5 things to consider when buying a new home

Some buyers, perhaps driven by the recent boom in apartment sales in Lithuania, are rushing to make the decision to buy a house and do not evaluate all the possibilities, says in a press release Edita Gudauskienė, sales and experience manager of the real estate client. development company Omberg.

You can negotiate a home loan

First, according to the interlocutor, when deciding to buy a property, evaluate if you can take out a mortgage. For those who haven’t encountered it before, this loan process can seem cumbersome, complicated, and raises a number of questions.

Every residential real estate loan requires a down payment of at least 15 percent. the value of the home purchased. Also, a stable income must be earned for at least 6 months before obtaining a home loan, and all family financial liabilities must not exceed 40 percent. Monthly family income.

“We recommend that you apply for a loan not from one, but at least from several creditors. They should provide information on standard forms that are easy for the client to compare with each other. Do not rush and consider everything in detail, even after receiving an offer binding, you can make a decision on the loan in 30 days, ”says E. Gudauskienė.

The interviewee also recalls that people often forget that it is possible to negotiate with lenders. E. Gudauskienė advises going to the bank to receive offers from other lenders and remember that it is possible to negotiate both the interest rate and the margin of the loan.

Take a closer look at the environment you will live in

The location of new homes in the city is one of the main factors influencing buyers. It is by neighborhoods or settlements that people usually choose their future homes.

“It just came to our attention then. Find out what projects are being planned and how this will affect your living environment. Perhaps it is already planned that in a few years the view through the window will be blocked by another apartment building? Discover others characteristics, such as parking possibilities ”, says E. Gudauskienė.

In addition, the expert advises spending at least a few afternoons walking around the place where you are looking for a home. This, he says, will help ensure that your chosen location is suitable for you to live and spend your free time.

Find out what the purpose of the home is

Although the number of these types of homes has been decreasing lately, sometimes there are some advertisements for homes whose officially declared purpose does not correspond to their actual use: the homes are not residential.

“When considering buying this type of premises, the most important thing is to know the purpose of the apartment you are buying and objectively assess its advantages and disadvantages. Probably the most attractive feature of such premises is the slightly lower price. On the other hand, it is not without reason ”, points out E. Gudauskienė.

Non-residential homes can have significantly lower or no light, minimal living space, noise protection, and various other requirements. There is also optional car storage, green areas with playgrounds and sports fields, rest areas for the disabled and the elderly, and various other infrastructures.

It’s also worth keeping in mind that when buying a residential apartment, banks typically finance up to 85 percent. property prices and for the acquisition of non-residential premises, up to 70 percent. The loan is also likely to be for a shorter period, which means higher monthly payments. All this must be taken into account when making a decision ”, advises E. Gudauskienė.

Examine the technical solutions and details of the house

In the real estate market, it is common for buyers to choose a home in a house that has not yet been built, based on drawings, visualizations and descriptions.

“Find out what the history of the real estate development company is. Buyers still very often come across developers whose legal units were established only 1-2 years ago specifically for a project. After the sale of the apartments, the company is usually liquidated and there are no more claims, the guarantee obligations are not fulfilled ”, warns E. Gudauskienė.

Before buying an undeveloped home, be sure to find out if you will get it partially or fully finished, how tall the home will be, or if there will be an elevator in the building. Find out what will be the construction of the building, the energy efficiency class, what heating and ventilation systems will be installed, what are the operating costs, advises the expert.

Prepare for the accommodation setup in advance.

Many newly built apartments in Lithuania are sold only partially finished. Thus, the price of a new home is not only lower and more favorable for the buyer, but also leaves room for the realization of imagination, personal needs, tastes and ideas.

“The developer makes sure that all the apartments in the project are equipped to guarantee the energy efficiency class of the apartment and the house, therefore, when handing over the house to clients, the rules for finishing the house are provided. Customers often forget about them, unintentionally violating certain systems, so then there are infrastructure problems and their warranty obligations are not covered, ”says E. Gudauskienė.

Interior design usually takes between 1 and 2 months, and the finishing work itself takes an average of 3 to 4 months, so it is recommended to start thinking about the installation, finishing and interior work of the house six months before the date you want. move.