Preparing your real estate search: 7 key steps
Thus, it is wiser to prepare an action plan to properly organize his real estate search. Here are the steps to follow to complete your real estate search.
Step 1: Define your needs
Becoming a homeowner is a long-term investment that could take you precious time if you do not know your needs in advance.
At first, it is necessary to define the geographical area in which you want to invest.
Your investment choice also depends on your intentions as to the nature of your investment. You can either buy to live there, buy to sell or buy and then put the property for rent.
On the one hand, if you want to make a rental investment, it is important to invest in a property that meets the needs of the rental market. Choosing the right location is an advantage so that your property can be rented.
On the other hand, if you want to sell your property in the near or distant future, the study of the evolution of property prices in the targeted neighborhood is essential to ensure the resale of your property.
Step 2: Make the point with your bank
After having defined your needs, you must then evaluate your financing capabilities for the acquisition of your property. To do this, this second step is to define your budget and your borrowing capacity.
Before subscribing to a loan from the bank, you should evaluate your ability to repay because a mortgage is a transaction that is subscribed in the long term. In this second step, it is therefore important not only to anticipate the evolution of your standard of living but also to simulate your real estate credit before any commitment.
Step 3: Study the possible aid for the purchase of your home
In case you do not have the possibility to finance the purchase of your home alone, it is necessary to call for outside help to finance the acquisition of your property.
In this third step, you must therefore explore the various financial assistance that can help you with the acquisition of your property.
Step 4: Estimate the cost of loan insurance
Before you buy your loan insurance, it should first calculate it since it is important to remember that the cost of insurance will be added to the various expenses that you should pay.
Applying to an intermediary experienced in the field of loan insurance proves to be an effective solution if the steps seem complicated. In addition, the insurance offered by these specialists are reputed to be much cheaper compared to the insurance offered by the banks.
Step 5: Prepare the visits
Having thus determined your budget, you have a predefined amount for the acquisition of your property. It is now time to move on to the next level, the visit.
To do this, being in close collaboration with real estate agencies, we offer our services so that you can find the real estate of your choice.
It is important not to focus on a well visited even if it seems ideal and meets your expectations, but it is necessary to compare. With this comparison, you will make a thoughtful decision while having a wide choice.
This is a good time to ask questions about the property, both the neighborhood and the amount of taxes to pay. A real prospection is then necessary to define the important factors which are likely to influence your act of purchase. Take the time to discover people and their lifestyle as they will become your future neighbors.
Step 6: Conclude the purchase
The choice of your real estate is now done. It is then the moment of the purchase which requires a number of formalities.
The first step is first of all the signing of the pre-contract booking. By definition, a pre-sale contract is an agreement that occurs before the final contract is signed.
After signing this pre-contract, it's time to apply for a home loan. To do this, there are many documents to provide, including a piece of identification, the family booklet if it is a couple, a proof of address, the tax notice of the tax household, the three the last paysheets of the borrower and a potential co-borrower as well as proof of a possible contribution.
The signature of the loan offer comes then to allow to finalize your steps. To take good note of the loan offer, you have about ten days in order to be able to read carefully the offer of loan.
Once this step of signing your loan offer is finalized, you will need to contact the notary. The credit institution draws up a loan agreement intended to be sent to the notary.
The last step in the conclusion of your purchase is now the signing of the sales contract. Thus, you will sign the final act of sale of your property. It should be noted that this formality is always carried out in the presence of a notary. Know also that the choice of the notary is free.
Nevertheless, if the sellers offer you theirs, you can decide to use the two notaries. This does not involve additional costs since if this is the case there is a sharing of emoluments between the two notaries.
Step 7: Choose a home insurance
The home insurance subscription is the last step in your real estate search. To do this, it is important to carefully study the conditions that are available to you as well as the guarantees available and the terms of compensation. Be aware, however, that expensive insurance does not necessarily mean guaranteed coverage. As a result, make sure that you have insurance that you consider appropriate to your expectations.