Which is the first step to take?
One of the golden rules to remember when you buy a house is to not rush in, and to have an early survey done on the property that you are looking at. The sale depends on lots of factors which must be kept in mind. You must know exactly what type of property that you want to buy, as there are many different types, e.g. flats, apartments, detached and semi-detached houses, duplexes etc., in many different locations, e.g. city centres, residential areas, suburbs, tourist areas etc. and each responds to different needs.
What type of property can you buy?
If you are looking to buy a property, you may come across the following types: one under construction, a finished house or a Publicly Advertised home.
What is a property under construction?
A property can be in planning or under construction. In either case you must remember that you are buying an unfinished product and because of this you must take some precautions depending on whether the property you are buying is in the planning stages or actually under construction. In both cases it would be useful to go to the Commercial Register office in order to find out more about the promoting company in question. Furthermore, all advertising information should be gathered, so that all the information can be upheld under contract.
What is a finished property?
If the property is finished, it may be a newly constructed home, i.e. no one has lived in it, or a property where somebody has lived before. It may also be a renovated house or one requiring renovation.
What is a Publicly Advertised home?
This is the new term which groups together listed buildings (VPOs) and buildings with a capped price (VPTs). A publicly advertised home (VPP) is built according to house plans financed by the Ministry responsible for public works, Autonomous Communities or the city council. They can be recognised by their limited size and price.
What are the differences between buying a new home and a previously owned property?
Buying a previously owned property can represent a saving in comparison to a new home. However, you must also factor renovation costs into the price, along with bringing your property in line with legal standards. You must also consider that there may be repairs needed or you may need to put some work into the house, to make it meet your requirements. Buying a home under construction or in planning can also be saving, because you can make changes to the initial plans, normally at no extra cost.
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