Buying a home is a journey full of pitfalls, especially when it is the first time that one engulfs it. Sometimes all it takes is a nice real estate agent, freshly painted walls and a reassuring salesperson to get caught up in a purchase that can turn out to be disastrous in retrospect .
Although we are never completely safe from a bad surprise, we must therefore approach this first purchase with caution to limit the risks.
Know how to stay lucid
First of all, consult your banker to obtain a loan estimate and find out about the aids that could inflate your budget (zero rate loan, special first-time buyer offer, advantages linked to your professional branch, etc.). Then establish a list of criteria for your future property in order of priority (number of bedrooms, bathroom or shower, parking, exterior, light, etc.), then compare your wishes to the local market. It is generally the occasion to revise its claims downwards.
Once this data is in mind, the visits can begin, but without rushing. Did you fall in love with the first house? However, visit other properties to compare. Faced with a tight budget, first-time buyers are also tempted to turn to housing to renovate, sure that by carrying out the work themselves, they will get a dream home at a lower cost. This type of operation unfortunately often results in ten years spent in an old semi-insanitary farm due to lack of budget or a resale at a loss when the end result does not make it possible to offset the cost of the site. When one covets a home requiring work, it is imperative to carry out a counter-visit with a reliable contractor to make an accurate estimate.
Think long term
The environment of a good is essential. A quick trip to the town hall is essential to consult the land register and find out about possible development projects in the district. Nothing better than building a commercial area or a highway in five years to devalue your home. Likewise, the seller assures you that there is no problem to use the neighbor's path even if the right of way has never been formalized? We don't buy promises. Cases of joint ownership can also pose many problems. Carry out a little neighborhood survey to make sure of the ambient climate. Without forgetting to scrutinize the land: is it in a flood zone? Doesn't its proximity to the pond cause humidity? Isn't it located on unstable ground (old mines, natural caves…)?
Finally, it is necessary to keep in mind the future of your home. A first real estate purchase is often resold in the medium term to buy larger. Besides the fact that the fall in property prices can put an end to your dreams of expansion, the specific characteristics of the property can slow down its resale. Good for you if the proximity to the noisy road or the low light of the living room does not bother you, but this will not necessarily be the case for future buyers. If goods that are too atypical or have certain black spots are necessarily more affordable, they can also remain on your hands later ...
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A reasoned budget
It is not uncommon for homeowners who are overly optimistic about their repayment capacity to find themselves caught in the throat by their mortgage. While traditional banks limit the debt ratio to 33%, it is recommended to stay well below this threshold to maintain leeway in the event of a problem.
In addition, the purchase of real estate is not within the reach of all budgets. Buying your house with the sole financing of a loan over twenty-five years means being tied hand and foot for a very long time. In this context, any downward trend in the market would therefore prevent you from reselling your property, for want of being able to repay this loan. This is why it is essential to have starting capital, so that the loan does not cover more than 90% of the cost of purchasing the home.
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