Besides presenting you some tips regarding the purchase of an old house, let's also give you some handful advice with respect to purchasing a newly built house. Buying a new house may be considered way easier than buying an old house, but in real, buying a new or relatively new property has its own risks.
Let's represent you with some useful tips on what to pay attention to when buying a new or brand new property.
There are two key types of new property purchases:
- When you purchase it from the company who is actually building the property
- When you purchase it from a someone who has owned it before
Both of these purchases have its pros and cons. So let's see what to take care of before paying any money and signing any sort of a contract.
- Don't be in a hurry especially when it comes to buying a seaside property in another country. Get a lawyer team who is specialized in these cases to carefully check through all details, because there are way too many frauds with respect to buying and selling foreign properties.
- We strongly suggest everyone to steer clear from buying or doing pre-payments for properties which are not fully built ( or in fact they are not yet built at all) this is a display of such trust which we think is a little bit too much these times. Rather wait until the property is up and complete. Don't build on computer flat plans. What if nothing looks like what you have paid for? What if the ingredients used are so poor of quality you need to change them all although you in theory have paid for a complete flat with the appliances ( kitchen especially).
- Check the location of the property carefully. Sometimes new properties are being built in place of old buildings but in real the whole area is just changing up, so you may end up being in the middle of a ghetto, or nowhere.
- Always read the small letter part in the contracts and do not sign any payment until you are sure, that everything is clear and secure.
- If you are to buy a new house from new owners, the question "why" would automatically arise. Now, in most cases, the properties are sold in order to pay back a mortgage or due to a home repossession process coming up. This really can affect the whole fast sale home process because this means the owners need the minimum payment to fully cover the mortgage they need to pay back. You will in addition need all the paperwork to attest that the house is now free or any mortgage. This means plenty of extra management and also may affect the credit you need to get to buy the house yourself.
- Get in some good talks with the previous owners, learn about the property In the meantime also gather information about the area, if there is any constructions or big instalments in progress in the area, the traffic.
- Don't be ashamed to haggle. Especially if you have found the property by yourself and not through a real estate agent. However make sure you still get a lawyer involved when it comes to the making and signing of the property buying contract.