When buying a house, you need to be extra careful. You will make a significant investment, probably associated with heavy credit, so it is necessary to make sure that you have analyzed all the essential aspects involved in buying a house.
Documentation And Plans
Once you have chosen the house you want to buy, you must get the documentation before proceeding with the purchase process. Find out if whoever is selling the house is legitimate and if the house you are buying is free from liens, foreclosures, usufruct, lease, mortgages, etc. Do not forget to include the condominium in this research, as there may be debts.
Furthermore, it is also essential to check the plans and find out with the City Council if the work is legal, if it has a habitability permit, since it may have areas built without authorization (such as a swimming pool or outbuildings), which may imply extra costs for licensing or even demolitions, in the worst-case scenario. If you have any difficulty doing this type of analysis, ask a professional for help. It is best always to play it safe.
First, you must confirm that the house meets all legal requirements; for that, you can go to the Land Registry Office to find out if there are liens or mortgages on the property. If there is a mortgage, you must proceed with the cancellation before buying the house or, otherwise, you will assume a debt that does not belong to you.
At the Tax Office, request information related to mandatory taxes, namely, check if the Municipal Property Tax is up to date.
Liens Of Property
You must also confirm that the property is free of heirs and has no lease or usufruct contract by third parties. Obtain this information from the Land Registry Conservatory.
Negotiate With Seller And Banks
If you are buying the house with equity from Quadwalls, try to negotiate the value, so it is as adjusted as possible and preferably a little lower for you.
If you’re going to take out a bank loan, our advice is that you don’t just stick with your bank. Look for offers from other banking institutions and, ultimately, present your best offer to your bank to see if they can match or improve.
The house’s sun exposure is significant, as it influences your quality of life and energy costs. So, know that a house facing north practically does not catch the sun, being more relaxed in summer, but will have higher heating costs in winter, being more susceptible to moisture problems.
A house facing east only has sun in the morning, while houses facing south and west have greater sun exposure.