In the same way that we tell you which were the most common mistakes when renting a home, we had to do the same with the acquisition.
And in this case, we are going to go straight to the point to be able to delve deeper into the subject since we are, without a doubt, facing one of the most difficult purchasing decisions to make. At the end of the day, no matter how much trouble renting a home may cause you that in the end does not meet your expectations, it will always be less than what buying a flat can cause you.
What To Keep In Mind When Buying A Home?
Buying a home is one of the great decisions you make in life. The investment it requires involves a great financial effort, tying a person to a mortgage for a good part of their life. Hence, it must be taken with great care and avoid the following errors:
1.- Do not add to the amount of the house between 10% and 15% more
It will be what is increased by other expenses such as the notary, the property registry, the fees to the community of neighbors, or taxes such as the IBI. Keeping this in mind is essential so that the numbers balance when requesting a mortgage and that your daily economy does not suffer.
2.- Do not resort to a real estate or tax attorney
It is another serious mistake since, in addition to saving a lot of time in bureaucratic procedures, you will have the assurance that any procedure will be carried out correctly in a timely manner. He will also be able to advise you on everything related to your mortgage, a rise in the Euribor …
3.- Apply for a mortgage with very long terms
It is probably the most common of errors. Ideally, the mortgage terms should not last more than 25 years, in the first place because, however comfortable the monthly payment may be, in the end, the home will have become much more expensive.
4.- Take out a mortgage that represents more than 30% of your monthly income
It is also something that is not usually taken into account. We said it when we talked about the mistakes when renting a house and, we keep it now, even lowering that percentage: in the purchase, there are more extra expenses than in a rent, hence to allocate more than 30% – 35% of your mortgage to the mortgage. income is too risky.
5.- Request a guarantee from your parents, family, or friends
It can become a serious problem if, for whatever reasons, the situation gets complicated. You will drag others into a debt that is not their problem. It is preferable that at a certain moment you ask them for help if you need it before making them share in your responsibilities.
6.- Do not negotiate the price with the construction company or the owners of the property
It is another common mistake. It seems that in such high expenses it does not make much sense to negotiate, but if you are going to buy a house we recommend you try to negotiate before discarding any option for its price. Do not go out of your budget but consider it at a given moment if that property interests you.
7.- Do not go to a real estate agency
Another big mistake that can waste time and money. In the first place, because the agency knows the real estate market much better than you, it knows the prices at which homes are moving and when is the best time to buy. They will also be able to negotiate the price with the seller and advise you on all kinds of procedures.