New year, new home – how to prepare for buying a property next year


New year, new home – how to prepare for buying a property next year

Although an increasing number of us realize that the arrival of the New Year is not necessarily the reason to take the next big step in our lives, inevitably, it often prompts action and the undertaking of some long-delayed activities on our part. Among the most common of these is the purchase of a property, and now, on the threshold of 2024, we want to stand by you in this important step and give you a few key tips on how to prepare for it.

Determine Your Financial Situation

Our first piece of advice will hardly surprise you, as the funds available and your overall financial capabilities determine whether you can even consider purchasing a property. Even though finances can sometimes be a taboo subject, there’s no denying that a home is not a quick and thoughtless purchase, and the funds are a key factor.

Therefore, the first and most important step is to review your finances. This includes evaluating your current savings, planning for a loan if they are not sufficient, and developing an overall budget for the future purchase.

What Are Your Priorities?

Once you have determined what budget you have and how you will use it, it is time to move on to your requirements for the property – its size, location, number of rooms, etc.

Of course, the primary concern here is the purpose of the property and who will use it. If you have decided to rent it out, you are more likely to focus on objective criteria, such as a more central location, various amenities like public transport, proximity to educational institutions, etc. And if you yourself will live in the property, you need to define your subjective requirements entirely – maybe your work is not in the centre, but you want quick access to it, or you are looking for a specific number of rooms in the apartment.

In both cases, this step is extremely important so that during the search, you are clear about your priorities as well as the characteristics that are less important to you, and for which you could make a compromise if necessary.

Research the Market

Familiarize yourself with the current trends in the real estate market in the country, paying attention not only to current prices but also getting an idea of what has happened in the field over the last year. This will give you an idea of whether the prices of apartments have changed and in which direction, or what has happened with the interest rates on loans, which will give you a partial direction on what might happen in the market next year.

On the other hand, it will be useful to look at different areas, their advantages and disadvantages, as well as the price ranges. Don’t forget to take into account future developments – since purchasing a property is a long-term investment, it is good to consider not only the current state of the area but also its potential development.

In conclusion, when preparing to buy a new home next year, the key to success is careful planning and making informed decisions. By following these steps, you will certainly make the process of purchasing a property smoother and trouble-free.


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