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Purchasing a real estate

With the purchase of a building, be it for your family or business, you need to consider some important steps to make it simple and efficient. Here are the 7 steps that Astoria Imobiliare team recommends you to follow:

♦  identifying housing needs;
♦  setting the budget;
♦  selecting the team you will work with (legal advisor, loan officer, real estate consultant etc.);
♦  selection of the property according to desired criteria;
♦  creating the price offer;
♦  negotiation;
♦  completion of the real estate transaction.

 

Identifying housing needs

Most buyers want to buy a real estate that meets four conditions: be inexpensive, well positioned, with a more generous usable surface and beautiful finishes. We know how hard it can be to be flexible with any of these four requirements, so we remind you of the following:

♦  Make sure that the property you want is meeting the desired conditions in terms of surface, but remember that the maintenance costs will be directly proportional to its size;
♦  Do not buy an apartment just because it looks nice. The vast majority of buyers want to personalize their property and you will probably do the same thing even if only in a few months;
♦  It is normal to want to buy cheaply, but often a small price can hide vices and disadvantages. Astoria Imobiliare team helps you to see beyond the appearance of a real estate. Our specialists can observe the possible disadvantages of a property, so do not hesitate to use our services;
♦  Properties in good areas are in great demand. But an important aspect is that areas in full development deserve your attention. Although at the time of purchase the price of a developing area may be lower than that of a well-established area, it is likely that this difference will decrease considerably when you will want to sell in the future.

 

Astoria Imobiliare specialists can help you understand your current and future needs to help you find the right property for you.

 

Setting the budget

In Romania, the most common payment methods for buying real estate are bank credit and full payment. The best case is if you have the entire amount of money for the property you want to buy. You only need to give the seller the full amount in the presence of the notary public who authenticates the sale-purchase agreement.  You can also make a bank transfer, in which case a delay of 1-2 days may occur until the seller receives the money. Sometimes the seller can also offer you the option to pay in installments, thus relying on your financial standing.

 

Classic mortgage lending is a more attractive financing option for buyers because of lower credit costs compared to the "First Home" credit. In other words, monthly rates, as well as the total amount to be repaid, are usually lower in the case of conventional mortgage credit than those that a state-guaranteed loan implies. However, you should consider the required advance that must represent 15-25% of the value of the purchased property.
In addition to these two ways to conclude a real estate transaction, other types of bank loans appeared on the Romanian market:

♦  The "First Home" credit - the advantages of this type of credit (compared to the classic mortgage) are the minimum advance (only 5% of the value of the real estate bought), the limited interests, and the fact that the state takes some of the banking risks.

♦  Saving - credit - this bank product is aimed at buyers who view the purchase of a real estate as a long term process. After a saving period (the client accruing capital on his own account), a credit period is set for double the amount saved, and the monthly rates are the same as the monthly amounts previously saved.

 

Selecting the team

In the absence of specific legislation, the position of real estate consultant can be occupied by anyone, even in the absence of training or experience in the field. As a result, in today's real estate field, there are professionals supported by extended profile activity, as well as unprofessional people. The difference in quality of services offered by the two categories may have a significant impact on your transaction. A professional real estate consultant that suits you is distinguished from an unprofessional one by accomplishing the following features:

♦  he/she works for you (not for commission);
♦  he/she advises you, but does not impose what to do;
♦  he/she maintains working standards;
♦  he/she has strong communication and negotiation skills;
♦  he/she offers complete and customized services;
♦  he/she is working with a team of specialists in key areas;
♦  he/she represents a successful brand supported by experience within the real estate field.

 

The experience of Astoria Imobiliare consultants will help you not only find the desired property, but will also provide support throughout the process. Our role is to create customized service packages for each customer according to their needs. Below we will list 6 other reasons why Astoria Imobiliare is the right choice for your real estate transaction:

♦  Safety - the documentation of the real estate transaction will be verified by our specialists, so you will have the guarantee that the sale-purchase transaction is carried out according to legal rules.
♦  Money - we know how important it is not to spend your entire budget for the purchase of the dream house, so Astoria Imobiliare specialists will help you negotiate the best price.
♦  Information - we will provide you with information about prices in certain areas as well as about the most suitable periods for such acquisitions. Let's not forget an important factor, namely the period for which an offer has been active on the market, you will also find this out from us.
♦  Offers - you have access to many offers, our consultants are always ready to accompany you to viewings.
♦  Time - time is valuable to you and we understand that. Astoria Imobiliare specialists will identify a range of offers that match your requirements in the shortest time so you can choose which one you want to view.
♦  Trust - by calling our services, you have the guarantee that the property has already been viewed by us and so we can inform you of any hidden vices or other disadvantages.

 

A professional real estate consultant will work in partnership with you, and our specialists aim to build a team with their clients from the beginning of the purchasing process until it finishes. Astoria Imobiliare specialists will set up a viewing program with you, will assist you throughout the process, help you negotiate, and last but not least, can offer you support in selecting complementary services such as financial- banking and legal advice. The goal of our consultants is not just to work for commissions but to develop long-term partnerships with their clients.


Selection of the property according to the desired criteria

"Location, location, location" - these are the three aspects that American real estate specialists recommend their customers to consider when buying a property. This advice is also valid for the real estate market in Romania. Astoria Imobiliare team will explain why the property you want to buy must match both your current and future needs. Whether you have an active lifestyle and want to live in the central area or you are have a family seeking areas with various facilities, Astoria Imobiliare consultants can offer you real solutions tailored to your wishes. Astoria Imobiliare specialists recommend that you consider buying a property as an investment in the future. When you will want something different in future, perhaps a more spacious property or a quieter area, you will have to sell. Therefore, it is important that the property you buy now is in an area that has potential for future development.

 

Keeping in mind that there are both old and new buildings on the market, we thought about offering you a comparison to help you make the best choice.

 

Old buildings

In most situations, the old buildings are located in good areas. You have access to all kinds of facilities (kindergartens, schools, shops etc.) being located within the city.

 

Infrastructure can no longer undergo massive changes, which means that there is no longer the risk of developing new real estate projects around.  Due to smaller surfaces, these properties are more affordable.

 

New buildings
New buildings have primarily large surfaces and an important factor to mention is that the materials used are of superior quality. Most of the times, the growing residential areas are situated on the outskirts of town, where there are generous green spaces, as well as more parking spaces than the old buildings. The rules imposed on the construction of new buildings are designed to protect owners in case of natural disasters. These may represent good investments for the future.


Viewing the property

When viewing a real estate, you must first pay attention to technical details: the number of rooms, the orientation according to cardinal points, the layout of rooms, the condition of electrical, water and gas installations, the state of walls and why not, the state of the neighborhoods.

 

In addition to all of these aspects, it is a good idea to start analyzing before entering the building itself. This way you can see the state of the green spaces, if the staircase is clean and odorless, if there are playgrounds, parking places etc.

 

Creating the price offer

The recommendation of Astoria Imobiliare specialists is that the price offer is not done verbally during the viewing. This practice is an unprofessional one that limits the vendor's reaction time and can make him feel constrained. There is also an advantage in presenting the verbal offer because possible disagreements can be resolved on the spot, but the written offer and possibly after consultation with the whole family can have the much desired effect, that is reaching a price that is close to what you can afford. Therefore, the seller has time to think about your proposal and understand that there is a real purchase intention.

 

Negotiation

Negotiation is one of the most important stages in a real estate transaction. The desire of Astoria Imobiliare specialists is to obtaiin a fair price for both our client (buyer) and the seller. There are several factors which our consultants know and allow for a professional negotiation:

♦  the period of time the property was put on sale for;
♦  the seller's need for liquidity;
♦  the owner's desire to sell;
♦  whether the payment method corresponds to the seller's requests;
♦  whether both parties can show flexibility.

 

Completion of the real estate transaction

The completion of sale-purchase transaction envisages the signing of agreement in the presence of a public notary. The necessary documents that the landlord has to present are detailed below:

♦  Property act on the real estate - this may be: the sale-purchase agreement, donation agreement, final and irrevocable civil sentence, heir certificates etc.;
♦  Cadaster - the cadastral documentation of the immovable property;
♦  Registration - registration of the property right on the land register;
♦  The land book excerpt - which certifies the identity and legal status of the property, being valid for 10 days from the filing of the application for its issuance by the notary office;
♦  The tax certificate - this is valid for 30 days, being obtained from the Financial Administration. This document certifies that you are up to date with state-taxes (interests and other taxes);
♦  ROL record from local government - town hall;
♦  Record from the owners' association - to prove that you are up to date with the maintenance and repair costs of the property;
♦  Energy certificate - certifying the energy performance of the building;
♦  Record from the electricity supplier - certifying the up-to-date payment for these services;
♦  Last invoice from the gas supplier as well as proof of payment;
♦  Owners' identity documents;
♦  Certificate of marriage (if applicable);
♦  Statement from the Town Hall (if applicable) - attesting that the property is not claimed.

 

Costs

To complete the transaction, the buyer has to pay a few additional fees:

♦  real estate agency commission;
♦  commission and other bank charges (in the case of mortgage credit);
♦  notary fees;
♦  post-sale costs (maintenance and repair expenses, compulsory insurance, real estate tax, etc.).

 

Compulsory insurance

Being implemented since 2010, the mandatory home insurance is a simple and affordable way to provide protection to your home in case of natural disasters. The value of insurance premiums is the same regardless of the area where the property is located, and the three risks that the mandatory insurance covers are earthquakes, floods and landslides.

 

The materials used for building your home determine its belonging to one of the two categories:

♦  type A - having the strength structure of reinforced concrete, metal or wood OR with external stone walls, burnt bricks or other materials resulting from thermal or chemical treatments;
♦  type B - with external walls of unfinished brick or other materials not subjected to thermal or chemical treatments.

 

Value of the insurance premium (with validity for 12 months):

♦  property type A - 20 Euro for 20,000 Euro insured amount;
♦  property type B - 10 Euro for 10,000 Euro insured amount.

 

Currently, the law allows owners to choose between a compulsory and optional insurance only if the optional insurance covers the three major risks: earthquakes, floods and landslides. Optional insurance gives the owner the possibility to secure his home against other risks not covered by a compulsory insurance (e.g. fires, damage caused by means of transport or electrical installations etc.). The best-selling optional insurance and also a very important one is "third-party civil liability". This entails compensation (within the limits of the insurance policy) for damages caused to neighbors in certain events such as floods or fires.