Complete Guide: Buying Your First Home
Buying your first home comes down to five essential steps: set your budget (minimum 15% down payment for a mortgage, plus 3-5% extra costs), choose the area based on real proximity data, verify technical condition, negotiate with objective data (the asking-price vs. real-value gap can be 10-15%), and check full documentation before signing.
How do you set your budget correctly?
Basic rule: your monthly installment should not exceed 40% of net income — the debt ceiling imposed by the National Bank of Romania (BNR). A standard mortgage requires a minimum 15% down payment. Add 3-5% of the price for extra costs: notary fees (about 1-1.5%), bank commission, appraisal, possible renovation. For a €100,000 apartment, prepare €18,000-20,000 in cash.
How do you choose the right area?
Analyze proximity to your workplace, schools, public transport, hospitals, and shops. Market studies show properties within 500 m of a metro station sell 10-15% above the area average (source: imobiliare.ro analyses, Bucharest). A GPS proximity score computed across 6 amenity categories (OpenStreetMap) gives you an objective location assessment, not just a viewing impression.
How do you verify the property's technical condition?
Hidden defects can cost thousands of euros: old electrical systems (€5,000-10,000 for full replacement), structural moisture, or poor insulation. Request a report that includes AI photo analysis and check the construction year — buildings erected before 1977 need special attention for seismic risk. The energy certificate is mandatory at sale: class A versus class C can mean 30-40% savings on energy bills.
How do you negotiate the price with real arguments?
The gap between asking price and real market value averages 3-6%, but can reach 10-15% on overpriced properties (Analize Imobiliare, 2026). A professional valuation report with 5-8 active comparables shows exactly where the asking price sits and gives you concrete negotiation arguments. On €100,000, a successful 7% negotiation means €7,000 saved — hundreds of times the report's cost.
Which documents should you check before signing?
Check the land registry extract (real owner, encumbrances, mortgages), the energy certificate, the building permit, and the acceptance report for new buildings. For older apartments, request the homeowners' association certificate (maintenance debts). The notary verifies deeds, but due diligence responsibility remains with the buyer.
Frequently asked questions
What down payment do I need for a first home?
Minimum 15% for a standard mortgage in Romania. Add 3-5% for notary, bank, and appraisal costs.
How much of my income can go to the monthly installment?
BNR caps total indebtedness at 40% of net income for RON loans. Staying under 35% is recommended to keep a buffer against rate increases.
What hidden costs appear when buying a home?
Notary fees (1-1.5%), bank analysis commission, the bank's appraisal, mandatory home insurance (PAD), possible maintenance debts, and renovation costs. Typical total: 3-5% on top of the purchase price.
How do I know if the asking price is fair?
Compare with 5-8 similar active and recently transacted properties in the same area, adjusted for condition and floor. An automated valuation report does this analysis in minutes, from €19.
What should I check in an old building?
Construction year (beware pre-1977 buildings in seismic zones), condition of installations, capital repair history, and homeowners' association debts. Seismic risk class I means a rental ban in Bucharest.
How long does the buying process take?
From accepted offer to final signing: typically 30-60 days with a mortgage (file analysis takes 2-4 weeks) or 1-2 weeks with cash payment.