Investing in real estate, a good idea! But before setting your sights on a particular property, you must follow certain steps. How to buy a house in the rules of the art? Follow our advice to complete the steps in order and find the house of your dreams.
Know your home purchase budget before visiting properties
To buy a house, you must first have a clear idea of your budget. Indeed, the price of real estate remains high. And before looking for a property that meets your criteria (number of rooms, area, etc.), you should know your home purchase budget. To determine your borrowing capacity, the bank relies on criteria such as professional situation (type of contract, amount of income), personal contribution, etc.
To start, you can use an online simulator. But the ideal is to make an appointment with your bank advisor to find out the amount on which you can invest.
Note that it is quite possible to use a bank broker. This professional will carry out the procedures with the banks for you. It is then an intermediary between the financial establishments and you.
Define the house of your dreams with precision (but while remaining realistic!)
Once your home purchase budget has been set, you will need to define the criteria for the accommodation you wish to acquire. This step is crucial in order not to waste time visiting properties that do not suit you.
See the list of essential elements in your eyes and those on which you would be ready to make a concession. Among the criteria:
- the geographic area;
- the area of the dwelling;
- the number of parts;
- the presence of a garage or outbuilding;
- the presence of land;
- fitted or equipped kitchen;
- pool ;
- joint ownership;
- renovations to predict ;
- single-storey or two-storey house…
If you are buying as a couple, it is crucial to agree on the criteria before starting the property visits.
Find a property that matches your search: the methods to achieve this
To quickly find a property that meets your search criteria, you must use the right channels. Start by scouring the classifieds on generalist and specialized sites. In addition, visit real estate agents in the area you are interested in to find out about the latest properties for sale. These professionals will then contact you to visit houses or apartments that correspond to your search.
If after several months, you still haven’t found the house of your dreams, ask yourself the right questions. Perhaps your geographic target is too narrow. If necessary, it should be expanded to make it easier to find properties. Also see your search criteria by thinking about the concessions you would be willing to make. If your budget is too tight, make an appointment with your bank advisor to find a way to invest more money.
Advice : to avoid disappointment, it is better to find out about the local market beforehand. For this, consult the announcements on the Internet and question the real estate agents of the corner. These professionals will be able to provide you with a precise inventory of the real estate market in the sector that interests you.
Negotiate the selling price of a house
Once the property has been found, it is advisable to begin the negotiation phase in order to lower the selling price. For this, there are tips to put in place:
- first, find out about the local market by consulting ads for similar properties;
- then find out when the property will go on sale. If the owner has been looking for a buyer for his home for more than three months, you can offer a price 10% lower than the one displayed;
- then, draw up a list of all the negative points and imperfections of the house (work to be planned, absence of a garage, etc.). Prepare your arguments carefully;
- and to get the good at a good price, daring can be an effective solution. Offer a lower price than what you have set in order to obtain a counter-offer from the seller;
- finally, be aware that it is possible to negotiate the agency fees, especially if it is a simple mandate. This lowers the sale price of a house.
Steps at the notary: sales agreement and deed of sale
Before owning your home, you must complete the administrative procedures. First, as soon as an agreement is reached with the owner, a sales agreement must be signed. Generally, the procedure is carried out in a study, in the presence of a notary. It is then a purchase offer that commits you. This includes suspensive clauses and a deadline for validating your proposal. You then have a period determined by the notary to find financing.
To find the best possible financing, you can use a bank broker. A real estate broker saves you time on your loan application and helps you find the best rate.
If you decide to act alone, take the time to consult several banks, and not just yours or that of your co-borrower, if applicable. If the primary objective is to obtain a good rate, you must also be attentive to the terms and conditions of the lending institution.
Once you have obtained your financing and a loan offer from a bank, you can proceed to the signing of the deed of sale at a notary. At the end of this step, you become the owner. Between the signing of the sales agreement and the final obtaining of the property, there is a delay of approximately 3 months. This gives you time to plan and prepare for your move.
Advice : the day of the deed of sale, the seller must make you visit the empty accommodation one last time. Take advantage of this last visit before the final signature to check all the installations and equipment. Take the time to inspect everything to avoid any unpleasant surprises once the keys have been handed over.