Acquiring a home should not be done without a minimum of organization and preparation. During your purchasing process, you will go through different phases. Each of them requires choices to be made and steps to follow. Here is a guide in 9 steps to know how to buy a property while limiting the risks.
- What type of house do you want? Defining the criteria of the accommodation you want to buy is a step not to be overlooked. The more you refine your needs and desires, the more efficient you can be in your search for the ideal home. Is a swimming pool essential? Are you ready to do important work? Small development works? Do you prefer a single storey house or, on the contrary, one with different floors?.
- What budget do you have to finance this purchase? House prices are very high. Before finding out if there are houses that meet your criteria, you should first check if you have the budget for this type of purchase. In the article ” How to finance the purchase of my house? “, We detailed the 3 main existing resources: Your personal contribution, The use of financial aid, Mortgage By calculating the amounts that you can have by these three means, you will have a precise idea of your budget. If you have a good budget than find your home in Zoom Property.
- Learn about your local real estate market There are thousands of real estate micro-markets. Finding out about general real estate trends in France is therefore not enough when you are about to buy. You should get as much information as possible about the real estate market in your city. Do a local market mini-study. First, you need to find out about the prices charged for this type of house. To do this, you can: Use these 7 sites to find out about real estate prices by giving preference to data from notaries based on actual sale prices, Find out in the local press, Look at the real estate ad sites, keeping in mind that the prices displayed only correspond to the prices desired by the sellers and that they are therefore higher than the real transaction prices.
- Efficiently sort the properties offered in real estate ads The real estate advertisement sites are sufficiently developed today to allow you to make precise searches of houses according to your criteria and your budget. When selecting, consult the properties whose price is up to 20% higher than your budget. We will see in a next step that the negotiation margins can sometimes be significant. You can start by doing very specific research with most of your criteria. In case of low offers on this type of house, you can always broaden your target (geographically, removing some restrictions, etc.). Consider creating email alerts. This will allow you to follow the news and changes.
- Take all the necessary information during the visits Have you found one or more interesting houses? Make an appointment to visit them. A first visit will allow you to verify that all the essential points are present and to make a first impression. Do not hesitate to ask as many questions as possible and to take notes of the information collected. After visiting several houses, it’s hard to remember everything without mixing anything up. At the end of this first visit, you will know if you are eliminating this house or if it requires further study. With the owner’s permission, take some photos of the main rooms.
- Negotiate the price wisely In steps 3, 4 and 5, you gathered a lot of information. These will be of great help to you in deciding what price you think is right for the selected houses. Most sellers add a margin of negotiation when setting their selling price. In addition, many of them overestimate their price, voluntarily or not, and hope to sell above market prices. The differences between the initial price announced by the seller and the final price which is actually paid can be considerable. For more information, see our article ” How much can we negotiate the price of a property? “.
- Make an offer by taking your precautions In the case of a purchase at the price of the mandate, you can directly sign a sales agreement . But it does not cost you anything to make a proposal at a price lower than that asked by the seller. At worst, the seller will refuse it. You will then always be able to make another offer. However, an offer to purchase may bind you.
- Seek the best possible funding You now know the final price you will have to pay to acquire this house. You have a few weeks to get your funding. Use this amount of time wisely by competing between banks and different lenders. The differences between two loan offers can be very significant. You will be able to choose the best proposal according to market conditions by comparing the offers of more than 100 banks . Getting a good rate isn’t everything
- Collect the keys to your new home and settle in! That’s it, it’s D-Day! You will get the final bill of sale and especially the keys to your future home. Note that there is a delay of approximately 3 months between the signing of a sales agreement with the notary and the final obtaining of the property. You will be able to adapt it to your taste and move to your new home. Allow extra time to complete any work. It is much easier and quicker to do it in an empty house, than once it is properly installed.