Are you looking to buy a property? Here are several questions you should ask when you want to buy a property:
1. Do you have all the money or will you be resorting to a loan?
If you have all the money needed for the transaction, the procedures run much smoother and without too much trouble. Oftentimes, particularly when it comes to the procurement of new constructions (foreclosures) the prices charged by the sellers are much lower, even reaching discounts of up to 15%. Real estate developers provide substantial discounts to those who decide to pay the entire apartment in advance, even if, upon making the payment, it is not finished. Some of you will risk, others won’t.
If you do not have all the money for the procurement of an apartment, you need to know a mortgage loan is most often only granted if all other loans are paid in full and in due time and if you do not have negative history in the Credit Bureau. The banks submit three types of data to the Credit Bureau: negative data (information on defaulting customers) and the scoring (a final note whereby the Credit Bureau assesses a customer’s credit risk).
Before looking for a property, you should study all the banks’ offers, carefully analyse all details so that, when you are determined to buy, you may be in an advanced stage with the bank file. The advance payment for the standard mortgage loan may be of 15%, even 5% in case a “Prima Casă” (“First Home”) credit is taken. If you have a more significant amount available for the advance payment, it is more convenient because, in this case, the value of the mortgage, as well as the value of the instalments, drop.
The New Concept Living agency will provide a banking expert who will fully take care of your file. Our financial adviser will assist you in all matters related to the access to a loan and will help you identify the bank that best suits your needs, also drawing up of the bank file. Once again, everything will be FREE OF CHARGE.
2. How soon do you need to move into the new home? How long can you wait?
This is a very important question, particularly for those who wish to purchase a new home. New properties are, most of the time, the objects of preliminary agreements, long before they are completed. Consequently, whoever wishes to purchase a new apartment should register for an apartment, by making an advance payment, and should then wait for it to be finished. Each project has a different delivery term: some can be delivered in 2 to 3 months, others in 6 to 12 months. The longer the period you are willing to wait, the more convenient the offer that may be presented to you. If only the apartments having a delivery term in 2 to 3 months are filtered, you will only be viewing 20-30% of the entire offer available at that time. That is why our recommendation is not to add the “rush” ingredient, unless it is absolutely necessary.
Our agents will select from the numerous available offers those which best match your needs and wishes. We are the leaders of the Sibiu real estate market, having the most varied offer of new properties. Having a portfolio of over 1,000 properties on the new residential segment, our company represents the largest real estate platform in Sibiu. With our experience acquired so far, combined with the promotion of the new trends from the current real estate market, we are at your service, providing quality counselling, in your favour.
3. Are you interested in a new property or are you only looking for an old property?
The decision is yours. No option is better than the other. Everyone, taking family and personal needs into account, shall have to choose one of the two options. Next, we will try to present the main differences between old and new apartments.
The advantages of old properties:
- they are located in more central areas as compared to the new ones. This benefit includes, of course, facile access to public transport, as well as hospitals, schools, kindergartens, hypermarkets
- they are tabulated and can be purchased on the spot
Downsides of old properties:
- they are more expensive, even though their condition is most often worse than that of new ones.
- they smell bad
- they are lacking in parking places
- advanced degradation of the apartment and of the block’s undivided shares (staircase, exterior walls, access door to the block etc.)
- most of the time, old blocks are not heat insulated. When the exterior insulation exists, it is not appropriate, or it is incomplete.
- the unflattering ambience; the exterior of the block is ugly, worn-out.
- the degradation of the building
- old elevators, which often break down.
The advantages of new properties:
- they are less expensive than the new ones.
- they are “brand-new” and come with a 10-year warranty.
- the partitioning is adjusted to our current needs.
- nominal parking place in front of the block of flats
The disadvantages of new properties:
- they are, most of the time, located at the outskirts of the city
- they cannot be purchased on the spot (the deliver term is remoter)
4. What is the comfortable budget for the transaction and what is the maximum budget for the transaction?
The comfortable budget is the amount of money that you wish to invest in your future home. This amount should not be excessively burdening and it is what you had in mind from the beginning. It corresponds to your financial strength and does not involve an effort or, perhaps, even a financial risk.
The maximum budget is the maximum amount of money you would be willing to pay upon coming across a very good offer (an incredible offer which induces you to exceed the budget’s comfort zone).
Upon selecting the optimal real estate option, which satisfies both the current comfort needs of your family, as well as the future ones, we are at your service, providing information on price, area, surface, or other features of our properties.
5. What is the order of priority in terms of apartment features?
When it comes to purchasing a dwelling, any buyer should first very carefully consider several factors before reaching the final decision. According to each of their needs and preferences, a different list of priorities may result, but, on the whole, the considerations remain the same. The price takes precedence in some cases. In other cases, the location is more important. You yourself should determine which of the below considerations is more important:
- The price
- The area
- The quality of the works
- Safety (in terms of seismology)
- New apartment
- Old apartment
After largely determining the criteria according to which you would like to purchase a property, our agents will help you view as many apartments as possible, they will answer all your questions, so that you may find out all the details that you need, and they will guide you towards all procedures necessary for the conclusion of the sale-purchase transaction.
To help you reach the right decision within a short timeframe, the New Concept Living agency provides all necessary information, presenting the types of properties existing on the real estate market, the prices, the desired zone, the partitioning of the properties, the age of the constructions, the amenities, the floor etc.
6. You have come upon the perfect dwelling! How should the costs related to the transaction be split?
The buyer shall pay for the following:
- notarial fees associated to the transaction.
- the valuation report (if the purchase is conducted by bank loan)
Click here to access a notarial taxes and fees simulator.
The seller shall pay for the following:
- state tax, associated to the transaction.
- the expenses related to the documents needed to conclude the sale-purchase agreement: land register excerpt, energy certificate, survey, endorsed by the Land Registry National Agency (A.N.C.P.I.) (if applicable).
Click here to access a transaction tax simulator.