21 essential steps to a successful apartment purchase

  Buying an apartment, townhouse or house is an enjoyable but complex process. That's why I'm often asked, "What are the basic steps to buying an apartment? Buying a home, just like selling a home, requires careful planning and knowing if your current plan of action is the right one. This will ensure that you are buying a property that fits your budget and the actual market price, and that will last long enough for your needs.

These 21 steps to buying an apartment will help you assess your expectations and ask the right questions to get ready for your new home.

Steps to buying an apartment

1. Assessing needs and expectations One of the most important questions. If you don't know why you don't like your current home, it will be difficult to make a choice. And once you've made your choice, there's no guarantee that you'll be happy a year from now. 2. Setting priorities What are the most important requirements for a new home? If it doesn't meet them, don't go for it. For example, location, size, level of furnishings, year of construction, number of rooms, environment, transport and communications, price and maintenance costs. A clear hierarchy of priorities will save you time. 3. Identify additional needs What additional features are desirable but not necessary? Consult your real estate broker. If you're looking for the home of your dreams, a broker can help you make your dream a reality by clarifying your wishes. 4. Evaluate budget options How much can you afford to spend on a house? Will the bank give you a loan once you've put a deposit on the house? 5. Determine the timetable How long will you be looking? Do you want to build it yourself? Do you want to renovate or furnish yourself? 6. Sell the old house If you don't need to sell your current home before buying a new one, that's fine - it will make the buying process much easier. However, in most cases, you do need to sell your current home, and it often happens that people find a suitable new home, but by the time they sell their current home, the new home has already found new owners. And if the new home has been unsold for 3 months, isn't it worth buying? A professional real estate broker can help you manage this situation. 7. Search online On the major portals, the price of many properties does not reflect reality. The price quoted may be up to 50% higher than the market price. A professional real estate broker will help you determine the real price. If you don't know how to choose the best real estate broker, call your nearest and dearest - they'll be able to advise you at this stage of your property purchase. 8. Calling ads Does the property meet basic requirements? Do you like the property based on the description and photos? Does the description match reality? Is it worth seeing? 9. Checking documentation Are the documents in order and are there any restrictions? For example, foreclosures, mortgages, bank authorization to sell, ownership, unpaid community fees, purchase transaction not completed, construction not authorized, cadastral surveys not registered, communications not cleared, influence of detailed plan and general plan, other obstacles to sale. Will real estate appraisers value the property accordingly? 10. Obtaining a bank loan How much of a loan can you obtain? What is the maximum amount that can be financed for the selected property? What are the terms, conditions, additional costs, administrative fees, contract amendment conditions, early repayment conditions? 11. Negotiations Final price, payment terms and conditions, move-in conditions, furniture to keep, etc. How can you objectively assess the price and other criteria? Often, the deal falls through because the buyer and seller can't find a mutually acceptable solution. A real estate broker is more experienced in negotiations and knows what additional offers will help to find a solution. 12. Obtaining credit from a bank The bank requires a credit application, an appraisal of the property and a decision on financing (7 to 15 days). 13. Preliminary agreement Price. Agree on the amount of the advance (deposit or down payment), the conditions, the obligations of both parties, what needs to be done before the transaction and any additional conditions. 14. Preparing to sign the notarized main sales and purchase contract Actions to be taken by the buyer: agree all conditions with the bank, obtain court authorization if there are minor children. Make sure you have valid identity documents, as without them the transaction cannot be completed and you risk losing the deposit paid. 15. Main contract The main sales and purchase contract is signed at a notary's office and sets out the exact method and timing of payment. If financing is provided by a bank, it takes about 30 days for the seller to pay the full amount. The broker will help you eliminate any "snags" that may arise during contract negotiation. 16. Register your home with the National Registry Office Congratulations! You're already a homeowner, even if you haven't yet paid the seller in full. 17. Insuring assets pledged to the bank The bank will not finance an asset if it is not insured. Duration 1-2 days. 18. Preparing the pledge and signing the loan contract Delivery to the bank of the documents required to prepare the mortgage schedule. 19. Signature of credit agreement The credit agreement is signed at the bank and the mortgage note is notarized. 20. Formalizing the mortgage The mortgage note is registered with the Service des Hypothèques. 21. Final settlement with vendors Obtain credit and transfer the money to the sellers of the property into the specified account. When it comes to buying a property, it's essential to prepare thoroughly in order to maximize your chances of success. To do this, you need to take a number of steps, such as defining your criteria, calculating your budget and finding suitable financing. By following these recommendations, you'll increase your chances of acquiring the apartment of your dreams quickly and efficiently.