What are the critical points to consider during the home buying process?

Buying a home requires detailed research. There are points to decide on such as location and budget. Apart from this, there are also factors such as credit eligibility, social facilities, proximity to public transportation.

We asked experts about the points to consider during the home buying process.

Buying a home is a serious investment and future decision. We wanted to remind you of the points you need to pay attention to so that you don't make a hasty decision and have problems when you decide to buy a house.

Points to Consider During the Home Buying Process

First, Decide on Your Budget

Buying a house requires making many decisions. Where should it be, how much should the budget be, how many rooms should it have… Apart from this, there are many points to consider such as suitability for credit, whether it is humid or not, proximity to public transportation and social areas.

Determine your budget range clearly for the house you want to buy and, if possible, do not go beyond your budget. (Determining your budget correctly before starting the house search process will prevent you from losing time and energy.)

When starting to search for a house, the primary criterion is usually the budget after location. Deciding on these and determining the budget correctly is important in order not to waste time. One of the most important details in determining the budget is determining approximately how much credit can be taken according to income. When making a budget, the title deed purchase expenses, revolving capital expenses and service fee that need to be paid should also be added to this budget.

Is it suitable for credit?

In this process, spending effort for a house that is not suitable for credit will not only cause a waste of time, but also cause you to lose cash if you learn about this situation after paying the appraisal fee to the bank, since the appraisal fee is not refunded.

Mortgage and foreclosure

The house you want to buy If there is a lien record on it, it is not possible to obtain the title deed of the house with or without a loan unless the lien is lifted. If the house is mortgaged, you can obtain the title deed as long as you accept the mortgage. However, except for bank mortgages, if there is a personal or institutional mortgage, you will not use a housing loan.

What Should We Pay Attention to When Buying a House?

Dampness

One of the most frequently complained about issues in new house purchases is dampness in the house. Although it is difficult to understand whether the house is damp, especially if the house is newly painted, it is possible to get an idea if the exterior insulation of the house is examined. If there is a possibility of dampness in the house, it would be useful to have an expert examine it. Because stopping the dampness of a damp house usually causes you to spend a lot of money.

Check its earthquake resistance.

Public transportation, transportation and social facilities

Pay attention to the location of the house and transportation possibilities. (Even if you are buying a house for investment purposes, if you are buying a house with limited transportation and far from the center, this may negatively affect the rental value of the house and the return on your investment.)

The proximity of transportation to the house you want to buy is one of the most important factors that greatly increases the quality of life, especially for those living in big cities, and increases the value of the house in the future. In addition to transportation options, proximity to areas such as schools, hospitals, and parks adds value to the house and saves you time.

Neighbors

It is not said for nothing that you should buy a neighbor when buying a house. Many people complain about their neighbors. may have to move. Good management of the common areas of the apartment and regular neighborly relations are considered important factors in increasing the quality of life in the house to be purchased.

In fact, in some cases, the sale of a house may be due to poor neighborly relations. For this reason, it would be useful to talk to the residents of the apartment before deciding on a house.

Is there a tenant in it?

Check the technical and legal status of the building you are considering buying.

If there is a tenant living in the house you want to buy, you should review the current lease terms and It is very important that you make a decision accordingly. Because when you buy the house, even if it is made verbally, you will have legally transferred the lease agreement with the same conditions.

In other words, you cannot increase the price until the end of the contract and you cannot change the terms unless the tenant accepts them. In addition, if you want to evict the tenant whose lease is still ongoing, you must legally give them a period of 6 months to find a new house.