Acquiring a home should not be done without a minimum of organization and preparation. During your home buying process, you will go through different phases. Each of them requires choices to be made and steps to follow. Whether you’re buying first time or experience to repeat, purchasing a property is a decisive step in life. If the journey to the delivery of the coveted keys may seem fraught with pitfalls. But with the right advice, it is not that complicated! Here are the steps to follow to become the proud owner of your home sweet home.
1. Define your property purchase project
Before even going in search of the property of your dreams, establish the precise mapping of your needs. Ask yourself the right questions:
- The purpose of your purchase: will you live in the property? Take it to rent? Resell it soon?
- Location: what geographic area are you targeting (city, country, district, etc.)? What should commuting time not be exceeded? Are the services you need nearby (schools, nurseries, shops, transport, etc.)?
- The type of property: do you prefer to buy an apartment or a house? In the new or the old?
- The characteristics of the accommodation: what is the ideal surface? How many rooms and rooms to planning? Do you need a garage, a cellar, an elevator? Are you dreaming of a balcony or a garden?
- The budget: which price range seems reasonable to you?
2. Assess your borrowing capacity
Estimate how much your financial institution could give you to buy your property. By analyzing your balance sheet, your advisor can help you assess your borrowing capacity. You can also do this using an online calculator.
3. Build your budget
To prepare your real estate purchase, you must think about its financing well in advance. How?
- Start by assessing the total cost:the purchase includes the price of the good, but not only! You have to take into account:
- Immediate costs: acquisition of the property, solicitor fees, real estate agency fees, brokerage fees, administrative fees for financing, works, etc.
- Long-term costs: property tax, co-ownership charges, home insurance, recurring invoices (energy, water, internet access, etc.), renovations to be planned, etc.
- Then take stock with your bank, or instead, with several banks to compare their offers! Depending on your income, future expenses, and your personal contribution (if any), any aid access to the property from which you can benefit (zero rate loan, loan for social accession…). The bank will determine your payment capacity, i.e. the maximum amount that you can borrow over a given period.
4. Optimize your research
Have you identified your needs and estimated your budget? Now is the time to focus your search: save time, adopt good habits!
- Search in the right place: websites specializing in the purchase of apartments or houses, real estate agencies near the desired location… without neglecting word of mouth.
- Don’t forget to find out about the market prices in the area and compare the goods. If a price is unreasonable, no need to dwell on an ad.
- Select your criteria (those determined in above steps), and only your criteria!
- Don’t hesitate to ask questions before going to visit.
These good reflexes will allow you to sort through the ads and save precious time!
5. Prepare your visits
Once you’ve a list of interesting goods, tours can begin. But beware, no rush! Never go out without the checklist of points to check for a successful real estate purchase:
Energy: mode of heating and hot water production, amount of energy bills, equipment maintenance, certificates of conformity…! Don’t forget to take a look at the energy performance diagnosis to choose good energy efficient!
Insulation: a thermal and acoustic performance, type of glazing, traces of humidity, etc.
Brightness: orientation, natural and artificial lighting.
Internet: eligibility / access to fiber…
Renovation work carried out and to be planned: amounts, invoices, ten-year company guarantees, etc.
Administrative: the amount of local taxes, charges (if joint ownership)
Location: neighborhood, the environment of the property (road traffic, noise), possible risk area.
6. Make an offer
Have you found the property of your dreams? Typically, the next step in a real estate purchase is to make an offer. Depending on the region you are targeting, the procedures may vary:
- In the tense areas:find out the market prices before making an offer. If the property is overvalued, you can try to bid down. However, often first come first served. Some buyers sometimes even offer a price higher than the call price. Patience and perseverance are therefore required while remaining within the limits that you set!
- In the other regions:just one watchword, try it! Start by offering a much lower price (up to 10% less). The seller will make a counteroffer, etc. Until you agree or not!
7. Anticipate your work and your move in!
To move in quickly, and in right conditions:
- Works side:
- Before signing, ask for quotes. This will allow you to integrate the costs into the bank loan eventually.
- As soon as the deed of sale is signed, contact the professionals chosen to plan the work. It’s essential to plan ahead to anticipate rush times like summer.
- Allow the margin for the move: work often takes longer than expected.
- Moving side:
- If you move in high season (summer), contact professional movers or book a moving truck as soon as possible.
- One month before the big day, start to tackle the cartons and administrative procedures (change of address, registering children at school).
- Two weeks before, open electricity and, if necessary, gas contract with the supplier of your choice. This is the key to maximum comfort when you get home.
Buying a home is not a piece of cake. There are many steps that have all their features before you succeed commercially and legally a real estate transaction. Hiring a professional is often the best option to close the sale of your home.