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Some ideas about real estate

Buying or selling a home can have a few downsides. To avoid them, we have compiled a quick tutorial for you, in order to unmask some real estate myths.

Real Estate Buying Selling Tips1 “If I know the average price per square meter in my city, I can estimate the value of my property.”

False. The average price per square meter is not enough. The value of a property depends on its neighborhood, its streets, its position in the building, the presence of a balcony or terrace or garden for a house, its orientation, work potential to achieve and many other criteria. To estimate the price, you can perform a valuation by an independent expert.

2 “There are a few places aside from my bank where I can get a mortgage.”

True. All banks, whether they are general or specialized in real estate financing, can give you a loan. This is also why you should allow competition to compare the proposals and select the best offer, especially in terms of interest rates.

3 “Buy property to restore it will always be more cost effective than buying a new one.”

True and false. When you purchase an old property to repair it it is always cheaper than buying a new house. But it all depends on the scope of work involved. Revamping the house and deco does not necessarily weighs heavy on a budget. However, a complete renovation requires a bit of money. So, the overall amount may be equivalent or superior to the purchase of a new one.

4 “If I withdraw from the signing and the sales agreement and the final deed of sale, I can get my full capital allowance of 10%, without conditions.”

True. As a buyer, you have a cooling off period of 7 days, without you needing to prove a particular pattern. In this case, you recover the money paid in full. If you miss this deadline, the sum is lost. The seller on the other hand does not benefit from the withdrawal period.

5 “With historically low interest rates, it is the time to buy real estate.”

True. After a year of falling, the average dropped to 3.07% at end-March 2014, the most since the post-war. So this is a great opportunity. However, the decision to buy depends on your situation, your needs, your desires. In short, the credit even very cheap, still one in your projects tool.

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