So where do you start your first real estate purchase? To avoid spreading out, start at the beginning, which is funding. Once you know how much you can borrow, you will take stock of the type of real estate that you really dream of.
Determine your borrowing capacity
This is the basis. No need to start an all-out search if no bank accepts to follow you in your real estate purchase. Unless of course, you have a sufficiently large starting bet to buy cash. Knowing how much you can borrow will save you a lot of frustration or surprise you. Like the possibility of having a villa built with a swimming pool instead of owning a tiny two-room apartment.
The best solution, or at least the easiest way to determine your borrowing capacity, is to use our loan simulator. In just a few clicks, you will find out how much you can borrow. In Fifth&Hazel blog you can find the most essential choices now.
Budget all fees
You are not aware that the mortgage will not be your only expense. You will also have to pay notary fees, warranty fees, application fees, brokerage fees.
Good to know: the additional costs of a first real estate purchase (and of the following ones for that matter) are rarely included in the mortgage. To cope with it, you must build up a personal contribution.
Check whether you are entitled to aid
There are a multitude of assisted loans, a large part of which is reserved for first-time buyers. Do not give up on your dream of home ownership because you have modest incomes! Devices are specially designed to give you a boost and help you make your first real estate purchase. Advice: take a look at our page dedicated to assisted loans, one of them may allow you to increase your real estate budget.
Take stock of your desires
We are done with financial advice for real estate purchases, we are now going to the heart of the matter unless you are looking for a house in the depths of the Creuse (after all, why not), you will find a plethora of property on websites and in the windows of real estate agents. So you need to take stock of the type of property you want to buy and the criteria that you really see as essential. Here is a checklist of questions to ask yourself:
Do you prefer an apartment or a house?
Are you ready to do some work? If yes, what kind of work? Because between a little paint on the living room wall and a total repair, there is a world.
How much area do you need?
Do you want / need an elevator, a terrace, a parking space, a closed garage, a bathtub, a view etc?
You will no doubt answer yes to everything, so take the time to prioritize your criteria. Because it is not sure that even by devoting a whole life to it, you will find THE accommodation that brings them all together.
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