For the first time, you are going to buy real estate. It is an important decision, which must be prepared with care. To make this first real estate purchase a success, you have to proceed methodically. By following these tips, you are less likely to make mistakes and make mistakes.
Estimate your borrowing capacity
Before embarking on your first real estate purchase, the first thing to do is to assess your budget and your ability to repay your loan. This must be assessed over the long term, with the prospect of new charges, which may be added to reimbursements.
You must thus think about the maximum amount you intend to spend on your monthly payments. Do not hesitate to contact professionals who, like the network of real estate agencies La Résidence, have in-depth knowledge of the market and can give you relevant advice, adapted to your situation.
Another privileged interlocutor, your bank adviser will help you to put together a coherent file. He will know draw up a financing plan meeting your possibilities. Depending on your profile, some banks can also grant you loans at preferential rates.
Take the measure of the costs
To estimate your borrowing capacity, and define your budget, you shouldassess the overall cost of your acquisition. Apart from the purchase price of the apartment or the house, you will have to bear other costs, which should not be underestimated.
You must therefore take into account notary fees, which represent 7 to 8% of the price of the propertyif you buy an old apartment, and about 2 to 3% for new housing. To these expenses are added the fees charged by the real estate agency, if you go through its services to conclude your purchase.
Each agency freely sets its rates, these fees vary from place to place. You will also have to pay an application fee. As for the guarantee costs, such as the deposit or the mortgage, they allow, in the event of default by the borrower, to ensure the payment of the monthly payments.
Do not neglect the cost of borrower insurance and think of the property tax and condominium fees that, as an owner, you will have to pay.
You have defined your borrowing capacity and considered all the costs incurred by your purchase. It remains to be seen whether you have right to aid that can facilitate this acquisition.
There are public aid. This is the case of the zero-rate loan, which allows, subject to resources, to partially finance a first real estate acquisition. On the other hand, the attribution of the approved loan does not depend on the amount of your income.
It makes it possible to finance the purchase of new or old housing and is accompanied in principle by a reduction in notary or file fees. It also gives the possibility of obtaining personalized housing assistance, or APL. This is also the case of the social accession loan, or PAS.
This loan at the regulated rate is granted means-tested. Finally, the Housing Savings Plan, or PEL, allows you to build up savings for the acquisition of real estate, and this under advantageous conditions.
Specify the contours of your project
Once funding has been secured, it is necessary to accurately determine the nature of the asset that you intend to acquire. Do you prefer an apartment or a house? Also consider the size of the accommodation, its orientation and its equipment.
Would you like it to have a terrace, a balcony or a garage? Proximity to shops, public transport or a school can also influence your decision. Also find out about the market situation in the region concerned and the average price per square meter.
The destination of the property is also to be taken into consideration. Do you want to occupy your accommodation or rent it? Perhaps you are thinking of reselling it, to expand your assets.
All these points specified, it remains to visit the selected accommodations. Do not hesitate to make many visits, in order to compare the dwellings between them. Take all the time you need and, each time, ask concrete questions that will allow you to get a clear idea of the accommodation.
Complete the purchase
Some formalities are essential to the conclusion of the purchase. They should be given the necessary attention.
First, the signing of the sales agreement establishes an agreement in principle between buyer and seller. This document specifies the conditions of sale and provides for suspensive clauses, which protect the purchaser in the event of unforeseen events.
At this stage, the loan offer must also be signed. This document, sent by your bank, summarizes the conditions of the loan and allows you to get a precise idea of the credit granted.
After contacting a notary, you reach the final stage of your real estate purchase. The signing of the sales contract, in the notary’s office, puts an end to the steps taken in the context of this acquisition.
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