All the key steps to a successful property purchase
Here's how to make the right decisions:
Defining your project and your needs
Before you start looking for a property, clearly define your needs and priorities.
Start by asking yourself the right questions:
- What type of property are you looking for? Apartment, house, land?
- How many parts do you need and what are their dimensions?
- Where would you like to live?
- What are your priorities in terms of proximity (schools, health centers, transport, shops, etc.)?
- What are your requirements? Do you need outdoor space, parking, etc.?
Set a realistic budget
Next, it's crucial to assess the budget you need to devote to your real estate project. Setting a realistic budget means there will be no surprises.
To define your budget, you need to :
- Determine your equity: How much of your savings can you inject into your project?
- Factor in ancillary costs: Don't forget the notary's fees, registration fees, vat, administration costs and any alterations to be made.
- Build in a safety margin: It's always wise to build in a margin for the unexpected.
- Determine your borrowing capacity: Consult your bank or a broker to find out how much you can borrow.
To determine your borrowing capacity, banks will take into account your equity and income.
Generally, they consider that the loan repayment amount should not exceed one-third of your income.
Equity must cover notary fees and 80% of the purchase price of the property.
Finding the right property
Do you have a busy schedule? Are you discouraged by your unsuccessful searches?
As we all know, finding the ideal property takes time and perseverance.
Here are a few tips to help you optimize your search and save precious time:
- Use online real estate portals: Consult specialized sites and create search backups that match the criteria of the properties you're targeting. Activate available alerts: when a property matching your criteria comes on the market, you'll be the first to know.
Here are a few websites that may help you in your search: Immoweb Immovlan
- Using a real estate agent: Using a real estate agent is another alternative for finding the property that perfectly matches your criteria. There are a multitude of agencies, both general and specialized, who can help you.
- Consult your notary: Some people ask their notary to handle the sale of their property. So don't hesitate to contact your notaire, who may be able to advise you about certain opportunities.
Visiting the property and checking conformity
You've identified a property that interests you. Congratulations.
Contact the seller as soon as possible to arrange a viewing appointment.
This visit will enable you to confirm that the property meets your expectations and check its condition.
It is also important to check the conformity of the property:
- Carry out a thorough inspection: check the condition of electrical installations, plumbing, roofing and walls. Identify the presence of termites, mérules,...
- Request property documents: energy performance report (PEB), electrical inspection, gas certificate, asbestos inventory, etc.
- Check with the local authority: check with the local authority that the property is in order from an urban planning point of view.
If you're planning to buy a new property, these checks are generally not necessary. The seller is obliged to deliver the property in compliance with the latest legislation and standards.
This is one of the major advantages of new-build property. It gives you peace of mind and means you don't have to worry about bringing your property up to standard.
Finalize purchase
Once you've found the property of your dreams and checked its conformity, there are still a few important steps to finalize the purchase.
- Make an offer to purchase: Draw up a written offer to purchase, specifying the price you are proposing and the conditions of purchase. Don't forget to include an expiry date for your offer. This gives the seller a precise deadline for accepting or refusing. Add any conditions precedent if you need to, such as obtaining financing.
- Sign the preliminary sales agreement: If your offer is accepted, congratulations! Now you can sign the compromis de vente. This document firmly commits both parties until the deed of sale is signed. It must detail all the conditions of the sale: price, payment terms, conditions precedent, etc.
- Obtaining financing: With the compromise in hand, it's time to finalize your loan application with your bank. Be sure to provide all the necessary documents promptly to ensure stress-free credit approval.
- Signing the deed of sale and becoming the owner: Signing the deed of sale is the final step. It formalizes the transfer of ownership from the seller to the buyer. You receive the keys and can move in. Throughout all these stages, you can rely on your real estate agent and notary to guide you through the process.
Congratulations! Now all you have to do is celebrate this wonderful news.
Conclusion
Buying a house or apartment is an important decision that can be a source of great joy, but it can also bring stress.
Careful preparation and a thoughtful approach are essential to maximize your chances of finding the ideal home for you and your family.
Every step, from finding the perfect neighborhood to finalizing your financing, plays a decisive role in the success of your real estate project.
Don't hesitate to surround yourself with trusted professionals to help you. A real estate agent, a banker or your notary are your best allies in facilitating the process and ensuring a smooth transaction.
We wish you every success in your quest for home, and much happiness in your future property.
