How to make your first real estate purchase successful?
06 NOV. 2018 | PROPOSED BY OUR PARTNER ING LUXEMBOURG
That's it. You are ready to take the plunge. The moment of owning your home has finally arrived. Still need to make his first real estate purchase! The traps are not lacking. How to avoid unpleasant surprises? Here are some tips to follow to put the odds on the side.
Define your current and future needs
Like any important project, a real estate purchase requires a minimum of preparation. You will avoid visiting homes that are not at all adapted to your needs. Take the time to think. Try as much as you can to plan for the future. Establish the list of criteria to be met by the property. Would you like to buy in a specific geographical area? What is your surface need in the medium and long term? Do you prefer to have a garden, a balcony or a terrace? Is a garage essential or a parking space enough? Do you want to buy a new or old property?
Do not forget that a property is unlikely to meet all your criteria. Also, rank them in order of priority and point out those that you think are essential.
Study the real estate market
Forewarned is forearmed. This proverb can not be more relevant when you want to become an owner. Find out about current conditions in the real estate market, whether it's taxes, new regulations, taxes or housing subsidies. This site is a good source of information, but there are plenty of others.
To get a good idea of the supply and demand in Luxembourg, it is best to consult the website of the Observatoire de l'Habitat . This body was created by the Ministry of Housing in 2003 and its mission is to inform the public about housing issues. He regularly publishes on his website information as diverse as the prices offered for sale and rent, land potential, land consumption and reconstruction in residential areas and the comfort of housing.
Take your time
As much as you say right now. It will take you several months to find the property of your dreams. Beware of favorite shopping. Large sums are at stake. You are likely to commit to several years of repayment of a home loan. Do not hurry to buy because you are afraid that the good will not come under your nose. The haste has never been a good counselor. Visit as many different properties as you can to compare.
Still have not found anything that fits your needs in your budget? Do not be discouraged. Do not buy a good by default. Instead, shift your project over time and wait for other goods to arrive on the market or increase your budget.
Prepare your visits carefully
The visit is a crucial step when buying a property. Organize it at best. Prepare in advance the list of questions you will ask the seller. Make an individual record that you complete as you answer. You will minimize the risks of confusing with another property, especially if you have four to five scheduled visits in the same week.
On the spot, concentrate on the practical and technical aspects. Inspect the ceiling, walls and windows. Check the condition of electricity, insulation and heating. Make sure the property has enough volume. Be attentive to the noise. If necessary, get help from qualified professionals. You will sometimes be surprised by the results: the property that seemed to you in good condition is finally in the surface, and vice versa.
When you find the accommodation that meets most of your criteria, do several visits at different times of the day. Who knows ? You may discover that the coveted good knows an intense air traffic in the morning!
Negotiate the purchase price
Today, almost no sales from individual to individual is made without negotiation. Set a reasonable goal (on average 10 to 15% of the original price) and play the watch. Time is your ally, not the seller's. In addition, many goods have been on sale for several months or even years. They do not meet a buyer because sellers are camping at an inappropriate price. With a little persuasion and a lot of luck, you can get the seller to lower his claims and finally accept your offer.
In summary, to succeed in your real estate acquisition, rely on trust and perseverance.
For more information, please visit www.ing.lu/immo or visit us at the branch.
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