OWNING A HOME REQUIRES PREPARATION!
Finding a home that we like and that fits our budget is not always easy, especially in the capital city.
Avoiding traps, making the right choice, optimizing financing, all of this requires time and concentration. Successfully owning a home is a bit like playing a high-level sport. Hang in there; you will get there if you follow the rules!
RULE NO. 1: GOOD MENTAL PREPARATION
How do you visualize the years ahead? Take time to think it over.
List down your expectations of your future home.
Questions to ask yourself:
- House or apartment? Are you thinking of expanding your family? What size? Do you want something new, or can you renovate an older but cheaper house? Is buying land and building a house an option?
- Which neighbourhoods interest you, taking into account transport, schools, your workplace, your lifestyle?
- How much do you think you can spend on your purchase?
RULE NO. 2: NECESSARY WARM-UP
Don’t skip this step: Your goal is to acquire good knowledge of the real estate market. Get into the habit of checking real estate ads regularly (the Internet is ideal for this). After a few weeks, you will have a good idea of the situation and the prices depending on the neighborhood and the type of property.
You will have been able to observe whether the properties sell quickly or not, whether the sellers are ready to lower the price a little. You will also have identified real estate agencies (or some intermediaries) who seem serious and professional.
You will especially know if you need to revise your initial plan: change your criteria, for example, the neighbourhood may be much too expensive, or postpone your project until later when other properties will be on the market or your budget increases.
RULE NO. 3: WORK ON THE TECHNIQUES WITH GOOD COACHES
How will you finance your project, what are the expected costs, can you get assistance, what are the current opportunities, how can you avoid bad deals?
For all these delicate questions, and at all important stages of your project, it is advisable to speak to professionals.
- Consult your bank for a first budget approach and advice on obtaining a loan.
- Make an appointment with a reputable real estate agency to benefit from its experience.
- See a lawyer or legal expert for procedures, taxes and title deeds.
- If you plan to build, consult with companies and an architect.
RULE NO. 4: STEADFAST ENDURANCE
Start visiting properties to find the one that suits you (criteria and budget).
Before you find the rare pearl, you will definitely experience many disappointing visits. However, don’t look at it as wasted time, each visit will teach you something and exercise your eye!
If you think you have found the property that suits you, visit it several times. Take someone you trust with you, get information, do not hesitate to ask all the useful questions about the property, the seller and the neighbourhood.
Don’t rush: this home is arguably the most important purchase you will make in your lifetime. It would be a shame to get a bad deal or make a bad choice.
RULE NO. 5: MAINTAIN A MORALE OF STEEL
When you’ve found your dream home, the question of financing becomes very real.
Sometimes it is possible to negotiate the price, try your luck to get a gesture from the seller. Make a realistic offer compared to the market price, present arguments such as the need to pay for much-needed repairs or improvements.
Remember that your budget must also include all ancillary costs such as commission, taxes, legal fees, installation costs, e.t.c.
It is rare to be able to pay cash for a house, but fortunately home loans exist!
RULE NO. 6: BE STRATEGIC
To get your dream home, you have access to home loans.
Some loan solutions are accessible without personal contribution. This means that the bank can finance the entire purchase price of the house.
If you have a personal contribution, you will need less financing, which will allow you to pay off faster, or have lower monthly repayments, or both.
It is therefore advantageous to be able to make a personal contribution by drawing on your savings.
There may be other solutions available to you depending on your personal situation.
We are here to optimize your financing plan and help you make your home purchase a success. Do not hesitate to contact us to tell us about your project.