Do you want to become a homeowner? Embarking on a real estate purchase is often a lifelong ambition. It is a demanding project that can take several months. The administrative procedures can be daunting, and finding the perfect property is a real challenge.
Every detail requires extreme attention and great expertise. Do you want your purchase to go as smoothly as possible? With this guide, you will discover all the essential steps to successfully buy your primary residence, secondary home, or off-plan apartment.
Defining Your Real Estate Project: A Priority
Even if you need to buy urgently, take the time to clarify your priorities before purchasing your future home. Do you want an apartment in the city center, close to shops or a metro line? A house in the countryside with a garden? A property solely for rental investment? Additionally, identify the criteria that matter most to you, such as location, proximity to certain amenities, or the size of the property.
Also, gather the necessary documents for purchasing your future home. Preparing in advance will save you time and help you avoid unpleasant surprises.
How to Define Your Property Purchase Budget?
Financial planning for the purchase of your future home is essential to avoid unexpected costs and complete your project with peace of mind. The best way to prevent surprises is to start by calculating your actual borrowing capacity.
For an accurate estimate, consider your income, all your expenses, and, of course, your debt-to-income ratio.
Many future buyers overlook this, but remember to include additional expenses such as property tax and notary fees. They typically account for 7 to 8% of the purchase price if you are buying an existing property. If renovations are needed, be sure to factor them into your estimate.
Need expert advice? Feel free to use our real estate valuation system!
Property Search: A Crucial but Time-Consuming Step
Finding the right apartment or house can be time-consuming! Not sure you have the expertise to conduct your search successfully? Why not hire a real estate agent? With their guidance, you will not only benefit from personalized assistance but also gain access to exclusive properties in your desired neighborhoods.
Are you looking for a property in central Paris? Then, regularly check our Paris real estate listings and refine your search criteria to find your ideal home. During visits, be methodical. Start by examining the general condition of the property and then review the diagnostics.
Signing the Sales Agreement: A Key Step in Acquiring Your New Home
Have you found the perfect property within your budget? Great! It’s time to sign the sales agreement. This document marks a crucial bilateral agreement between the seller and the buyer. You need to be vigilant on several points! In France, this agreement must include the withdrawal period and the suspensive conditions, especially obtaining a mortgage from your bank. Also, ensure that the insurance required to secure your loan is valid.
Check the property title and any potential co-ownership charges. Do not overlook the technical and energy diagnostics.
Have questions about the sales mandate or wondering about the timeline between the sales agreement and the deed of sale? Our agencies can help. Our experienced professionals will guide you through the process.
Mortgage Application: How to Maximize Your Chances?
Gathering all the necessary documents for building a solid financing application is crucial. Pay slips, bank statements, proof of personal contribution, and guarantees—all these documents will support your mortgage application.
Don’t rush into the first offer you receive! Take the time to compare proposals from different banks. This may seem tedious, but it’s essential for securing the best loan terms and repayment duration.
A crucial tip: work with a mortgage broker! They will be invaluable in assessing your financial situation and guiding you toward the best options. This will significantly improve your chances of success and help you obtain a better interest rate.
What Are the Final Steps Leading to the Deed of Sale?
The final deed of sale, signed at a notary’s office, officially finalizes your real estate purchase.
Before this date, your notary will carefully verify all necessary details to ensure a legally compliant real estate transaction. Once all checks are completed and deadlines met, the final contract is drawn up. It will be signed in the presence of all parties on the agreed date under the notary’s supervision. The notary will then transfer the funds to the seller from the escrow account and arrange the handover of keys. This process may seem highly procedural, but it ensures legal security for all parties involved in the transaction.
Do you have any questions? For a better understanding of the procedures related to your purchase, browse our complete guide on the many stages of a real estate sale.