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5 tips for smart and cheap home purchase


English

2013-09-09

In the pursuit of a house, sometimes it is worth to take a second and prepare a good purchase strategy. Where can you save your money and what is worth investing in? Check out our tips on how to play smart on the Real Estate market.

 

You should think about your own house as it was an investment, which makes it difficult to incorporate the savings aspect too, but a good plan has savings on its checklist. As you invest your money in a real property, you have to prepare wisely to the process and take into account all the additional expenses and means to limit costs of  i.e. mortgage loan.

 

1. Look for bargains, not the co-funding

As far as the saving aspect in concerned, the most important thing while purchasing a real property is timing. All the co-funding offers provide only an apparent support, so the real incentive to purchase home should be the decrease of prices in 2013, not the future 'Mieszkanie dla młodych' government programme. Price decrease together with the decline of the interest rates may be a chance for a good bargain.

 

2. Don’t act in a hurry

On the other hand, chasing good bargains may be deceptive too. Purchase of the cheapest home from the primary market, even with the most favourable mortgage loan conditions, may cause you trouble. That is why if you have the slightest doubt concerning the developer or (in the case of the secondary market) the owner, it is worth to suspend the purchase. As for the mortgage loan, make sure to learn about the development of subsequent instalments, and about the risks which may result from the sudden price increase.

 

 3. Put money down

Zero-down loans are still available in some banks, but this is about to change next year. Many potential borrowers get stressed about it and feel that the change is not fair, but it actually IS a good solution. Banks will reward the frugal clients with lower margin, which decreases monthly instalments and general lending costs. Besides, the fact that you can put down 20 percent proves your credibility, even if you didn’t have a chance for a zero-down loan.

 

4. Think about where you want to live

Homes located in the city centres are always the most expensive, which made the outskirts so popular these days. Sometimes it is worth to widen your search: towns in the close vicinity to Warsaw attract with their low prices. And if there is a ring road which provides a quick access to the most important locations in the big city, it may appear that your way to work will be shorter than if you were about to go through the city centre. And you can save even several dozens of zlotys this way. Location is always an important factor, but not always the essential one.

 

5. Use professional assistance

Choice of the mortgage loan, developer, and the property receipt are the aspects you should not save on, especially if you are buying from the primary market.

 

Understanding the financial aspect, and ability to provide the proper assessment of the technical condition of the property require knowledge and experience. Experts will provide you with all the necessary information, explain potential consequences of your decisions, and draw your attention to the possible risks.

 

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