Beyond the financial investment, there are many other factors to consider when buying a home, such as the floor plan, the building specifications, and the location.
There are many emotions that come into play before buying a home. However, nerves aside, the process requires a certain amount of focus. Considering that this is one of the most significant investments we’ll make in our lifetime, keeping all your senses sharp to find the ideal home is a recommendation that should be included in any guide to buying a house.
From the perspective of the investment itself, the financial commitment required is another key factor. To begin with, you need to have savings of about 30% to cover not only the 20% that banks generally do not finance through a mortgage, but also the expenses associated with the purchase. Taxation is another factor to consider when buying a home, especially now that the Constitutional Court has left the future of the so-called municipal capital gains tax up in the air.
That said, there are issues that go beyond the financial aspect and—albeit with some nuances—affect both resale homes and new construction equally. If you’re not quite sure what to look for when buying a home, grab a pen and paper because we’ve put together a comprehensive guide with recommendations.
Things to Look for When Buying a House
The financial commitment is important, yes. But beyond your financial health—which will ultimately determine whether you can choose one option over another—the construction itself and the surrounding area can provide very valuable information before you buy a home. Here are some of the issues you can’t overlook:
Analyze the area
Carefully researching the neighborhood is essential if you’re thinking about buying a newly built property. Generally, these types of developments are located in newly developed areas and, as a result, may lack certain amenities.
Before buying a newly built home, research the area. From transportation to amenities such as elementary and high schools, medical centers, sports and cultural facilities, shopping areas, and the like, carefully evaluate the location and make sure the area in question meets your needs.
Building specifications
The document that provides detailed information on all the materials to be used in construction, as well as in the common areas and facilities of the home, is another key point to consider when buying a newly built home.
Its importance goes beyond its informative nature. The building specifications are also a legally binding document that protects the rights of those who buy off-plan. In other words, it is the tool that will allow you to file a claim against the developer if, once the home is delivered, the specifications do not match what was agreed upon. That is why it is one of the aspects to consider when buying a home.
Distribution
The way the spaces are laid out is another essential point in any guide to buying a home. Although it’s rare for a home—whether newly built or not—to meet 100% of an individual’s specific needs—unless the architectural design starts from scratch—the truth is that some floor plans are better suited than others.
If the home in question doesn’t quite win you over but has potential, you can always consider renovating it. In this case, knowing which walls are load-bearing, for example, is another aspect to look out for when buying a house.
Outdoor Areas and Common Areas
It is just as important to examine the building specifications in detail as it is to get a thorough understanding of the home’s exterior. This doesn’t mean you need to be an expert in analyzing the type of facade or insulation systems—both of which are certainly worth considering before buying a home—but rather that you should look beyond the home itself.
Keep in mind that homeownership isn’t limited to the space within the four walls of your home. Once you become a homeowner, you’ll hold title to and have the right to enjoy certain spaces such as gardens, playgrounds, sports areas, garages, or storage rooms—hence the importance of including these areas among the factors to consider when buying a home.
Neighbors
Getting to know your neighbors before you become one of them isn’t always easy. However, knowing what kind of homeowners you’ll be sharing the community with can help you make your decision. Young people, families with children, singles… The profile of other potential buyers can be a deciding factor in choosing one property over another.
Sometimes there are forums for new residents where you can go to find information, although you can always contact the developer to try to get general information.
Check for noises before buying a house
You may not be able to know who your neighbor will be, but you can find out the level of noise you’ll be exposed to—at least as far as the surrounding area is concerned. Whether or not there’s a lot of traffic, whether there are entertainment venues near the home, or whether there’s constant foot traffic beneath your potential balcony are all factors to consider before buying a house. After all, being exposed to higher-than-usual decibel levels on a daily basis can be truly annoying.
In any case, if you’ve decided to buy a newly built home, it will be very helpful to make a list of everything you want and everything you’re not willing to put up with. From there, and keeping in mind everything you need to consider when buying an apartment, the decision will surely be easier to make.
