Key questions to invest in real estate
Investing in real estate to live is an excellent idea, but it must be a premeditated decision. Here are some things you should consider.
So you already decided and you will buy a house. It is the best decision so you can have a quiet life with your family. Anyway, you have a lot of work to do, because you will have to find the right house for you. Do not worry, although it can be overwhelming, in the end it will be worth it.
It is not easy to make such a big decision, because besides the economic cost it represents, you want the best for your loved ones, so you have to look at everything from the location to the type of decoration you want to have.
Here are some key questions that will help you clarify your ideas and make a stronger decision.
The 7 keys to investing in real estate
Where would you like to live? This is one of the first questions that you will have to answer, since a large part of the price of your new home depends on that. The houses acquire a value depending on the place where they are located. Find out if there are parks or green areas near your new home, hospitals or health centers, schools and public transport. The newer properties are usually built on the outskirts of cities, and have more infrastructure.
How much do you have budgeted to buy your house? Once you have decided to become an owner, you will have to make an accurate balance to know your real purchasing possibilities. Make the process with a financial institution to be certain of the exact credit that can be granted. Take into account your savings and you will know the amount you can allocate for the purchase of your new home.
Will you need to invest in its improvement? If it is a used house, surely you will have to do some maintenance work. In the case of new ones, from the construction company that you approach, the works that you can or will not do in your home will depend. Some deliver the unfinished properties for the new owners to put them to their liking, and even some real estate offer the possibility of expanding.
How much space do you need? Old houses have larger spaces, but fewer rooms. However, when you buy a new house, the spaces will be smaller, but the designs of the rooms and spaces in general will compensate.
How long can you inhabit it? Possibly at this time the place where you live is rented, so a longer stay could directly affect your budget. Talk to the real estate agent or the seller to know exactly when you can live in your house, and thus organize yourself in the best way.
What percentage will you have to pay taxes? Taxes are not a fixed amount, they vary from municipality to municipality. Generally, they range from 4% to 6% of the total value of the property. These are generated by the notary public, so try to have a good communication with him so that you do not take this extra expense by surprise.
Have you calculated the maintenance? Even when you buy a new house and you think you will not have to spend more, if you live in a subdivision you will have to pay a monthly fee. This fee helps maintain common areas such as swimming pools, parks or even the surveillance you have. In the case of used homes, little by little you will find details that may not have satisfied you, they are periodic expenses, but you must take them into account.
Make sure you are clear about these aspects, and with that you can know if you are ready to invest in a house, and which is the most convenient place to acquire it.