What we need to know when buying our first home

The purchase of a first home is a significant milestone in life that is both exciting and very challenging. No matter how appealing the end goal may seem, the process can be too difficult or unmanageable for you if you are not familiar with some specifics on the topic.

The first thing that is good to determine before you even start searching is the amount you can afford. We advise you to be clear about what type of home you’re looking for and what is the upper limit of funds you’re willing to spend on it before diving in. Additionally, if you are going to take out a loan, you can use an online loan calculator to give you accurate information regarding the loan amount, the interest rate, and the term over which you want to repay it – you can find such a calculator on our website when choosing an apartment from our current listings.

After that, turn to the bank you’ve chosen – do not start searching before you have received pre-approval or an offer, because your efforts might prove to be in vain. It’s important to have received the green light for the loan amount and the terms of the entire contract beforehand.

When you start your search, keep in mind that many factors influence property prices – the location, the layout of the home, renovations both in the property itself and in the building where it is located, etc. One of the most important things to pay attention to is the type of construction, as there are significant differences in the quality and durability of new and old construction. Also, don’t forget that the real estate market is relatively stable, and if you come across a property with a significantly lower and more advantageous price, we advise you to check its characteristics very carefully before proceeding with a purchase.

Another peculiarity to be aware of is a trap often used by sellers, which you can easily fall into if you are not aware of what it entails. Their trick is to buy older homes at low prices, then make improvements that make the property look new and maintained – new furniture and a complete renovation, which, however, is done with extremely low quality and cheap materials.

Thus, when you buy it, the home may seem renovated, which will undoubtedly raise its price significantly, but afterward, it may turn out that it cost the seller much less.

The last key point is not to start negotiations for purchase without turning to a trusted broker who can help you go through the process smoothly. Although this will entail additional expenses, if you do not have experience in the field of real estate, it is better to play it safe and turn to professionals who really understand their work.

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