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The true cost of a dream: how to properly assess what you are buying

Cheat sheet for shoppers / The Path to the Dream Home
23.12.2023
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The true cost of a dream: how to properly assess what you are buying

The dream of owning real estate often leads us to make significant sacrifices. But the question we must ask ourselves before taking such a serious step is, "Is it worth it?" Let's figure out how to properly assess the value of our dreams.

The key to understanding the true cost lies in analyzing all expenses. Let's say your dream is to purchase property in Tallinn. Why Tallinn? The city is attractive for its architecture, culture, and business opportunities. However, you must consider not only the price of the property itself.

Location

Tallinn is the capital of Estonia, with developed infrastructure and a favorable investment climate. When evaluating properties here, take into account the distance from the city center, accessibility to public transportation, and social infrastructure.

Historical value

Historical areas have high value due to the uniqueness of the properties and locational privileges. Properties in such locations have the potential for price appreciation over time.

Condition of the property

When buying a home, consider the condition of the property: does it require repairs or is it ready for occupancy? Repairs can entail hidden costs.

Legal aspects

The legal cleanliness of the property plays an important role; the absence of encumbrances increases its value and minimizes risks for the buyer.

Financial planning

This is one of the key stages in assessing the cost of your dream - determining your budget for purchasing real estate. Does it include additional expenses such as taxes or commissions?

Alternative cost

Don't forget about the "alternative cost" - what you could receive or achieve by using these same resources differently. The answer will help you make the right decision.

The final aspect is emotional value; sometimes it's difficult to measure it with concrete numbers, but a home should not only be an investment but also a place of happy life for you and your family. It should always be taken into account when calculating the "cost of the dream".

Take a sober look: if all the components add more headaches than joy from the intended acquisition, perhaps it is not your "cost of the dream". Every step should be conscious: it all begins not when you cross the threshold of a new home, but when you make the first calculation of its full compatibility with your life.

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