For one reason or another, the issue of real estate scams continues to make headlines in some national and international media outlets. Now that the Dominican Republic, which is the case we are focusing on, is experiencing significant growth in its real estate development, it is imperative that real estate agents and buyers stay informed about the essential information needed when taking the step of purchasing a property.
From RealAdvisor, a blog about real estate services and information, these tips are offered for people planning to buy a home, and they also serve to help real estate agencies and agents reaffirm the key aspects involved in buying the most precious asset of human beings.
Location
Location is a key factor in the daily lives of homeowners when buying a house. Buying in the city center is not the same as buying in the suburbs or in more remote areas. It all depends on the client's needs, such as their workplace, whether they need schools nearby, or the commutes they have to make in their daily routine. Therefore, the advisor should emphasize this aspect to the potential client.
It's also important to consider the safety and environment of the neighborhood. A safe and pleasant location can provide peace of mind, a better quality of life, and ensure comfort and overall well-being.
House size
The size of a property affects the comfort and functionality of a home, providing the necessary living space to meet your needs and those of your family. It also determines its long-term flexibility and adaptability, allowing it to accommodate your future plans, such as a growing family or the creation of additional living spaces.
Finally, the size of the house influences maintenance, renovations, and associated costs, as a larger property may require more upkeep and higher energy consumption. In other words, you need to carefully evaluate all aspects related to size before buying a house and consider questions such as the number of bedrooms or whether a backyard or additional space is important.
Condition of the house, in the case of a second-hand property
Conduct a thorough inspection of the house to assess its overall condition. Check the structure, electrical system, pipes, plumbing, and any other relevant aspects. If you lack experience in property assessments, it's advisable to hire a professional inspector for an objective evaluation and to identify potential future problems.
Hidden defects are common problems in second-hand homes. These can include water leaks, cracks or fissures, structural issues due to weather, or electrical problems. However, if these problems are discovered after purchasing a home, you can file a claim with the seller, although it becomes more complicated once you have already taken possession of the property.
Budget
Set a clear and realistic budget before you start your house search. It seems obvious, but many people set a higher budget, hoping to negotiate, and these unrealistic expectations can later backfire.
Once you've decided on your budget and found the house you want to buy, check that it doesn't have any outstanding debts. It's quite common for the previous owner to have unpaid bills, and you'll have to assume those expenses as the new owner.
It's advisable to get a professional appraisal of the property before starting the buying process. Even so, you should consider the initial purchase price, taxes, mortgage fees, maintenance costs, and repairs, among other things.
Revaluation
Research the infrastructure and services available in the area. While no one can predict what might happen in the future, especially in the real estate market, it's important to consider the possibility of your property increasing in value.
A house located in an area with a growing real estate market is more likely to increase in value over time. This can be profitable if you decide to sell the property at some point.
Check the quality of the roads, access to public transport and the availability of services such as water, electricity, Internet and cable, the proximity of parks, green areas and other aspects that are of high interest to you.
Legal documentation
From the time you find your house, through the purchase process, and when the deeds are signed, it can take 3 to 5 months. Therefore, you have time to gather all the important documentation.
However, before finalizing any transaction, carefully review the legal documentation related to the property. Verify the title deed, any legal restrictions, existing liens or mortgages, and any other relevant information. One way to obtain this information is with a property registry extract (nota simple), which can be easily obtained from the Land Registry.
Professional advice
Consider seeking professional advice to gain valuable information, assist you in the negotiation process, and ensure you make sound decisions. This process is crucial when buying a home due to its complexity and the financial implications involved.
Some of the qualified professionals with experience and expertise who can guide you and ensure you make informed decisions include real estate agents, real estate lawyers, and financial specialists. Their support will help you navigate the buying process more effectively.
Key aspects
- Buying a house is an important decision that requires time, money, and careful consideration.
- Key factors to consider when buying a house include location, size, property condition, budget, appreciation potential, legal documentation, and professional advice.
- It is crucial to research and understand the taxes and costs associated with buying a home, such as property transfer tax, value-added tax, local taxes, and capital gains tax.
- There is no "perfect" time to buy a house. It is essential to evaluate each situation individually before making a purchase decision.
