5 mistakes when buying a home to avoid

Posted in Real estate on April 19 2021 at 12:11 AM

In theory, getting a new apartment is not very complicated: you find the property, buy the mortgage and finally move. Simple, right? If only it were that simple. If it's your first time, there is always the possibility that you will make a few mistakes along the way, which can make what should be a joyous process of change stressful.

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Do you want to keep your peace of mind? Do not worry. That is possible if you avoid certain oversights. Therefore, in the following article we will show you what are the main mistakes when buying a house that you should avoid.

Error 1: "The type of credit does not matter"

If it goes on for too long, the process of finding and purchasing your first apartment can become overwhelming. So, if you feel that the anxiety and desire to move are very great, that could cause you to rush when signing the mortgage loan agreement and that is a mistake that you should not make.

Choosing to acquire financing with the first bank that approves the loan can speed up the acquisition process, but it is not highly recommended. Remember that it is a legal process with clauses that you will be obliged to fully comply with.

Therefore, the first thing you have to review when buying an apartment are the different alternatives at your disposal. There are different banks that offer you the possibility of financing the purchase of your house. Review the requirements that they ask of you and, above all, ask about the interest rate they provide.

Each financial institution will have a different one, select the lowest one. Finally, once you have found a bank that offers you conditions with which you feel comfortable, make sure that you agree with everything in the contract.

Error 2: "It does not matter if it is located far away"

A frequently repeated situation is that, after much searching, you find the perfect property for you. However, there is a small drawback: it is far from your work. You do not give it much importance and you are encouraged to buy it. That is a big mistake.

An apartment is often chosen based on its beauty or its cost, but it is not considered what it will really be like to live there. That could be very costly in the long run. Location is one of the first factors you have to consider when buying a home .

A longer commute from home to work means you will spend more on gas, oil changes, and vehicle maintenance. The same happens if you opt for public transport. Your budget will be affected. And that is not the only drawback, since the time you will lose in traffic will take many hours out of your day.

Mistake 3: "Don't think, just buy"

Sometimes it is love at first sight with the property, which influences your decision and makes you convince yourself that you can afford the property. Encouraging yourself to acquire it without taking into account your economy is a big mistake.

You have to know well the limit of your economic possibilities before buying an apartment . Keep a number in mind, set a cap on what you can give for the property, and stick with it.

Some experts recommend spending no more than 30% of income on monthly mortgage payments. Remember that you have some other expenses to bear. Also, it is necessary to have some budget available for unexpected expenses and emergencies.

It may interest you: How to find and buy apartments online

Mistake 4: "Phones always work"

Before deciding on a property, it is very important that you make sure that it has good telephone reception. It might seem like a somewhat trivial feature, but not having a quality signal in your home can influence both professionally and your personal life.

If you depend a lot on phone service, then check the signal and make a few calls when you find yourself examining the department in person. Also take into account that many times internet service is closely related to telephone reception, so your WiFi connection could also be affected.

Error 5: "I will find space to park"

Imagine that you are coming home from work and you can't wait to get home and finish your favorite series on Netflix; However, there is a problem: you cannot find space to park. This is a very common and quite annoying inconvenience. Therefore, another factor you have to ask when buying an apartment is whether there are parking spaces nearby.

Don't just assume that you will always find parking space. It is best to select a real estate project that has its own internal garage. Another option is to check if there are parking lots on the streets near the property. Without a doubt, that will help you save a lot of time.

Now you know some common mistakes that are often made when looking for a new apartment. Take into account all these factors and the process of buying your property will be much easier.

In Nexo Inmobiliario you can find the main real estate agencies in the country and their various projects. Are you looking for the ideal apartment, house, lot or office? Enter our official page and find your dream property just one click away.

Resources 

 

How technology will transform the real estate business

The most accessible areas to rent an apartment in Mexico City

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The "Vocho" the Mexican icon

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