the upcoming metro in the neighbouring localities will benefit the residents by offering more affordable homes and with amenities. with the growing interest of people to invest in and to buy an independent house, this is a correct option to reside here; the social amenities will go to develop further in future.

mistakes to avoid before buying a home

buying a house or apartment is an adventure. depending upon your budget and lifestyle you can make wise decisions. although the real estate market in every area has its own peculiarities, the precautions that need to be taken before closing the purchase are similar. is that the same mistakes are repeated again and again because the process involves decisions in each of its stages, from defining how much you can really pay, what property suits you or what is the best mortgage credit.

what is the first trap that buyers tend to fall into? calculate the limit of your monthly budget. it is a real trap because as it seems so simple to do, it is easy to make mistakes. in which areas of the city is it more expensive to buy an apartment? these are some of the mistakes you should avoid before closing a contract.

calculate your budget

the 30% rule is about calculating the monthly amount you are going to pay the bank for the mortgage loan and avoid exceeding 30% of your disposable income. actually, 30% should be calculated on the money available in your pocket, after paying other debts , such as the education of children or a car loan. only when you discount those payments you can calculate that the monthly mortgage payment does not exceed 30% of your budget. this will helps to decide the available budget in your hands to buy a home.

initial payment too low

for those who buy for the first time, the most difficult thing is to collect money for the initial payment. the idea is to give the highest possible entry, so that the debt with the bank is the lowest possible. but in reality, as it is difficult to put together a quarter or a third of the value of the home, banks offer many alternatives that are not recommended. for example, give a lower deposit of 5% or 10% of the value of the property. the bank is convenient because you will pay more interest.

not include the transaction costs in the credit

the buyer has to assume the costs of the transaction and the establishment of the mortgage, which are usually notary expenses, taxes, a commission of intermediaries, etc. these costs must be subtracted from the initial deposit you have available. however, it often happens that many people do not consider them and when the time comes to close the deal, they appear surprisingly. then the banks offer you a new solution: include those costs in the mortgage credit. experts recommend avoiding it because it will become interested at 15 or 30 years.

beware of mortgages 

if you are going to buy a new home, it is very common for the construction companies to offer you to process the mortgage loan. the most common argument is that they can do the paperwork in a faster way and even get you a lower interest rate because they have some kind of agreement with a bank. the problem is that not necessarily that bank offers the mortgage credit that suits you best. and in this sense, the basic rule is to compare at least two or three banks before making any decision.

review of insurance coverage

this point is usually considered as something minor within the contract. mortgage credit usually includes the payment of insurance against unexpected events, such as a fire. but there are times when coverage only applies under certain conditions. it's enough that a disaster happens so that you realize that the protection was not what you thought. the other point is that there are catastrophes directly not included in the insurance, for example, earthquakes.

ask for rebate

there are many other elements that should also be considered before buying a house. one of them is the location. when you buy a home, you are not only buying the house, you are also buying the place where it is, everything that surrounds it, including factors such as security, transportation, schools because finally the property is an investment that in the future you can sell.

other potential problems are verbal agreements that can be complicated to prove that they exist. it is enough that another buyer appears more attractive and the agreement of words will be forgotten.

and something that is always necessary, even if you have to pay the extra money, is to ask an independent technician to inspect the real condition of the house when it is a used house. some may have structural damage that is not visible, problems in the plumbing or the electrical system. experts recommend comparing before making any decision, no matter how hard they are saying that this is a great opportunity and that you can lose it if you do not buy fast. and negotiating the price is something that you cannot forget, given that most of the prices offered, consider that the buyer will ask for a rebate. if you do not ask for it, you simply lose it.

follow the below step by step process to buy your dream home easily.

1. set your budget

2. type of housing and location

3. private or real estate in malaga?

4. visit the house

5. check the floor information

6. taxes and processing costs

7. sign arras and deeds contract

8. sign deeds of sale

9. change ownership  

set your budget

firstly you have to consider is the maximum amount available to buy the home. it is also essential to identify if you need to resort to a mortgage to buy it. if you apply for a mortgage check the conditions imposed by each bank.

type of housing and location

second, you must ask yourself if you want to buy a new or second-hand home. and the area where you want to live. this decision has to come in line with the budget you have set to buy your house. since it will not be the same to buy you a flat in the new home, than to buy a second-hand apartment in an area less demanded in the city.

real estateprofessional advise

at this key point, you have two main options: negotiate directly with an individual or go to the services of a real estate agent. at first glance, the first case may seem more direct and simple. but why go to a real estate agent to buy a home? the real estate agents know detailed information about the projects and can guide you quickly with future developments and return on your investments.

visit the house

visiting the home is an obvious stage in the purchase process, but it should be done with special attention. you have to look at the layout of the house, what orientation it has, what are the community expenses, the state of the electrical installations, the ventilation of the kitchen and bathrooms, among many other things. a real estate consultant can be beneficial in this regard.

check the floor information

once the visit has been made, you have to contrast what has been seen in it, with the official data entered in the property registry. and make sure that the information between the visit and the record matches. in the same way, we advise you to request a simple informative note to the registry that corresponds to the ownership.

taxes and processing costs

if you buy a new home, you will have to pay the corresponding vat: 10%. if it is a second-hand home, you will have to pay the property transfer tax. the latter in malaga is 8% of the final value of the purchase. the value of the home depends on each community. as for the processing costs, you have to cover the expenses corresponding to the notarial services and the expenses related to the registration of the property.

sign arras and deeds contract

at this point, you are ready to sign a deposit agreement. it is a private contract where the parties agree to the reservation of the sale of the property, giving as proof a quantity as a signal. this means that it is a compromise between you, as a buyer, and the owner, as a selling party, in the acquisition-sale of the home

sign deeds of sale

this is the act where you become a homeowner. it is done before a notary, and the remaining amount of the agreed purchase price must be paid.

change ownership 

once the house is purchased, there are some more things to do. you have to change the ownership of the housing supplies to avoid disputes in future and to enjoy the comforts of your house happily.

browse https://propertyadviser.in, india's first-ever real estate property directory lists more than 1000 properties in hyderabad with 100% verified information. our expert team visits every area of hyderabad and gets up to date real-time information of all properties include price, available units, construction status, occupancy date, and many more. this updated information on residential properties helps you to make wise decisions. visit us and select the best home that suits your lifestyle and lead a happy life with your family.

shailaja k