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Acquiring A First Property : 8 Tips to Follow

Posted by Michel on April 6, 2021

Are you about to become a first-time buyer and worried that you’ll make a mistake that will jeopardise your investment’s peace of mind? Given the large amounts of money at stake, the lack of real estate expertise is concerning. It’s natural to want to protect yourself from risks that could have serious consequences. Follow the guide and our recommendations to complete your purchase with the help of a real estate agent’s insurance!

1. Pay attention to all acquisition costs

The total budget for purchasing a property is not limited to the property’s listed price. You’ll have to pay notary fees as well as any agency fees to become the owner, though the latter is usually included in the advertised price.

Examine the costs associated with your transfer in a separate register. Renovation, decoration, and furnishing projects will cost a lot of money. The simplest option is to look for a property that does not require you to spend all of your savings. Holding a portion of the data you will enter is also a major safeguard.

2. Find out about the condominium

Check the financial wellbeing of a condominium before purchasing it: are there any residents who are late on their payments? Is there any high-priced jobs on the horizon? Anything that has been accepted by a general meeting can be traced back to the creator. Projects, on the other hand, are often listed years in advance and appear on the minutes, which must be carefully scrutinised!

In addition, check the living conditions inside the condominium and in the community in question, based on your expectations. Be wary of busy roads or inadequate soundproofing in the building if you want peace and quiet. Find the green spaces you’ll need for walks with your dog. Consider this: any small detail will ultimately decide your degree of satisfaction.

3. Correctly estimate the cost of living in housing

You will be responsible for the expenses associated with accommodation and your accommodation until you become an occupant. Mandatory diagnostics provide a first hint, assessing the sum of energy bills and providing an indication of the insulation of the house. They may also suggest when work should be planned in the case of asbestos or lead contamination, for example. Use this knowledge to lower the price of the item in this situation.

The rates of property tax and land tax – since housing is ever subject to it – as well as the amount of household waste tax must all be weighed.

4. Don’t rush

Young people’s excitement does not cause you to lose sight of the difficulties that come with buying a home. To continue, don’t restrict yourself to only one visit. The night brings guidance, and on a second – or third – visit, as the thrill of exploration gives way to more rational thinking, the property can be examined in greater depth.

If at all practicable, bring along a third person who will give you an educated opinion based on hindsight about the property’s state or your compatibility with it. Before signing off on a buying bid, you must master all facets!

5. Don’t go to your only regular bank

Acquiring A First Property: 8 Tips to Follow!

It is chic to compare mortgage rates from many banks when applying for a loan. Competition is fierce, and some lenders are eager to lower rates to entice borrowers. Since it implies that the latter will likely sign up for a number of other lucrative benefits with the bank, such as the opening of account(s), home insurance, and so on.

Don’t be afraid to inform the different banks of the favourable terms given above: this little game could lead to you taking advantage of the best terms available, as long as you don’t misuse them.

The simplest option is to use a broker who can take care of all of these details for you. Meeting with each lender, as well as checking each bid, takes time. Leave it to the expert, who, because of the amount of business he takes to the banks, also profits from terms that you would find difficult to secure. You’ll finally discover that the cost of brokerage is smaller than the savings resulting from the agreement.

6. Check your eligibility for advantageous financing possibilities

In this range, you’ll find the zero-interest loan, which you will apply for if you meet those criteria, such as salary. In addition, depending on the area of work, you might be eligible for an employer loan.

If your budget is small and your revenue falls below the defined parameters, you will be eligible to buy a property using the lease-purchase principle. It helps you to rent a property by deducting the rentals from the final selling price, which is something that social landlords are constantly providing. You may – or may not – intend to definitively purchase the property by paying an extra amount at the end of a pre-determined leasing period. If required, a social loan will assist you.

7. Figure out who owns what

If you buy in pairs, make sure the situation is equitable and that the various situations are resaleable. A two-for-one deal means a 50/50 split. If satisfaction is present on the day of sales, the selling may be the result of a misunderstanding. Upstream, everyone’s rights must be safeguarded.

Did one of the two make a bigger effort than the other? Was the annual loan cost repayment perfectly balanced? If you have any debts as well? Tell yourself these questions and take action to defend yourself from potentially dangerous imbalances, preferably by writing to the notary.

8. Think about reselling the property

What you find appealing will not appeal to anyone. You’ll enjoy it and buy it, but you’ll also be worrying about its strengths and drawbacks, which you’ll have to defend before reselling it!

Do not be afraid to make a list of all the things that will make this good attractive to the largest number of people, and prepare for the necessary measures to ensure that they will be accomplished. See, for example:

• If construction is to be planned, substantial expenses will be incurred for roofing, joinery, ventilation, and interior fittings.

• If any machinery, such as a boiler or a wood stove, has to be replaced or may need to be replaced before resale: cumulus, etc.

• If the furniture has to be changed, presentable paintings and floors will make the sale run smoothly.

You most likely intend to stay in the house for several years. However, you must provide for the expenses of its upkeep during this time frame, as well as your capacity or willingness to do so. When you feel it’s time to sell, a well-presented item can sell quicker and for more money!

Purchasing real estate for the first time is an exciting experience. Take the time to weigh all of the things that will affect the future so that it does not turn into a nightmare. You’re happy to start searching for your comfortable little nest now that you’ve read our advice. Good luck with your quest!

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