We have been in the real estate market for almost 10 years and we have understood that each client has special needs and particular requirements, so we quickly understood that we had to offer a personalized real estate service.
However, there are a few questions that were repeated (and still are repeated) in discussions with our clients. In this article on our real estate blog, we answer these questions.
1. “I want to buy a property. What steps do I need to follow?”
Buying a property can take a long time, and the process often proves to be arduous. Here are some correct and important steps that can make this process easier.
a. Clearly establish the budget for the purchase and go to the bank to analyze all the financing options, in case you need a loan.
b. Make a list of what characteristics the home you want must have, what you can compromise on and which areas you prefer.
c. Contact a real estate agency in Sibiu and discuss your needs with the agent, and then go for viewings.
d. Don't stop at the first apartment you see. We believe it's good to see at least 3 or 4 properties before making up your mind.
e. Before signing the pre-contract, make sure you've asked all the questions, clarified the issues, and that the documents have been successfully verified.
2. "I have a property for sale in Sibiu. What documents do I need to successfully complete the transaction?"
If you are the seller, you should know that there is a list of documents that you must have ready to successfully complete a real estate transaction:
• Updated Land Registry, which certifies the ownership right.
• Land Registry Extract for sale (obtained from OCPI)
• Property deed (sale-purchase contract, donation, inheritance), depending on the applicable situation
• Energy certificate, necessary for any real estate transaction.
• Cadastre and tabulation, which establish the exact area and position of the home.
• Certificate from the homeowners association, if applicable.
• Identity documents of the seller and buyer.
These documents are requested by the notary office, which will draw up the new sale-purchase contract and validate the transaction.
3. "How can I make the property I listed for sale sell faster?"
There are a few things you need to do if you want to sell the property listed for sale faster. It is very important to set a correct price, based on the analysis of the Sibiu real estate market, but also on demand. In this regard, consulting a real estate agent will help you.
Working with an agency will also help you have quality photos, a virtual tour, a presentation video, and a correct and pertinent description of the property. All of these things help promote and sell this property quickly.
4. "I want to buy a property with a mortgage, but I don't know exactly which option is right for me. What do you advise me?"
If you don't have the full amount needed for the purchase, a mortgage is the ideal solution for you. In fact, we recommend that clients go to the bank to analyze financing options before starting the property viewing procedure. Moreover, our experience proves to us that it is better to collaborate with a credit broker. He collaborates with several banks and successfully solves many complicated cases.
5. "What is better? Buy a new apartment or an old apartment?"
The answer to this question varies depending on your budget, the needs you and your family have, and your personal preferences. We believe that it is better to choose a new apartment for several reasons. We mention here the new electricity, gas, water and sewer installations, new finishes with a guarantee, better facilities – parking spaces, green spaces, children's playgrounds, buildings with elevators, but also high energy efficiency. The main advantage of apartments in old buildings is certainly the location, proximity to schools, shopping centers, parks. New buildings are developing mainly in the city's outskirts, but there are also rapidly developing neighborhoods, where there are shopping centers, medical offices, schools. Carefully analyze the options and choose what suits you best.
6. "I am buying an apartment for sale in Sibiu. What taxes do I have to pay, besides the price of the property for sale?"
In addition to the sale price of the home, buyers must also consider other expenses when concluding a real estate transaction. These include notary fees (which can vary depending on the value of the property) and fees for tabulation and registration in the land register. Also worth mentioning here are any costs for renovating and furnishing the apartment, as well as the commission for the real estate agency.
7. "I found a property that I like and want to buy. What are the things I should pay the most attention to?"
As I said above, it is good for clients to view at least 3 or 4 properties before making a final decision. Also, after you find a property you want to buy, pay attention to the following aspects. Because the most important asset of a property is its location, carefully analyze the neighborhood where you are going to buy, see if there are shops nearby, see if it is a noisy neighborhood, etc.
Carefully check the property deeds and the legality of the construction, check any debts to utilities and/or the homeowners association. Also, analyze the condition of the property and evaluate what investments need to be made later.
8. "I have some money saved. Is it worth investing in a rental property?"
Yes, definitely yes. Real estate investments remain some of the safest investments. A rented apartment brings a constant passive income. Before purchasing for rent, however, you need to consider the location (it is good to buy an apartment located in the central area, close to schools/universities and/or corporations and industrial areas).
Also calculate the return on investment and think from the beginning who you want to address with the rental: students, a family, expats. You may need to finish/furnish it accordingly.
Article by Magdalena Gliga
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