5 mistakes you make when you buy your first home

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There’s always a first time for everything, including buying a house. You have to make many decisions with a lot of weight, and it’s very easy to get carried away by the excitement or fall apart due to all the responsibility, and as in all the first times, mistakes are always made. In addition, in Torrevieja, where the offer of houses for sale is very large, it’s easy for the amount of available options to distract the first-time buyer and make them end up purchasing the wrong home.

But as always, knowledge is power. Tha’s why it is important to learn the mistakes that can be made when buying the first house, and try to avoid them.

Not knowing what your real budget is.
Seeking a house without knowing what you need.
Not looking at the area where you buy.
Emptying your bank account.
Not having a real estate agent.

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Not knowing what your real budget is.

When we talk about real budget, we talk about a lot of different factors. For starters, the price of the house is only one of the multiple expenses associated with its purchase. You can expect between 12 and 15% on the value of the home, between notary fees, registration, etc., and taxes such as VAT or ITP.

If you need a mortgage to buy the house, it is important to talk to the bank first and find out what money you have. Many times, banks will discount interest rates in exchange for contracting life or home insurance, although this doesn’t always happen.

It shouldn’t be forgotten either that owning a home involves another series of taxes such as IBI. If you want to know more about the taxes paid by the owner of a house in Torrevieja, click here.

Lastly, you need to keep in mind that your budget might have some contingency funds, that is, money to buy furniture, appliances, or any unforeseen events that may happen.

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Seeking a house without knowing what you need.

Although it may seem very simple, knowing what one needs is more complex than it seems. It’s not just about what you need at the moment; you have to think a lot about the future, since a home is something you’re meant to enjoy for many years. No one can predict what’s going to happen, but it is good to take some time to think about the use you’re going to give to the house, and the plans you have in the short, medium and long term.

On the other hand, you have to be careful about being too inflexible with what you’re looking for. If you find the house with the perfect size, the bedrooms and extras you’re looking for, and a price you can afford… don’t let it go because you prefer parquet floors instead of stoneware. There’s always time for some reform or another, in the future.

In any case, it is very important that you always visit the house, several times if possible, and make sure that it is the right purchase for you.

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Not looking at the area where you buy.

Related to the previous point, the area can become as important as the house you buy. The proximity of places of interest, such as the beach in the case of Torrevieja, or services such as supermarkets or medical centres, is something to consider, but not the only thing.

Look at the neighbourhood trends, and also the type of people who live in it. If you have children, you may prefer to live in a place where other families live so that your children have friends in the neighbourhood. If you enjoy the sea view, you may want to know if there is a construction project in front of the house you want to purchase.

If you buy a house you love, but you hate the neighbourhood, you probably won’t be very happy in your new home. Visit the neighbourhood at different times, and make sure it is in a place you will enjoy.

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Emptying your bank account.

We have already hinted at it in the first tip, but it needs to be spelled out: Never empty your bank account to buy a house, nor after you’ve bought it.

Starting a renovation to turn the bathroom into something worthy of a magazine as soon as you buy the house can be very tempting, but if it’s going to leave you without savings, it may be best to wait a little while and put up the tiles that you don’t like for a couple of years. years.

Being a homeowner means having to deal with maintenance costs, and it’s best to plan it in time so that surprises are minimized.

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Not having a real estate agent.

The biggest mistake you can make when buying your first home is that of not having a professional to accompany you during the process. A good real estate agent will save you a lot of headaches, both when figuring out your budget and when it comes to dealing with documentation, and of course they will know how to find the house that best fits what you’re looking for, in the place more suitable for you.

Find a reliable real estate agency, with access to legal resources to facilitate any procedure, and that knows the area completely to avoid unpleasant surprises.

Are you going to buy a house and you have any questions? In Inmokea we guarantee seriousness and professionalism throughout the process of buying your home, from the initial consultation to the after-sales service we offer. Come visit us at the office and receive advice without obligation.
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