Most people consider buying real estate sooner or later. The most challenging part is to save up the sufficient amount of money or to get approval from a bank. But if past experience is anything to go by, people get overwhelmed already at the stage of selecting a house. It’s better if questions arise before the transaction and not after.
When purchasing housing, the stage of selecting the right apartment is one of the most critical ones. The article will help you understand the algorithm of the selection of real estate and find out useful secrets on how to avoid unfortunate mistakes.
Tip 1: Divide and Conquer
You should remember the most important thing: the chances to find a dream apartment, perfect according to all of your parameters and corresponding to all the criteria, are close to zero. The sooner you accept this fact, the quicker you will find a suitable option.
Then it is important to prioritize right away – build a gradation of criteria in descending order of importance. Most likely, even when viewing the first couple of apartments you will realize that some of the requirements will have to be forgone.
New buildings or secondary segment?
According to analysts, over the past few years it has become more profitable to buy an apartment in a new building, the primary housing is more liquid than the secondary. This is an important factor, especially if you’re planning to expand the living space or move in the future.
However, the secondary housing also has a big advantage compared to the apartment in a house under construction or apartment without finishing in a newly constructed building:
you can move into the secondary apartment straight away with all your belongings and furniture;
You will not be stunned by the repairs made by all the neighbours at once, as it usually happens in a new building;
You won’t need to spend extra money and time on finishing the rooms before the housewarming.
Closer to the subway, sights, or work?
Location of the house is another stumbling block. You have to decide what is more important to you:
developed social, commercial and entertainment infrastructure in the neighborhood and the area;
proximity to kindergartens and schools;
proximity to the sights of the city;
the opportunity to quickly and conveniently get to the place of study/work;
parks/ponds/reserves nearby, etc.
The question of your priorities should be decided even before selecting properties that might be suitable.
Square footage, layout, the number of rooms
The square footage, the number of rooms, and your preferences for layout features are the factors that determine whether the apartment will be comfortable for you and your loved ones. Pay special attention to it. Remember: more square meters does not always mean more comfort, the ergonomics of the layout and its compliance with your needs are just as important.
Take your time
Thoroughly research the housing market in the area of interest to you – read forums, bulletin boards, catalogs and real estate sites. On-the-spot purchases are not the best option when buying an apartment.
Consider, verify and analyze everything: the data about the area, infrastructure, house, the developer.
Compare several options according to the criteria that are important to you, watch video tours, and ask the sellers/managers/hosters questions that bother you. Preferably, go for a viewing and evaluate the potential purchase in person, this will help screen out unsuitable options immediately.
Plan out your budget
If you’re planning to buy a house on credit, then follow a similar scheme as described above: analyze and select the bank in which you will take out a mortgage.
Before making a decision, make sure to calculate the monthly amount you will need to pay to the bank, assess your capabilities, including in case of force majeure (illness, layoff, etc.).
Tip 2: Find someone to help you
If you have found the very apartment that you are ready to buy, do not rush – you need legal expertise in this matter. Some solve the problem with the help of lawyers, while others deal with it on their own. But it is still more reliable to go to the specialized organization – a real estate agency, which will help to regulate all aspects of the transaction, including:
selection and examination of properties,
signing the contract,
conclusion of the sale and purchase agreement,
The last but not least. Make sure that the organization you are contacting has a professional lawyer with a license and practical experience in handling residential real estate sales and purchases. Such a consultant will tell you:
which questions to address and in which order,
where, when, and what paperwork to bring,
how to draw up a contract to protect your interests as much as possible.
Many real estate and law agencies also provide a service to represent your interests – they go to institutions instead of clients as their representatives, which saves time and nerves.
Speaking of the cost of services, going to a private lawyer is usually cheaper than working with a real estate company. But a lot depends on the region, the reputation of the specialists and other factors. It’s also important to compare the range of services you get.