Buying a house in Lahore smart city is one of the most important decisions you can make in life.
It is also one of the most expensive operations that a person, a young couple or a family has to do in life.
Precisely for this reason, it is essential not to make mistakes and make the right assessments so that the purchase of the first home can be safe.
We get all kinds of questions about buying a house that highlights a certain amount of uncertainties and doubts that arise when you think about or want to buy a house.
Skymarketing is a site that was created with the intention of providing precise, detailed, but at the same time simple information to all those who want to buy a house by answering questions and solving many doubts related to the house and due to legislation and a bureaucracy very complex and tangled.
Precisely for this reason we have decided to write a guide to help you:
- Avoid mistakes that are common, but which could prove to be fatal;
- Spend your money well;
- Buying a house safely.
To better read this guide you need some simple instructions that we will provide you immediately.
Instructions for reading the guide
In this guide you will find all the information you need to buy a house avoiding making mistakes or making false steps making you attacked by anxiety and anguish.
Through this guide, specifically, you will be able to:
- Buying a house in a lucid and rational way
- Don’t lose sight of the fundamentals
- Make the right assessments
- Negotiate on the purchase price
This guide is structured in 3 fundamental PARTS which are to be understood as the stages through which you can buy a house peacefully solving all the doubts and uncertainties that revolve around the most important financial operation in life.
Each part is further divided into steps, 20 STEPS in all, whose order is not random but structured and designed to achieve your goal: “Buy the house you have chosen safely”.
Therefore follow the order that we indicate to you and walk through the steps one by one, without neglecting anything.
In the guide you will also find in-depth links that have been inserted to provide you with all the necessary and fundamental information for this operation.
Now we are ready: LET’S START!
PART 1 – HOW TO FIND A HOUSE
In this chapter we will show you what are the steps to take to look for a home properly without making mistakes.
Often we look for a house in the wrong way by buying a house that does not correspond to the real value and that over time could turn out to be not up to our expectations from many points of view.
Step # 1: Decide Your Budget Now!
The calculations to buy a house are not made at the end, but at the beginning!
Keep in mind that the economic effects of buying a house could continue over the years. For many families, buying a home is something that strains their budget. For many, buying a home can be considered the most important expense of their life.
It is therefore very important to make the calculations well and immediately evaluate the budget that you can afford and that you want to spend, in order to avoid having to deal with many difficulties that may arise over time.
The initial assessment of the initial economic availability is extremely important in order not to make mistakes that could be made even unknowingly. You will have to take into account the budget to be committed for the actual purchase price of the house and other aspects such as:
But here’s what to consider.
- The expenses for the notary– The presence of a notary to carry out the sale contract is an essential phase, because the notary acts as a public official who sanctions the agreement between the two parties. Of course, the notary implies the payment of a fee, which you should be aware of already in the preliminary phase.
- Negotiation– The negotiation phase on the final price to arrive is very important. The two sides can negotiate until the end. Negotiation is very important, because sometimes it is about taking away even hundreds of thousands of euros, so especially for the buyer, negotiating can guarantee the possibility of making a good deal.
We give you all the information you need on “How to negotiate the price” in step 17
- The possibility ofgetting into debt – Keep in mind that, even when you have to apply for a mortgage for the purchase of a house, you should not get too much debt, beyond your personal economic possibilities. Keep in mind that you should never go into debt for more than 30% of your monthly income. This aspect must also be considered over the entire duration of the loan.
We will talk to you about the mortgage in step number 12. Do not worry as we have told you through this guide you will have all the information you need.
Step # 2: Choose the city, the area, the neighborhood: set a perimeter
It is also very important to decide the area or neighborhood in which you want to buy a house.
You have to set a clear perimeter within which to search for the house to buy.
This will also make it easier for you to evaluate the prices per square meter from neighborhood to neighborhood, considering the area as a whole and its characteristics.
Knowing the price per square meter will allow you to buy a house at the right market price and therefore spend your money well with the possibility that your house will be further re-evaluated over time.
Let’s find out what are the most suitable criteria to consider when looking for the right house to buy.
After all, this is a very important operation, because sometimes buying a house also corresponds to the need to make a safe purchase that can turn out to be an investment.
So, to avoid mistakes or to avoid falling into regrettable consequences, keep these factors in mind.
- The security of the area– When it comes to safety, often come to mind eventualities concerning theft at home. You should try to choose a quiet area, where there are few thefts and where security is available. Often we do not even think about the dangers we can run into when we leave the house, so we must carefully choose the neighborhood, also taking this parameter into account. If we do a “patrol” tour, it is good to take into account the times in which we move within the area in which we would like to buy a house. For example, it could be a quiet area at certain times, but not well frequented perhaps at night.
- The connections to the rest of the city– It is clear that when you live in the city or in the suburbs you often have the need to move around for daily needs or even for the purchase of secondary but relatively important goods. Many choose to buy a house away from the center, to avoid annoyances such as noise, traffic and urban pollution. However, it is always good to consider what are the travel times to move and connect to the places that interest you most, such as your children’s workplace or school. A very important factor to consider is the connection with public transport. The latter could be very important if we have children who we want to facilitate traveling or if we need to move ourselves without totally depending on our car.
- Expanding areas of the city– For those who buy a house, also taking into account the possibility of making an economic investment, it could also be significant to know if the area in which they are buying is an expanding district of the city. Perhaps the buyer may need to resell the house shortly after the purchase, to recover the amount he has spent and to earn something more. If this is your intention, consider that you may have more possibilities in this regard if you buy a house in an expanding area. If the neighborhood of the city tends to expand, most likely in that area of the city people tend to go to live more easily and therefore will be willing to pay the right price in order to have the opportunity to go and live in that particular neighborhood that falls within the general interest. So for you it could really be an unparalleled economic return. But how do you check if that area of the city is expanding? Consider if there are any new houses under construction in that neighborhood. If there are a lot of them, it could be an important clue.
- Is it a pleasant area? – The eye also wants its share. Consequently we can say that, when you have to buy a house, you must also consider whether it is located in a pleasant area to behold. Take into account the view you see when you look out the window of the house you want to buy. Is it a green house?
- Are there any corners of the external environment that are ugly to look at? It seems like a trivial factor, yet it is extremely important for two reasons. First of all, if there are any ugly areas to look at, you may be affected yourself when you live in that house you bought and your days would not be extremely beautiful. Also, if you want to invest in real estate and immediately resell your home, if it is not located in a good area, it may be more difficult for you to resell. The same goes for a neighborhood that is too noisy. Certainly neither you nor your potential buyers would like to live in a place where there is no possibility of a certain tranquility even from an acoustic point of view. In this regard, you can take into consideration if there are noisy commercial activities very close or places frequented at night in the wee hours.
- Places for leisure– When we talk about clubs or commercial areas, we all think about the possibility of remaining in peace. That is why we have advised against very popular areas from this point of view. However, keep in mind that the presence of some rooms or some infrastructures could be important to allow you and your family members to spend your free time in a more recreational way. So take into account the fact that there may be bars, pizzerias, restaurants, pubs, playgrounds, gardens, places surrounded by greenery where you have the opportunity to walk on fine days. In short, we can say that leisure also wants its part. For example, if there is a restaurant, you are not always forced to eat at home and you can go comfortably to eat a pizza or have dinner away from home. If there are gardens, your children can easily play with it during the summer. If there are green areas nearby, you can take advantage of some relaxation, trying to remove all the tensions that everyday life often puts on you. Furthermore, the presence of a bar could be useful for having a coffee when you are in a hurry or for breakfast in the morning.
Step # 3: Decide what you want to buy: house or apartment?
Choosing what you want to buy is essential! Having very clear ideas will allow you to know what you want and make a purchase in a conscious and not superficial way, realizing the expectations you have towards this operation in the best possible way.
There are many people looking for a home without knowing what they are looking for and increasing their doubts and uncertainties. Surely this type of attitude does not favor a conscious and correct choice, therefore it should be avoided.
Now we want to make an excursus on the advantages and disadvantages of the detached house and the apartment, highlighting important points that could help you choose and make your evaluations.
Regarding the detached house:
- there are no condominium fees;
- there are no administration costs for the management of the common spaces;
- you have the opportunity to use independent outdoor spaces, such as a garden or a courtyard;
- you have the opportunity to have parking space at your disposal independently;
- there are no condominium meetings;
- there is a lower risk of engaging in conflicting relationships with neighbors(especially if the detached house is located in an isolated area);
- The maintenance costs are higher than the total amount you have to spend for an apartment;
- the purchase price of a detached house is higher than that of an apartment.
As for an apartment, here are the points to take into consideration:
- you can take into account the possibility of not having to choose an isolated area, even if you want to buy at a lower price;
- The purchase prices are lower than those of a detached house;
- maintenance costs are lower, also because the planned works or renovations concerning the common parts are divided among the tenants of a condominium;
- many times you don’t have an outdoor space that you can use;
- the walls can be too thin and therefore expose the apartment to a greater number of noises;
- you can have condominium expenses;
- you may have costs that serve to manage the common spaces;
- many times you don’t have a parking space or garage available;
- you must participate in condominium meetings;
- conflicting relationships with neighbors can arise more easily.
Step # 4: Choose whether to buy a remodeled or refurbished home
Is it better to choose to buy a renovated house or buy a property that is in need of renovation?
This is often a question that many ask themselves and it is by no means trivial.
In general, it is not possible to give an unambiguous answer, because there are many factors to consider both in the first case and in the second.
However, it is good to reiterate that having clear ideas from the beginning is essential.
In fact, the spending budget that you must have available is different if you choose to buy a house that has already been renovated or if you opt for a house to be renovated.
Furthermore, it should not be forgotten that even the searches to get to one or another type of property involve different procedures.
In order not to run the risk of arriving at inconveniences over time, it
is better to have a precise goal from the first moment.
There are several reasons for buying a new house:
- buying a new house means being able to reduce time. If you buy a new house, everything is easier, because you don’t even need to check the quality of the materials and the distribution of the rooms, everything certainly complies with significant criteria;
- buying a new home also means being able to customize it while saving money. In fact, you can decide to make changes to the materials or to distribute the internal walls in a different way, especially if the building is still under construction;
- Another reason to buy a new home is the fact that modern homes are energy-efficient, technologically and materials efficient.
Instead, let’s see what are the reasons that can push you to buy a house to renovate.
We can summarize them in the following points:
- renovating can mean creating environments with a particular charm. The refurbished houses of a certain period are truly fascinating and then the renovation allows you to customize a house taking into account personal tastes, to create inimitable environments;
- renovating a house is also important to have larger spaces. In fact, the houses of the past usually have larger rooms and windows, higher ceilings and may have additional rooms, which are very comfortable;
- choosing a house to renovate also allows you to take advantage of many tax breaks. For example, it is about refurbishing old houses from the point of view of energy efficiency. Current laws take into account building sustainability in our country very much, also to encourage people to reuse existing buildings, without wasting land, environment, and energy. There are eco-bonuses, furniture bonuses, thermal bills and reduced VAT available.
Step # 5: Consider buying a house from an agency or a private individual
It is very important when you intend to buy a house, to evaluate two possibilities: buying a house from an agency or from a private individual?
Both types of purchases can be considered important.
However, it is essential to focus on the choice towards which you are most oriented and make an upstream decision.
Depending on the choice made, there are different repercussions on the research and there are also advantages and disadvantages to consider.
But how should you organize yourself and what to carefully consider when choosing to buy a house from an agency or a private individual?
Regarding the purchase of an agency house, do the following checks:
- check that the agency is registered with the Chamber of Commerce. Especially this check must be done if you find yourself dealing with small agencies run by individuals or at a family level. Large groups shouldn’t cause problems;
- verifies that the mediator is enrolled in the specific provincial role. The mediator must be enrolled in the provincial role of mediators. It is about enrollment in a particular register. To check just go to the website of the Chamber of Commerce and look for the presence of the agent. It can be done for free;
- check the contract that is signed. There are many aspects to consider in a contract. Among these you have to be very careful about the presence of exclusivity, the compensation you have to give to the agency, the correspondence between the property reported and the cadastral documents. It also checks whether the intermediation is offered in a simple way or with the addition of some services, which may involve other expenses;
- check the agency commission. The commission must be clearly stated on the contract. There are no specific rates that can be kept as reference points, but there are averages that are usually followed.
For what concerns the purchase of a house as a private individual, we recommend that you carry out the following checks:
- consider the state of the property. It is not a question of verifying its surface, but the fixtures and systems. You can also have recourse to an expert who can advise you well in the control;
- check that there are no mortgages opinion the property you want to buy, so as not to have subsequent problems. In fact, the mortgage would not cease to exist with the sale, because it weighs on the property and not on the owner;
- check who exactly is the owner and then consider the possibility of discovering that there are multiple owners or spouses in the community of assets. In the latter cases, however, you must agree with all the owners;
- check if the property belongs to a company;
- check that all house taxes have been paid;
- check-in what patrimonial situation the owner is and what his family condition is from an economic point of view. Evaluate, if there are debts, also the possibility of not concluding the purchase;
- check the condominium regulations and verify that the condominium expenses have all been paid. In the condominium area, also make sure that there are no overtime works, which have already been approved and from which you may no longer be able to escape;
- checks the correspondence between the state of the property and the data that have been declared at the cadastral level. In this way you can also ensure the urban compliance of the house you want to buy;
- do not forget to check if the property is a donation, because you could find yourself in very complex situations to manage if for example, a revocation of the donation occurs.
If you are considering what to do and you still have some doubts, this article is for you:
Buying a House from a Private Without Agency: How to Do It?
Step # 6: Search for a house and select the houses that really interest you
But how to look for a house? How to have the concrete possibility of finding the right property that can do for you?
We advise you not to limit your search, but to act from multiple points of view.
For example, you can consult the advertisements in the newspapers, you can rely on word of mouth, which often reveals very interesting bargains, or you can take walks in the neighborhoods where you are interested in buying, to see if any sales signs are displayed.
There is also the possibility of consulting various websites dedicated to the purchase and sale of real estate.
But let’s see what websites you can use to your advantage:
- it– has been operating in our country for years and allows you to look for a house in sales. Even those who are not an agency can post their own ads. You can search for houses by city, by address, by type, and by reference area;
- it– both agencies and individuals can advertise houses for sale on Immobiliare. The portal also presents detailed information for the cities or districts in which the user is most interested;
- it– is based on a simple and fast search and above all precise in the smallest details, to be able to carry out even more complex searches relating to the purchase of a shop or a warehouse;
- net– is based on a very functional search engine. In fact, you can search by region, province, municipality, type of contract, category and you can add advanced filters;
- it– with case24.it you can consult sales announcements throughout Italy. The strong point is the opportunity to distinguish between apartments, villas, holiday homes, for more detailed searches;
- it– even if it is not a portal specialized in real estate ads, even here you can find interesting offers for houses for sale, therefore it is absolutely not to be underestimated.
- it– if you want to buy a house from a private individual, casaclick.it can do for you both in terms of quantity and quality. It is also possible to search for commercial premises;
- it– immediately.it is a general website for advertisements, but lately, it has been focusing a lot on the real estate sector.
Before continuing we point out that the guide we have prepared on: The best sites to look for a house for individuals and with agencies could help you!
We’re not done yet! There are two other possibilities that we want to point out to you!
The searches you can carry out through the websites of real estate agencies are very useful.
Therefore, we advise you to explore the online classifieds section of the agencies located in the area where you are looking for a home and to go to the agencies where you could request the catalog with the specifications of the houses for sale in the city.
It can also be very useful to subscribe to some newsletters of agencies or real estate sites, indicating the square footage of the apartment and the area or neighborhood of your interest, so that some ads reach you via email and you can evaluate them quickly and quickly. Once you have found the house you are interested in, you can unsubscribe from the newsletter: a fairly simple and quick operation.
These search methods will allow you to find out about all the accommodations of your interest and make the first screening.
You can then select the houses that really interest you, excluding those you don’t want to visit.
PART 2 – HOW TO CHOOSE A HOUSE
After selecting the apartments or houses you are interested in seeing, you are ready to make appointments and begin to understand which house is right for you.
Before continuing we want to give you a tip! If you make an appointment in the late afternoon or in the evening and you like the apartment, ask to be able to make another appointment (in the morning) in order to evaluate how much light the apartment gets and take the opportunity to re-evaluate the aspects that you missed during the first visit.
Before proceeding with the purchase proposal, it is essential to visit the house 2 or 3 times, possibly bringing a friend, relative or even better a professional with you.
In fact, although the choice of the house must be made in a rational way, the motivational component has a great weight and when a house makes you fall in love it is better that there is an emotionally uninvolved person with you who can provide you with aspects that you had not evaluated in the way. such as to have a complete picture.
Step # 7: Visit the houses and don’t lose sight of these elements
When you want to buy a house, the choice could be between an apartment and a detached house.
Depending on where your choice falls, you should consider some fundamental elements.
- Evaluate the position in which your home is located; (HERE we explain what is the best solar exposure for a home)
- evaluate if there is a lift or if it is missing;
- take into account the floor where the apartment is located;
- pay attention to the fact that the entrance is from the landing or if there is a balcony to go through;
- evaluate the commercial meters and walkable meters; ( HERE we explain how the commercial surface is calculated and what are the differences with the floor area)
- consider if there are balconies or if the apartment is without them;
- assess how many exposures the apartment has and in particular check its sun exposure;
- check that there are no stains on the ceilings or walls that may arouse suspicion;
- if you intend to make changes, consider if the apartment lends itself to changes(to the ones you want);
- request information on heating(centralized or autonomous?);
- collect information about who you will have as neighbors;
- take into consideration the general conditions of the building to which the apartment belongs;
- it tries to go back to the year in which the palace was built;
- be informed about the possible resolution of extraordinary works in the condominium;
- evaluate the presence of the cellar and the attic;
- check whether or not there is a concierge;
- check the cost of condominium expenses;
- check the noise of the street where the building is located.
For what concerns the detached house, however, take into consideration the following elements, to get a more precise idea:
- assess the location of the home;
- check the sun exposure of the house;
- monitors the state interior and the exterior of the house;
- check that there are no internal or external leaks;
- take into consideration the number of entrances the home has;
- check if the house has a garden, balconies, or terraces;
- evaluate the commercial and walkable meters;
- it dates back to the year the house was built;
- take into account any ordinary expenses or possible maintenance work;
- evaluate what you will have to spend on heating;
- try to know as much information as possible about your neighbors;
- check if there is the presence of a caretaker.
Step # 8: Don’t lose sight of some important technical evaluations
When buying a house, also take into consideration some technical elements that are essential, also to have a precise idea of any work to be done and to realize if the documentation relating to the house you intend to buy is regular in all respects:
- ask for the thousandth tables– they are tools that indicate how the expenses relating to the common parts of the building in which the apartment is located should be divided according to the value of each individual real estate unit. To determine this value, various factors are considered, such as the floor and the square footage of the apartment;
- request the cadastral survey– the cadastral survey is a very important document, through which you can identify the identification and income data of the property, the data of the people to whom the property is registered, the cadastral map and floor plans, with relative representations graphics, and cadastral updating deeds. Access to this data is public and is allowed to everyone;
- request the mortgage certificate– with the mortgage certificate you have the opportunity to understand if a person is the owner of real estate by verifying the transcripts even against the person himself. So you can check if there are any legal, judicial or voluntary mortgages on the property;
- verifies that the floor plan filed with the land registry complies with the condition in which the property is located. In fact, it could happen that there are irregularities when the changes made to the house have not been communicated and registered at the land registry; If so, we explain what to do HERE: Plan not compliant with the state of affairs: what to do!
- check the energy and acoustic class of the house you intend to buy. In particular, take a look at the energy performance certificate and check which energy class the building belongs to.
Step # 9: Watch out for overhead costs
If you have reached step 9, there is a house that you like and that you are considering whether to buy or not. Overhead costs are very important and should never be overlooked or taken lightly.
There are various items that contribute to determining the expenses you will have to face when you want to buy an apartment.
So it is important that you read it in advance, also to compare everything with the budget you have available:
- assess the costs of condominium expenses– they can vary a lot from one property to another. If the services offered are equal, you should always choose the properties that give you the possibility to pay less;
- assess your heating costs– these need to be carefully considered. You have to consider those at the condominium level if you want to buy a house with central heating, but also at the energy class level of the building. For example, you can ask previous roommates for an estimate of what they spent to make a quick calculation;
- check the costs of the concierge, if it is present;
- considers any change in the intended use of the property. Of course, there is also a big difference in terms of expenses, if you want to use a property for residential or commercial use;
- take into account any cadastral review: Cadastral variation cost and how it works!
- also evaluate how much an update of the building plans might cost you.
Step # 10: Evaluate the costs of the condominium well
If you want or are about to buy an apartment. Knowing and evaluating the overall costs of the condominium is not enough. It is an important item that must always be evaluated specifically and carefully.
In fact, condominium expenses have a great impact on the budget, even if you have to take into account the fact that in some cases there is also the possibility of saving.
For example, you could adopt a shared ADSL and then use the wifi, you can reduce the costs for cleaning and for the concierge, in order to rely on companies that make convenient offers. It would also be very important to focus on energy efficiency, redeveloping the building or switching from centralized to autonomous heating.
If all this were not enough, try to consider sensibly how many other factors we are talking about now could affect. Get specific, consider these factors:
- check if all the condominiums pay the expenses, otherwise, the missing expense items could burden too much on the shoulders of the other condominiums who instead pay regularly;
- check if the administrative accounting of the condominium is correct, even some errors can weigh too much on the condominium expenses;
- make sure that there are properties sold at auctionin the condominium;
- check if any extraordinary works have been approved which you will not be able to avoid when you become the owner of the property;
- it also evaluates well what other works could be deliberated in a future perspective, such as those concerning the renovation of the roof or the cellars.
Step # 11: Estimate the property’s value
At this point you have all the elements to make an estimate of your hus villor huddinge yourself. Do not underestimate this step, it is essential!
What are you buying? What is its value?
You need to know exactly what you are going to buy so that the price negotiation can be handled in the best possible way:
- do not just trust the agency– by doing so you could run the risk of having only a one-sided opinion which at times may not even be too impartial;
- calculate the commercial area– the commercial area is fundamental data that you must have in order to make a good real estate estimate. It includes the extension of the house, the walkable square meters, part of the walls, part of the balconies and terraces;
- take into account how much your home is worth per square meter – for this data you can refer to publicly accessible information, such as that made available by the Revenue Agency or real estate agencies, to make a rough estimate of the value of the home also based on the area in which it is located;
- take into account the other factors – some fundamental parameters can raise or lower the real estate estimate. These are factors such as the floor, the basement, the panorama, the common areas, the services, and the quality of the property;
- contact an independent agency– spending around 300-400 euros, you can consult some agencies that specialize in real estate valuation. The operation is conducted by professionals who are not involved in the sale. For example, among the most well-known agencies, we can mention those of the Crib property evaluation.