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What mistakes can we make when buying a home without advice?

Posted by josemaria on October 31, 2022

Many people make mistakes when buying a home without advice, either due to lack of experience or lack of attention. It is not uncommon for many buyers to make the same mistakes and end up choosing a property that is not what they thought it would be.

In this article we will explain in detail the most common mistakes made when purchasing buying a house and the keys to avoid falling victim to them.

Mistakes when buying a home without advice

Buying a home can be a little intimidating, but we know how special it is for first time home buyers, you just need a little knowledge and preparation.

The mistakes when buying a home without advice that you should not make are:

Think about the present and the future

You should carefully analyze your present and future circumstances and needs. A study is useless in a few years if you plan to start a family.

The same goes for the area, a house in a quiet area on the outskirts is not the best idea if you later need to have services such as department stores, schools or health centers nearby.

Make a realistic budget

Money is king in home buying. However, this is often the main failure when buying a new apartment: making an erroneous or overly optimistic budget.

To avoid making mistakes with numbers, keep in mind the following premises:

  • Banks only grant mortgages for 80% of the appraised value, not the sale value, of the property.
  • The purchase costs of a new house are another 10 / 15% additional to its value, so you should have 3035% saved to be able to afford the purchase.
  • Take into account other additional expenses, such as the purchase of furniture, taxes (IBI, etc.), moving, community fees, taxes, among others.

The appraisal is the key

You should not get carried away by the cost of the house, because the determining factor at the time of obtaining the mortgage is the appraised value. It is important that once you have found the perfect home you know its valuation.

It will cost around 200 € and 500 €, depending on the size and the appraisal company you choose, but it is significant to know the real value that is granted to that property to make the calculations.

Compare mortgages

Another mistake is to stick with the first mortgage offered, in this case the one suggested by the developer. It is true that the procedures are easier and they offer good conditions.

However, that loan may not be the best one for you: compare the conditions of different loans, not just the one from your regular bank, and go with the one that suits you best.

The mortgage

Choose the mortgage that best fits your finances, but don’t make the mistake of choosing a longer term than necessary. Interest, and the final price, will increase unnecessarily.

In case of doubt, do not choose a term with too high installments that will later become a problem in the future.

Do you want help in choosing the best home?

To avoid making these mistakes when buying a home without advice, you need to seek the help of experts. That is why we recommend Al Andalus Estates, we are a real estate company with years of experience.

We offer advice for buying a house, where we always keep in mind your needs, tastes, budget and especially the level of investment. All you have to do is contact us to understand your needs and receive advice.

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