know before buying my first home?

Date: July 12, 2024 Time: 15:54:39

If you are thinking about buying your first home, you should know that it is one of the most important decisions of your life, so before facing this operation, there are several aspects that you should consider.

To begin with, before starting your search, you need to analyze your budget, since based on it you will be able to know what type of house you can afford. This aspect is essential in the process of searching for a new property, in addition to assessing whether you have the possibility of paying for the house in cash or if you should resort to a mortgage.

In the first case, that is, if you pay it in cash, you will have to add the costs derived from expenses and taxes to the sale price, while, if you are going to resort to a mortgage loan, you should know that you have to have saved the 30% of the value of the property, so that you can assume both the payment of the down payment and the expenses derived from the sale. In addition, you will need to have a stable job and a salary that offers guarantees to the bank so that it can grant you financing.

When buying a home and setting the budget, as we indicated, it is necessary to take into account the sale price of the property, but also the purchase and sale expenses, such as taxes, registration in the Property Registry, the notary and the costs . of the mortgage if financing requests (appraisal, opening commission…).

With the economic aspect well defined, you should ask yourself about the type of home you need, which will depend both on your own personal preferences and your family situation. Make a list of priorities and determine which features are must-haves and which ones you only value. Based on the above, you will be able to determine what your search areas are, always taking into account your budget and needs.

Come buy a first home

With the previous considerations clear, it will be time to start looking for a new home, starting with real estate portals or contact directly with real estate agencies that can advise you and help you find what you are looking for. This way, you can make a list of those homes that are of interest to you and that fit your budget.

Once you have identified the homes that interest you, you must request a visit to the property, where you will have to evaluate all the relevant aspects, such as orientation, state of conservation, distribution, natural lighting coming from the outside, etc. In any case, before choosing the first option, it is advisable that you visit different properties, in addition to requesting the documentation of the property, checking its characteristics, requesting proof of payment of the IBI or the possible charges or pending debts in a simple note. . from the Property Registry, as well as the certificate of community payments or the ITE.

When you have collected all this information, it will be time to launch your purchase offer, taking into account the condition of the property and the prices of other homes in the area, and if the seller accepts your offer, proceed to formalize the sale, it being common to sign the earnest money contract. It establishes the conditions of the sale and the buyer leaves a deposit as a deposit, which is usually 10% of the value of the property.

Finally, the last step to have your first home is to sign the deed of sale before a notary.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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