How to detect a good opportunity in the purchase of your property?

If you want to know how to choose and buy your home safely, in this post we will give you some tips and keys to detect a good real estate opportunity in the offer presented in the market, so you will always make the best decision.

The choice of your home or the purchase of real estate property as an investment is a fundamental step that should not be given without previously considering a multitude of previous aspects, since it will involve a heavy disbursement – and in some cases the request for a mortgage to be paid for a few years.

Imagine the unpleasant surprise it can suppose to choose a dwelling thinking that it is perfect in price, characteristics, facilities, etc., and later to discover that it has insurmountable deficiencies and problems.

Not only can it be a disadvantage if it would be used as the first home or habitual residence, but also a bad investment that you may not be able to get rid of by selling or you can not make a profit in the case of renting it.

Here are some useful tips and advices so this does not happen to you.

Tips to differentiate a good opportunity to buy a property from a bad one

Check the conditions of the Property

Sounds logical, but not only is it important to see the state or aesthetic aspect of the property, since it may need a little reform, but it may also have all the facilities in perfect conditions.

The problem comes when the property has good aesthetic conditions, but the installations of electricity, water and gas are old, there are problems in the structure of the building, etc.

This can make a property that looked like a bargain become a serious problem, because it may not be able to live and also could be unsaleable.

It may also be the case that when choosing the property, it has been or is occupied, weighing loads or has deplorable conditions and maintenance.

For this, it is always advisable to ask for the years that the property has since its construction, the time it has been inhabited and to check all the documentation in the public register of the corresponding property before signing anything to verify that they do not weigh loads on the property – generally this is an aspect that the real estate agency owns, but of which you should always be aware or the bank itself if you are going to apply for a mortgage.

So, the main factor to differentiate a good opportunity to buy a property from a bad one, is the general condition of the property.

Do not trust the bargains (“chollos”)

Cheap things turn out expensive in the end. It does not have to be always this way, since it may be the case that the bargain is really a good opportunity to buy, but it can also happen that the house has special conditions, that is, that at a normal price is unsaleable.

In any case, you should keep in mind that real bargains exist but are rare and are offered by a very specific type of seller (heirs or people with financial problems) who needs to get rid of the property quickly for different reasons.

Therefore, it is always appropriate to inquire well in the agency about the conditions of the property, prices, guarantees and other aspects that may influence its price to ensure you the best possible choice.

At this point, it is fundamental a correct choice of the real estate agency that will be in charge of finding and proposing the different offers of properties, since as, in any place, you can always meet with an unscrupulous seller.

In DeLuxEstates our priority is the satisfaction of our clients, looking for the most adequate property to each need and expectation, always guaranteeing a clear, transparent information that transmits the greatest security and confidence possible to them.

It will also be important to take into account the antiquity of the propety and the year of completion:

• If the property is too old, you may have to incur expenses associated with the purchase of the property as partial or complete renovations, purchase of necessary elements for the habitability of the house such as the boiler, problems with electricity installations, gas and water. 50% of the properties that are not available in Spain correspond to old constructions with serious structural problems that are difficult to determine and correct.
• If it is a relatively modern property, it may have been built in the period prior to the crisis of the Real Estate Boom, something that may be very good (modern property, brand new) or very bad, since the location (unfortunate location and/or lack of promised infrastructure) and quality of some of the constructions that were carried out at this time was appalling – as reflected in different studies (carried out by the real estate consultant Tinsa and the real estate agency Alfa ).

From the 389,000 new vacant property built since 2008, they represent the 50 % of the homes that are not available in our country.

These types of properties are mostly concentrated in the Spanish coastal areas and to a lesser extent in large cities such as Madrid and Barcelona, where the market is very close to the technical stock necessary for its proper functioning.

How to identify a real bargain in the purchase of your property?

To detect a real home buying opportunity, that is, a real bargain or “chollo”, the important thing is to find the ideal seller. That is, people who need to sell quickly even if it means not getting as much profit or even losing money in terms of the investment that was made at the time for acquisition.

Typical examples of this type of operations are:

• Cases of unpaid mortgages and various economic problems that oblige the seller to alienate the property (cannot take care of the maintenance), at the market price at any time which may be higher or lower than the initial (during the crisis, the sharp fall in the price level in the sale of housing has made many people have had to sell their properties at prices well below what they paid at the time.
• Cases of inheritance in which the heirs decide to sell the property in order to avoid possible problems with each other, and as an alternative to be able to dispose of the property in cases where they pose an economic or liquidity problem for the person to whom are delivered (payment of capital gains, taxes for transmissions, pending charges, etc.).

As you can see, choosing a property is not something as simple as it seems. In addition to calculating the investment required, and that the home meets your needs in terms of aesthetics, location, size and other usual aspects – you should also check these types of aspects so you will not make a mistake in your final purchase decision.

For all these reasons, from DeLuxEstates our advice is not to fall into the trap of being confused between two types of properties, whose most attractive factor is the price, since in many cases it will depend on such a fundamental factor as knowing the state of the house, take an interest in the possible charges that it has and knowing information about the seller or the real estate that sells the property.

In DeLuxEstates, we have a great experience in the commercialization of all types of real estate properties and we have a highly qualified and professional staff that will always look for the best option to fulfill your expectations and needs.

Get in touch with us and discover everything we can do for you to find and choose your ideal home.

Posted on 25/04/2017