3 things to know before buying a house
1 March 2024 - Insights

3 things to know before buying a house

Buying a house involves carefully weighing many factorsdue to the significant financial and personal consequences involved. That's whyit is crucial to gather thorough information and prepare adequately before embarking on this important endeavor.

Buying a house is a rewarding but challenging journey, one that requires research, planning, and long-term considerations. The emotional factor often significantly influences the decision-making process.But beyond mere enthusiasm, gaining in-depth knowledge and understanding is crucial before embarking on this significant step.

The type of property and its location are key considerations, but there are certain things to know before buying a house, from delving into the property's history to being aware of all those costs that might not be immediately obvious. By being well-informed about these aspects, you can make a well-thought-out, confident decision, thus avoiding unexpected setbacks and ensuring that your dream home remains a joy rather than becoming a burdensome worry.

How much will you pay?

Before embarking on the house hunting journey, it's important to start from the numbers. Do not limit your focus to just the initial deposit for the purchase offer and the mortgage amount. These are significant expenses, but there are more costs that will impact your budget. Key expenses to consider include real estate brokerage fees, notary charges, and taxes for buying a house. These can add up to a substantial amount, which may be reduced through tax benefits you might be entitled to, which are important to investigate and understand..

Beyond these costs, consider the potential expenses for renovating the property, and budget for furniture and appliances. If you're buying an apartment, it's essential to check the monthly condominium fees and confirm that the seller has settled all their due payments. Also, inquire about any planned extraordinary maintenance work that could become your responsibility post-purchase. Including all these factors in the budgeting will help create a more accurate and realistic financial plan before you finalize your house purchase.

What is the property’s history?

Another thing to know before buying a house is its history and origins to avoid unexpected complications. Often, sellers may not have full ownership of the property, leading to unforeseen legal constraints. For instance, inherited properties could have multiple owners. . Additionally, properties acquired through donations carry the risk of claims from parties not listed in the donation deed, which can arise even post-sale. And in situations where the seller is married under a communal property regime, the spouse's consent may be required for sale.

This vital history and confirmation of the rightful ownership are documented in the deed of origin. . It’s also imperative to ensure there are no existing mortgages or unresolved legal disputes tied to the property. The mortgage certificate is essential in this regard, detailing any encumbrances on the property, like seizures, foreclosures, or legal claims. It also lists any rights of usufruct or guarantees that might impede the sale.

Is everything compliant?

Before a purchase offer, it's vital to ensure that the property fully adheres to all relevant regulations and that the actual layout matches the officially recorded floor plans. This is not just a matter of safeguarding your investment, but it also helps avoid future legal or financial complications. For example, discrepancies in building permits can result in significant fines or compliance responsibilities falling onto the new owner. These inspections become even more critical if you're applying for a mortgage, as banks conduct thorough appraisals of the property and any irregularities could potentially delay or obstruct the approval of your loan.

First and foremost, it is essential to verify the property's cadastral compliance to ensure that its current state corresponds with the records held at the real estate registry office. Additionally, assessing urban planning compliance is important to confirm that no unauthorized modifications have been made to the original construction plan. Furthermore, obtaining compliance certificates for existing systems and the Energy Performance Certificate is crucial. The latter, mandatory for the sale, provides detailed information about the property's energy consumption.