Mistakes to avoid when buying real estate

Mistakes to avoid when buying real estate

Many french people aspire to one day become homeowners. But the purchase of a property requires such a large capital that an error in your choices can have serious consequences on your financial situation. Here are some mistakes you absolutely must avoid when deciding to buy new.

Not preparing enough for your project

Buying real estate is a way like any other to immobilize your assets. Instead of putting your money in a bank account to which you have unlimited access, you choose to invest in real estate that you can later resell.

Even though real estate is known to be a safe investment, when you make the wrong choices, real estate can quickly turn into a ticking time bomb. You must prepare your project sufficiently because once the property has been purchased, it will be difficult for you to go back if you are disappointed.

The starting point is to identify an area where paris real estate is dynamic. You must then study its real estate market by finding out about the purchase prices and the trend of price changes in recent years.

You will get a glimpse of its attractiveness. If prices are on the rise, that’s a pretty good sign. Even if nothing really can be predicted, the property will have a better chance of retaining its value or even increasing it.

To reassure you about the reliability of your investment, take as much information as possible about the promoter, the projects he has already carried out and the opinions concerning him.

Do not go through professionals

The interlocutors who intervene at each stage of your real estate purchase have the role of securing your transaction, authenticating it, and helping you obtain financing. Some stakeholders such as the notary are essential. It would be a shame not to take advantage of their services.

A real estate agent

Real estate agents have the role of securing your transaction. They have the expertise to estimate real estate at market price. So, very little chance that you will buy an overvalued property through these professionals. This could be the case when the transaction is carried out from individual to individual.

Going through a real estate agent is more reassuring because the latter has already visited the property several times and is required to inform you of the advantages but also of the defects that the property has. So you can buy a property with confidence.

If you are hesitant about agency fees, opt for real estate agencies with sometimes more advantageous fixed rates.

A real estate broker

After signing a compromise, it’s the start of a race against time to find funding. If you start going around banking institutions to negotiate a loan, you risk losing a lot of time. Especially if you don’t know about it. It is best to entrust your search for financing to a mortgage broker.

Brokers compare home loan offers on the market to get you the loan that best suits your profile. They have banking partnerships that allow them to get you preferential rates and more favourable borrowing conditions. To avoid brokerage fees, go through brokers like pretto.

This online broker provides you with all these services for free, from the simulation of your mortgage to the signing at the notary.

Ignore the charges related to the purchase of the real estate

When looking to buy real estate, a common mistake is to count only the purchase price of the property in its calculations. But as said earlier, the purchase of real estate involves the intervention of several interlocutors. These interventions are not free of charge except for certain free brokers.

We are talking in particular about real estate agency fees, bank administration fees and guarantee fees, the various insurances, and notary fees (reduced for new properties).

Remember also that in some new properties, amenities such as kitchens and toilets are not always provided by developers. It is, therefore, necessary to provide the necessary budget to install them.

Once an owner, you become liable for housing tax and property tax. To estimate them, find out about the rates applied in the municipality where you want to    https://mlsworldwide.com/sale-france-ile-de-france-paris buy property in paris.

Neglecting development projects in your neighbourhood

Ask yourself the questions of what could degrade your comfort in your home. If your property was recently built, it is likely that other construction projects are underway in the same municipality.

If the construction of a building begins right in front of your accommodation, it can become annoying. Worse if it is the installation of a factory near your place of residence. In this case, it is the door open to noise and atmospheric pollution. It could affect your health, not to mention the loss in value of your property.

On the other hand, if a new transport line or the construction of a school is planned in the district, these are projects that could give you additional arguments to settle there. For key information on these urban projects, contact the town halls of the municipalities.

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