So, you've finally decided to proceed with acquiring your own property for the first time. Brilliant thought ... Congratulations!
Surely, there are countless questions you may be having around this whole issue. No need to worry! We've got you! ;-)
Below are 6 Basic Tips that will help you start your journey.
1. Budget: Your financial status is the first and most deciding factor that needs to be examined before embarking upon a property search. Most often, when deciding to proceed with a property acquisition, people tend to overlook a “plan of action” that would be time-saving and purposeful when it comes to making a real estate investment. The clearer the criteria, the goal and desired object of the investment, the simpler the property search will be.
Should you opt for a loan, it would be wise to refrain from overextending yourself into other expenses that will most certainly prove to be a financial burden in the long run, such as buying a car or something equally costly. Carefully planned out installments can make that new dream home come true, so be wise about it all. Additionally, it's better to invest in a smaller-sized property and making your way up in size when you feel your finances are stable enough. You can always sell a small property at some point and invest in a bigger one of choice later down the line.
Bear in mind, there are reliable companies specialising in mortgage mediation aiming at improving the overall borrowing experience.
2. Location: Consider the location carefully as that will impact your overall daily life. Think about proximity to your workplace, schools, healthcare facilities, transportation options, and amenities like parks, shopping centers, and restaurants. Research the neighborhood's safety, infrastructure, and future development plans.
3. Realistic Goals: Being informed about the average range of prices on the market according to property type and the location we are interested in moving to, and based on our initial property search criteria, will help a great deal in the overall property search. It’s important to keep in mind that if we are hoping to find a property in an area we have our heart set on, we need to consider whether our budget matches the Market Prices. In some cases, it is wisest to compromise and settle on some short-comings, instead of missing out on a great investment opportunity.
4. Size and Layout: Evaluate the size and layout of the property. When we proceed with buying a property, we usually want to ensure we get the maximum amount of space and a convenient layout for the best possible price. The vibe we get from a property from the moment we enter, or even from the first glimpse from the listing as it appears online, will very likely make or break our intention to view it in person. A space that offers ample lighting is usually what is preferred on most occasions.
5. Condition of the Property: Assess the condition of the property. There are newly built properties, renovated properties and those in requiring either part – or whole- renovation procedures; the latter is a category that is considered a financially convenient suggestion since the price is considerably lower. Additionally, if one opts for a property requiring a level of renovation, it will clearly bear your signature and will be adjusted to your needs and taste. Additionally, think about the maintenance requirements and your willingness to handle them.
6. Real Estate Agent Collaboration: Engage a reliable and experienced real estate agent as they can guide you through the process, help you understand the market, negotiate on your behalf, and provide valuable advice. See to it that the real estate agent is licensed as that will definitely make a difference in all the full range of services you will be offered and ensure that all due diligence is carried through. In Greece, every licensed agent will have their own General Electronic Commercial Registry (G.E.MI./ Γ.Ε.ΜΗ ) for all legal forms of businesses in Greece.
Remember, choosing a property is a significant decision, so take your time, conduct thorough research, and weigh all the relevant factors to make an informed choice that aligns with your needs and goals. The above 6 factors are briefly described but a more detailed blog post in each separate one will be created for a more detailed insight of each one.
