Find house with garage for his motorbike
What are the questions to ask yourself in order to make a successful first purchase of a flat or house?
Is a purchase more financially interesting than a rental?
Renting is not always "throwing money out the window", the first thing to do before making your first property purchase is to compare buying and renting. You can use this comparison tool to do this. You need to keep your home long enough to make the purchase more profitable than renting.
Is my location stable?
Buying a home is only financially attractive compared to renting if you stay there for a sufficient number of years (the average is currently close to seven years). However, the world of work requires more and more geographical mobility. Are you sure you will stay more than six years in the flat or house you want to buy?
How many years do I plan to keep the purchased home?
If you are at risk of leaving the property after a few years, will you be able to rent it out easily and thus turn your purchase into a rental investment? Will you be able to sell it easily at a price close to your purchase price?
Are housing prices affordable?
While it is almost impossible to predict the low point in property prices, it is fairly easy to find out whether prices are over- or undervalued at the time you want to buy. For example, by comparing the current level of house prices with their historical data.
The more you buy at a time when real estate is expensive, the longer you will need to keep the property to make a good deal compared to renting it or simply to resell it without too much loss once all the costs have been deducted.
Is my budget sufficient to buy the type of property I need?
Defining your short- and medium-term needs and the budget you can devote to your first purchase of a house or flat is an important step. For example, you can use this simulation of borrowing capacity. To find out how to buy a flat in Paris or elsewhere, having a little personal contribution from your savings is very useful and it allows you to pay for your main residence with a smaller mortgage.
What is my need for housing space in the medium and long term?
When you buy a property for several years, it is essential to define your needs in terms of surface area. Do you plan to have children in the coming years? Will your children be leaving home soon?
Where should I buy my first home?
Location is the number one criterion for defining a good property purchase. You must therefore be very demanding about the location of your property (close to your work, close to shops and public transport, garage for your car, etc.).
With balcony, terrace, garden, parking, garage for motorbike or car, lift?
What are the elements other than the location, surface area and quality of the property that are essential for you? Those that are for you a plus or of no interest? The more you have prepared your search and well defined your target, the less time you will waste on unnecessary searches and visits.
Where to find real estate ads?
Internet has revolutionised the search for a property in recent years, you will find lots of free or paid real estate ad sites such as for-sale.com . However, don't neglect word-of-mouth and local classified ads.
Do I have to go through a real estate agency?
It is not obligatory to use an estate agency, but it can be useful, especially for a first property purchase, as long as you choose the right estate agency. If you go through a professional, you will have to pay estate agency fees. If the transaction takes place between private individuals, it is the notary who will formalise the deed of purchase. For a purchase without a professional, see our advice on buying property from one individual to another.
You also have the possibility of getting help from a property hunter. These are real estate professionals who do the research and selection work for you according to your criteria.