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HOW TO BUY YOUR FIRST PROPERTY IN ISTRIA?
Buying Your First Property: A Major Life Step
Purchasing your first property is a significant milestone in
everyone’s life. Istria, with its stunning landscapes, Mediterranean climate,
and rich cultural heritage, attracts many seeking a home or an investment. If
you plan to buy property in Istria, our guide will help you navigate the
process.
1. DETERMINE YOUR NEEDS AND BUDGET
Before you begin your search, clearly define what you're
looking for:
- How many bedrooms do you need?
- Are you looking for an apartment, house, cottage, or land?
- Do you prefer a property in an urban area, near the sea, or in the countryside?
It’s also crucial to set a realistic budget. Consider
additional costs such as property transfer tax, notary fees, agency
commissions, and potential renovations.
2. RESEARCH THE REAL ESTATE MARKET
Istria offers a diverse range of properties. Browse online
listings, consult real estate agencies, and visit different locations. It's a
good idea to see properties in person to get a sense of their condition and
surroundings.
3. HIRE PROFESSIONALS
The process of buying a property can be complex, especially
if it’s your first time. Our real estate agency is here to assist you! We
recommend hiring:
- A Real Estate Agent: Our team of experienced agents will help you find a property that meets your needs and negotiate on your behalf.
- A Financial Advisor: If you plan to use a mortgage loan, an advisor can help you choose the best option.
4. CHECK THE LEGAL STATUS OF THE PROPERTY
Before making a purchase decision, verify:
- Ownership Documents: Ensure the property is legal and the seller has the right to sell it.
- Building and Usage Permits: If it’s a house, ensure it has all necessary documentation.
- Encumbrances: Check if the property is burdened with a mortgage, legal disputes, or other obligations.
5. FINANCING THE PURCHASE
If you don’t have cash for the purchase, explore mortgage
options. Compare bank offers, interest rates, and repayment terms. Banks
typically require:
- Proof of income
- Property valuation
- For more information about financing options and terms, visit: MY BANKER.
6. SIGNING THE PURCHASE AGREEMENT
Once you find a property and agree on the price, the next
step is signing the purchase agreement. This document must be in writing and
notarized. After signing, you’ll need to pay the property transfer tax (3% of
the property’s value) and transfer ownership in the land registry.
7. FINAL STEPS
After becoming the owner, register the property in your name
with all relevant institutions (utility companies, tax office, etc.). If you
plan to renovate, research local regulations and obtain necessary permits.
TIPS FOR A SUCCESSFUL PURCHASE
- Take your time, but don’t make hasty decisions.
- Be aware of the actual costs of property maintenance.
- Ask locals about the pros and cons of the area.