In this period of crisis, if you want to buy a cheap house, it is better to follow a few basic rules so as not to commit an odd number. The Belgian is born with a brick in the belly. But how do you avoid indigestion? Here are the mistakes to avoid when buying a home.
Don’t know your limits
Love blinds you, even when it comes to real estate love at first sight. When looking for a property, you will quickly begin to compare the areas of the kitchens, the tiles in the bathroom or the orientation of the garden. And we often tend to make development projects for a budget still unknown, and which may prove to be unaffordable. Think carefully about what you can afford to buy before falling in love with a house that could turn into a real bottomless financial pit. As a part of the first time home buyer mistakes this is important now.
Let your emotions show
When you have found the (affordable) home of your dreams, do not show too much enthusiasm. Even if you’re crazy about it, don’t show it to the seller. Otherwise, you will not be able to negotiate a price lower than the asking price.
Underestimating the costs of housing
When buying a home, it is not uncommon to reach or even exceed the set financial limit. Before estimating the total cost of a home, you will need to consider repairs, supplies, or costs. Damaged gutters can mean replacing the roof. In developing your budget, allow for a margin to deal with this type of work. Each year, try to save 1% of the total value of the house for unexpected costs.
Underestimate (tax) charges
Most Belgians know the tax advantages of home ownership. Unfortunately, certain charges are not always taken into account sufficiently. Registration fees, notary fees, cadastral income, property tax, additional cents, … These are terms that you have probably heard, without giving them importance. But you should include them in your cost estimate. A commune is not the other, a district is not the other. Even the sidewalk opposite could be more financially attractive … Click here for some tax tips.
Think that your first offer will be accepted
Even if prices have fallen, it is unrealistic to think that your first offer would be accepted without discussion. You will probably be entitled to a few rounds of negotiation. A motto that is often confirmed: “by persevering, you get to everything”.
No longer knowing how to distinguish
Avoid getting too excited. If you are at a stage where all the defects seem minimal to you (you can easily fill the cracks, the water in the cellar will dry out in summer, etc.), it is better to call in an expert. Or at least to someone you know who can look at the property without being directly concerned by the purchase.
Too much, too fast
If this is your first home purchase, it will likely not be the last. Think long term. Building the pool you’ve dreamed of since your childhood may not be right away. This can also be done later, possibly during another purchase. And even more so today, where we do not yet know how the real estate market will evolve.