Tips for successful real estate purchases

Currently, the situation in the real estate market in Serbia indicates a decrease in interest in purchasing compared to previous years. The most significant decline in purchases is noted in Novi Sad, followed by Belgrade. This trend is the result of various factors, primarily financial ones. The conditions for housing loans have become less favorable with the increase in interest rates and monthly payments. However, people still prefer to buy their own homes instead of paying rent every month, considering it a long-term beneficial solution.

Consider whether buying a house is the right step. Making the decision to purchase a home is a significant move that requires careful consideration. When you search for information on "homes for sale in Belgrade," you'll notice that it comes with substantial commitments. It's advisable to first define your personal and financial goals. For instance, when planning to move into a new home, think about the location and the budget needed for this investment. Explore housing loan options.

If you are interested in "buying apartments in Belgrade" or "buying apartments in Novi Sad" because you want to move to one of these two major cities due to better job opportunities, but you don't have the funds to purchase property in cash, consider exploring options for obtaining a housing loan. Visit several banks to learn about their loan terms and offers, as well as what guarantees they require. Save money for a down payment. When you decide to take out a loan, it's important to set aside a certain amount of money for the down payment or deposit. It is advisable to research the terms offered by different banks. The amount of the down payment usually varies, but it is often recommended to save around 20% of the property's value when buying an apartment. However, if you are purchasing your first apartment, this amount may be slightly lower, meaning you would pay 10% of the total property value.

Decide whether you will sell your existing property first. If you already have a house or an apartment, consider selling it before making a new purchase. By selling your current property, you create a financial incentive to take out a loan and gain the freedom to buy new property in Novi Sad or Belgrade as you wish. This way, you avoid managing two loans or the costs of maintaining two homes. If you achieve the desired income from the sale, you may not need to take out a loan, and you will be able to buy the new property in cash.

Optimize your steps when buying and selling real estate. When making the decision to sell a property, it is important to consider all aspects of this approach.

Create a realistic budget. The purchase price and participation are not the only expenses. Creating a realistic budget for your new home will help you understand how much you can afford and what your overall financial obligations will be. First and foremost, you will need furniture, and if you are furnishing an entire apartment or house, this can represent a significant cost. Then you need to consider potential repairs, maintenance, as well as regular monthly expenses associated with owning new property.

Explore several properties. Looking at photos online is helpful, but it can't replace visiting the actual sites to fully understand their features. The right location in the city can be a decisive factor when making a purchase decision. When viewing, consider different options, knowing that some properties may not meet all your requirements. Prioritize what is important to you, whether it's location, size, layout, or distance to work.

Make an offer that is hard to refuse. When looking at real estate listings, you often come across a specific amount that the seller expects. However, if you want a particular property, it's important to make an attractive offer to increase your chances of success. It's always helpful to consult with a real estate agent who can help you determine the true value of the apartment or house you want to buy.

Negotiate and close the deal. When visiting old houses or apartments, certain flaws may be noticed, such as issues with the walls or roof that require repairs. If you find yourself in such a situation, it is advisable to start negotiations for a possible price reduction before the actual purchase and move-in process.

Conclusion. The current real estate market in Serbia is seeing a decline in interest in purchasing, especially in Novi Sad and Belgrade, partly due to less favorable housing loans. Despite the increasingly challenging conditions, many still choose ownership over renting because, despite the current difficult situation, investments in real estate continue to provide long-term benefits and security. However, before making a decision, it is essential to define personal and financial goals, explore housing loan options, save money for a down payment, and consider selling existing property. Optimizing the process involves careful planning of the move, creating a realistic budget, and strategic negotiations to achieve a favorable purchase.