5 important questions to consider asking yourself before looking for a new home or making that house-buying decision.
So you hustled hard, did extra shifts, and worked on weekends just so that you can finally get rid of these monthly irritating conversations with the landlord and live peacefully in your own house without fearing the consequences of paying rent late. The day has finally arrived. You are finally planning to buy your very own house. A house which will be all decked up (or kept completely deformed ) as per your liking, where your fellas can join you over a short champaign party any time of the day without giving explanations to your not-so-friendly landlord. Maybe you want to move to a relaxed country like Croatia so you might need help from Terra Dalmatica.
But wait, there are few things you still need to think about before actually jumping into buying the new home out of utter excitement and regret later. Relax, don’t get panicked. Below has been mentioned the points to be considered before you even think about taking such steps.
1. Are You trusting the right mind?
Investing in buying a plot of land or the entire villa/ apartment is a big decision in anyone’s life. It not only involves the financial but also legal and social considerations while making the buying decision. Is your realtor knowledgeable enough to give you information about making the move without thinking only about his commission? Does he hold good information about the locality of the land? You shared your objective of buying this piece of land. Is he acknowledging it and putting that into consideration while showing you options from his list?
Here’s a word of caution from us on the matter, be wise while choosing your realtors because they are the ones to either make or break the entire deal. We have seen plenty of people getting bad home-buying experiences just because they did not bother much about finding the right person to help them with one of the biggest investment decisions of their life which will affect financially, emotionally, and socially for years to come.
2. What’s the future plan?
Let’s try to be a bit futuristic and shed some light on your plan regarding this investment that you are doing today. The criteria on which you will estimate the feasibility of a particular land will be based on what you are planning to do with the land, especially in the long run.
What was the cause behind you thinking about spending dollars on real estate? Was it out of the necessity of shifting to a spacious apartment? Or are you planning to make it a source of passive income some years down the line? What your plans are regarding the land will help you decide in selecting location, amenities, neighborhood, and such.
3. Check your wallet
Go through your wallet once. Check how much you have and how much exactly do you need to borrow. Take every small expense into consideration to get a 360-degree projection of your overall costing. Expenses like house tax of your country, selling price, commissions, renovations, interior changes, or any other small but necessary expenses as such.
4. Consult A Legal Advisor
Did you overestimate or underestimate your overall expenses? Are you ignorant of certain laws, taxes, financial credibility, citizenship problem, or any such legal aspect that you totally forgot about? Ignorance of law can’t be counted to be a fact in your favor in case any legal clash happens. Consult with a legal advisor who can guide your way out. Terra Dalmatica wrote a useful guide for buying estate in Croatia which might save you a lot of time if you’re looking to invest there.
5. What if life happens to you?
One of the biggest reasons for buying a new house is usually related to the person’s job or when they are thinking of expanding their family i.e. when they are getting married. Now the thing is, yes it is a good and really valid reason to buy your own house. However, are you in a state to still carry your mortgage and all the related expenses that come with buying that new nest even if you get fired or divorced (I hope that never happens, but just to put things practically as a well-wisher)? That is why it is so important that you are stable with where you are at present and where life may take you in the coming future.
Now that you are clear on your decision and have checked all the points to be considered before buying that house you have planned for, go ahead and make it yours. Decorate it, throw a nice welcome party, and invite your closed pals to your new nest. And if you are blessed with a beautiful scenic view of nature like what we get here in Croatia, then it’s a hard choice to make between holding a cup of warm coffee in your cozy balcony with eye-pleasing lively beauty over a mundane evening in a closed cafe with the crowd packed. Good luck and congratulations (in advance) on your new house.