Guide for Home Buyers: What to Pay Attention to When Purchasing Property?

Buying property is a significant step in a person’s life, whether you are looking for your first home or planning to upgrade. What should you pay attention to when purchasing real estate? It’s not just an important decision due to the financial investment, but also because it will influence your quality of life for many years. If you are preparing to buy a property, it’s especially important to proceed carefully, as a bad decision can have serious financial and emotional consequences. In this guide, we’ve gathered the most important tips to make the first steps easier.

1. Set Your Budget

Before you start viewing properties, it’s important to be fully aware of your budget. This doesn’t just mean checking how much money you currently have but also considering how much of a loan you can take out and what regular monthly expenses you can afford. It’s important to set the loan amount and monthly payments to a level that is sustainable for you in the long term. Don’t forget to account for other costs associated with buying a home, such as attorney fees, taxes, and potential renovation work.

2. Consider Your Future Needs

When buying property, it’s important to not only consider your current needs but also what the future holds. Think about whether the home will suit you in the long run. For example, if your family expands, you might need an extra room, or if you work from home, it could be worth creating a separate space for home office. Considering future needs can help avoid the necessity of moving again in a few years.

3. Location: The Key to Success

One of the most important factors in buying property is the location. You should choose a place that will not only suit your needs now but also in the long term. Check the local infrastructure: are there enough schools, kindergartens, and shops nearby? Is public transport easily accessible? It’s also important to consider how close the location is to your workplace and the safety of the neighborhood. The value of real estate is significantly influenced by its location, so a well-located property can be a solid investment in the long run.

4. Thorough Technical Inspection

The external appearance of a property can often be deceiving. Before making a decision, be sure to thoroughly inspect the technical condition of the property, and if necessary, hire an expert for an assessment. Check if the wiring, heating system, and structural condition of the building are in order. Problems with these systems can result in significant long-term costs. This is especially important for older buildings, where structural issues may not be immediately apparent.

5. Negotiation and Making an Offer

Don’t be afraid to negotiate the price! Many sellers set the listing price of a property as a starting point. If you find the price too high, it’s worth trying to negotiate. Of course, the extent of the negotiation depends on many factors, such as the demand for the property, its condition, and how urgently the seller needs to sell. Negotiating can save you significant amounts, which can then be used for other expenses or renovations.

6. Involving Experts

While there is plenty of information available online about buying property, the assistance of a real estate agent or lawyer can be indispensable. They can help you navigate legal and administrative matters and ensure that you take all necessary steps during the property purchase process. A real estate agent can help you find the most suitable property, especially if you’re short on time or have specific needs. A lawyer will represent your interests during contract signing and legal matters.

7. Don’t Overlook Future Costs

Buying a home doesn’t end with signing the contract. It’s important to think ahead about future costs as well. This includes maintenance costs, communal fees, utilities, taxes, and possible renovation work. Considering these expenses, it’s worth calculating carefully before purchasing. Remember that in some properties, especially in apartment buildings, common renovation projects may be expected from time to time, with costs covered by the owners.

8. Patience and Thorough Research

Buying property is not a decision that should be rushed. Take time to research the market, view multiple properties, and don’t hesitate to ask the seller or agent about every detail. It’s also important not to let your emotions guide you. It’s easy to fall in love with a beautiful home, but it’s always worth thinking through the decision rationally. If necessary, sleep on it, and only commit if you are sure the property meets all your criteria.

For real estate purchases, feel free to contact the Kenway team.