7 Tips to Consider When Buying Real Estate Now

Over the past six months, the supply of apartments and houses has increased significantly, and for mortgage borrowers, the euribor has fallen to 3.4 percent. This creates more favorable conditions for finding a new home. Urmas Uibomäe, the managing director of the real estate portal Kinnisvara24, shares seven tips to keep in mind when buying a new home right now.

1. Explore loan options thoroughly The first step in buying a home is to understand your financial capacity. Contact different banks and explore what options are available for obtaining a mortgage. Banks can offer different terms, so it's worth getting quotes from multiple places. The drop in euribor may mean better interest rates, but it's important to clarify your borrowing capacity and determine what size loan makes sense for your family.

2. Make a plan Before you start actively searching for real estate, clarify what kind of home you actually need. Think about what area you want to live in, what amenities should be nearby, and what type of dwelling suits your lifestyle – whether it's an apartment, townhouse, or single-family home. Also consider family additions, pets, and other needs. Additionally, think about added values such as a storage room, balcony, parking space, terrace, or sauna, which may be important in the future.

3. Start selling your current home early If you plan to sell an existing home and buy a new one, start the sales process as early as possible. Currently, the real estate sales period may be longer than usual, so it makes sense to put your home on the market before you start actively searching for a new one. This helps avoid a situation where you've found a new home but the old one hasn't sold yet. Once you've found a buyer for your current home, you can agree with them on a property handover date that suits all parties. This way, you don't have to move out before your new home is ready.

4. Be thorough and avoid emotional purchases When choosing a home, be thorough and don't let yourself be guided only by emotions. When visiting an apartment or house, always ask as many questions as possible – the more information you get, the more confident you'll feel in making a decision. Be sure to ask about utility costs, hidden costs, renovation funds, and other important details. If anything remains unclear, don't hesitate to clarify it. It's also worth learning about neighbors, as good relations with neighbors are an important part of life quality. If you're a car commuter, test driving to work or other daily destinations from your chosen property at different times of day. This will give you a better understanding of commute time and road conditions and traffic situations.

5. Pay attention to the general condition of the building In addition to the details of the apartment or house, it's always worth investigating the general condition of the building. If necessary, bring in a construction expert. Be sure to ask whether the building has loans and what problems may exist. Definitely familiarize yourself with the warranty conditions offered by the builder for new construction.

6. Use specialists for extreme properties If an old farm house or a property requiring major renovation comes into view, don't underestimate the help of a specialist. A construction specialist can help assess the actual condition of the property and clarify what costs await you during renovation. This can save you from unexpected expenses and disappointments in the future.

7. Search for the best offers Once you're sure that buying a home is your next step, keep an eye on the best offers. For example, the Kinnisvara24 portal has listings that you won't find anywhere else.

Although the drop in euribor may create more favorable conditions for borrowing, it's wise to be thoughtful and thorough when buying real estate to find just the right home that meets your expectations and needs.