Buying an apartment and the purchase of a new home is the story of a lifetime: between the savings that go into this project and the sleepless nights wondering if you’re going to take too long to find the home of your dreams, you can end up anxious when you don’t make the right decisions. I often see young buyers who make the mistake of rushing into things. As a result, you may very well end up making a purchase that you will regret after a few months, or you may end up not being able to pay back the loans you have accumulated… Frankly, the worst thing you can do is to fall into both, in addition to having to pay too much for an apartment that is out of your sight.
Because yes, I’ve seen it all before, and it’s not always the housing’s fault if you regret your decision. I think it’s become common to not really weigh the pros and cons before embarking on a project of this magnitude. I might as well tell you that I don’t even count the cases where problems accumulate, when the goal of the purchase was first and foremost to secure a future. So I’m going to remind you of the little things you need to keep in mind so that your purchase doesn’t turn into a nightmare.
What about your budget?
To put it bluntly: your budget will make your apartment. I don’t think it’s possible to consider investing in real estate if you don’t have at least a small nest egg to start with. This is the game, and you have to follow the rules so that everything can go smoothly. Personally, I always advise people who want to buy an apartment to save up before they start. It’s always better than showing up with your mouth agape in front of a landlord, and asking him if you can pay him the price of his house with meal tickets.
What do I mean by that? The more savings you have, the better. If the dream is to be able to pay for everything at once out of your own pocket, I don’t think many can pin their hopes on that for a few decades. Your budget will therefore be a big combination of what you have saved, your allowances, local grants… but also what you can ask your bank for. And on this point, I specify that your savings will also count! Simply because I learned on the job that the financial organizations integrate your personal contributions in the calculation of the sums that they can pay you. The more you have, the better. So I advise you not to take too much time to estimate your borrowing capacity too. It’s one of the big details that will ensure you make an investment without putting yourself at risk. I’m talking about your ability to repay in the long term! For buying an apartment for a loan to be effective, you need to be able to at least cover your costs for a few years without taking the risk of limiting your needs.
Ask for a preliminary contract
It’s not really what I would call an obligation, but I find that imposing a pre-contract will always be useful when you are looking for an apartment to buy. In theory, it avoids the obligation to buy if your bank refuses you a loan. In practice, I think it makes things much easier, since your purchase will only be conditioned by the loan obtained. If you don’t get the loan, the owner to whom you have made an offer cannot force you to buy. I must admit that it is still very practical to avoid falling into a nasty trap that could cost you dearly!
Most of the time, the purchase of an apartment even in the city center, there is no guarantee that it will be flawless or that it will bring a tear to your eye. I think it’s safe to say that the vast majority of apartments need a little sprucing up to fully match what you are looking for.
It is not necessarily in the apartment itself, since you may very well come across a residence where the common parts will make you say things that are not very pretty. Therefore, plan to spend a lot of money to redo some parts if necessary! But be careful not to get started before reading the condominium charter. These will be “recommendations” that you will have to follow in order not to end up with more or less severe sanctions.