Becoming the owner of a house or an apartment is not a trivial project. It involves a significant financial commitment, administrative procedures, and reflection on your needs. Here is a guide for first-time buyers, with 8 tips for a successful purchase.
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Get support from a professional
From searching for the property to signing at the notary, a real estate agent can assist you at every stage of your real estate project to identify the best opportunities, avoid common mistakes, and save time. This expertise is all the more valuable if it is your very first purchase. A real estate agency in Pau, for example, knows perfectly the local market prices per square meter and the neighborhoods with high potential.
Visit several properties before deciding
Even if you have a crush on a property, it is recommended to multiply visits. This allows you to take a step back regarding the price and the general condition of the property. During visits, pay attention to the visual aspect, but also to elements that determine your daily comfort such as the quality of materials, heating, ventilation, insulation, brightness, and ambient noise.
Negotiate the sale price
Negotiation is part of the buying process. Obtaining a price reduction of 5 to 10% is often possible, especially if the property has been on the market for several months. An offer that is too low should be avoided so as not to alienate the seller and lose the sale. Be sure to justify your proposal based on concrete elements such as the market price or the amount of work to be expected. A properly conducted negotiation can save you several thousand euros, to invest in renovations or reduce your loan monthly payments.
Observe the immediate environment
Take the time to analyze the direct environment of the property. Proximity to shops, healthcare professionals, schools, and transport is an essential criterion for daily life. Easy access to green spaces and parking spots is also a plus. Find out about projects nearby, whether it is a commercial area or a road axis. These changes can impact your quality of life or the value of the property. Investing in a good location thus influences both your comfort and resale value.
Take into account the evolution of your needs
Anticipating the evolution of your expectations allows you to adapt your purchase criteria. A young couple should plan bedrooms for children, a bathroom with a bathtub, and proximity to a nursery or school. An employee or freelancer wishing to work from home should check the possibility of setting up a comfortable and bright office, the absence of noise nuisances, and the deployment of fiber optic in the neighborhood.
Check your borrowing capacity with the bank
It can be frustrating to have found the property that matches your expectations only to realize that it exceeds your budget. Contact your bank or a broker to carry out a credit simulation that takes into account your income and possible aids such as the zero-interest loan (PTZ). A preliminary agreement given by a lending institution can reassure the seller and give you priority if several buyers have come forward.
Build up a personal contribution
Personal contribution greatly facilitates obtaining a mortgage loan. Generally, banks require at least 10% of the property’s value. This contribution helps cover notary fees, demonstrates your saving capacity, and reassures lending institutions. It often entitles you to more favorable loan conditions such as lower monthly payments or a reduced loan term.
Anticipate Additional Costs
Purchasing a property comes with many additional costs that first-time buyers may forget. You need to plan for notary fees, moving costs, and property tax (which varies depending on the municipality). Agency fees, renovation costs, and condominium charges may also be added in the case of an apartment. By including these expenses from the start, you avoid unpleasant surprises and maintain control over your budget. Finally, remember to include the cost of borrower insurance.
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