Buying a home is a very important step in life for many first-time buyers. There are many opportunities, and it can be difficult to make an informed choice. The health crisis is also pushing many tenants or owners to rethink their lifestyles. With low-interest rates, 2021 is a promising year for the real estate market.
The temptation to change homes is therefore great. You may also be ready to take the plunge with current low-interest rates. So, without further ado, let’s dive into this blog and learn some of our tips to follow for a real estate purchase.
1. Estimate your needs
One or more bedrooms? With terrace or garden? Shower or bathtub? Before starting your search, you must estimate your needs, particularly the number of m2 you want. Also, think about the future by anticipating, for example, the expansion of your family. Buying new or old is also a question to ask yourself.
Buying a property off-plan (sale in the future state of completion) allows you to perfectly adapt your home to your desires and needs. New programs offer modern architecture and meet the latest standards, particularly from an energy point of view. On the other hand, by buying the old real estate, the selling price will certainly be less high compared to a new property. And you will be able to dispose of it more quickly.
2. Evaluate your budget
Before you embark on your first real estate purchase, accurately evaluate your budget and borrowing capacity. To do this, you must consider the amount of your income, your personal contribution, and the real estate loan rates.
Be objective and realistic, and don’t forget the notary fees, as well as the cost of the insurance of your loan and the possible improvements and renovations to be done. You should also know that specific financial aid exists for first-time buyers.
3. Focus on the location
Location is the key criterion for a property! Located in a high potential area, close to shops, your property will increase in value. It will also resell more easily. The proximity to your workplace or your children’s schools is also an element to take into account. A home that is too far away complicates your daily life and generates additional costs: gasoline, public transportation costs, wear and tear on your car, and even the purchase of a second vehicle. You can search for accommodation according to the time you wish to spend on your journey.
4. Be accompanied by a professional
To make your first real estate purchase, you must be well surrounded. Your friends and family can give you good advice, but nothing beats the support of real estate professionals. Carefully select the real estate agencies that you will use. They are key intermediaries between you and the sellers. Their role is to advise both parties and to meet their expectations.
The notary also plays a fundamental role throughout the purchasing process. By choosing a firm that is used to dealing with real estate issues, you can be sure that you will be well advised in your steps.
Finally, call on an architect or a craftsman if the property requires work or improvements. They will give you valuable advice and estimate the necessary budget.
5. Don’t rush to the first property you see
Here is our last piece of advice, and not the least! The first property purchase must be made without lightness or haste after reflection. Before committing yourself, take the time to visit several properties. As you go along, you will better evaluate your needs and desires and learn to ask the right questions. Once you have found the property of your dreams, come back to visit it several times at different times of the day and week.
You may miss a detail during the first visit as a first-time buyer. So ask someone close to you to accompany you to get their opinion. In addition, before signing, remember to check whether the selling price of the property you are interested in is in line with the area. Here again, only the expert eye of the real estate agent will enable you to properly evaluate this point.
Sound off in the comments section below and tell us what you want to read next and if you want to read more about buying a property.
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