Become a homeowner, step by step: the complete guide to buying a property with a mortgage
Buying your dream home is a very important decision and one that deserves to be well prepared. This makes it easier to follow the entire process - from choosing a property to applying for a loan to moving in. Find out how buying a new house or apartment with a mortgage works step by step.
Budget and solvency
The choice of the house or apartment is determined by your budget and your solvency. Currently, a necessary condition for taking out a loan is your personal contribution, which must amount to at least 20 % of the value of the property. The creditworthiness is determined in the bank where you have decided to apply for a loan. You can also use the calculators available online.
However, while it is important for us to find the best mortgage offer at the time, a good option is to contact an experienced financial advisor who has access to many of the banks' current offers. This allows them to suggest the most practical options at any given time and to conduct a preliminary credit review.
During the credit check at the bank where you decide to apply for a loan, a number of factors are considered, including your income, form of employment and credit history. The bank also checks the size and maintenance costs of the household, where you live and the number of family members. An important part of this is the LTV ratio, which affects the final cost of the loan.
When estimating the monthly credit payments, recurring expenses in the form of rent, bills and other monthly obligations should be taken into account. This will ensure that the next mortgage charge is not too heavy for the household budget.
Identify needs and find housing
If you decide to buy an apartment with a mortgage, it is necessary to determine the needs of your household. On this basis, you can look for the most suitable offers. A family with children will need more space than older people or singles. Consider your plans for family expansion and look for a home that your budget allows.
The location, infrastructure and layout of the apartment are important. You should consider the time it takes to get to the centre, the presence of shops, parks, health centres and schools. Families with children should check the distance to schools and kindergartens, as well as to sports and cultural facilities. Elderly people should think about finding the nearest health centres and possibly senior citizens' clubs.
Also check : Buying an apartment from a developer: what to check before buying?
Once you have found the ideal apartment, it is useful to sign a preliminary agreement with the developer to reserve the property. This may involve the payment of an advance or a deposit. Signing such a document is also often a requirement of a bank.
Request for credit
You apply for a mortgage with the bank of your choice if you are creditworthy. You must then submit a set of documents specified by your advisor.
If your application is accepted, you can sign the credit agreement. It is advisable to read it carefully before signing it.
After signing the agreement with the bank, you can sign a contract to purchase the apartment in the form of a notarial deed. Once this step is completed, the bank releases the loan and you can collect the keys to the apartment.
Acceptance of the apartment
The receipt of an apartment from the developer involves the signing of a delivery and acceptance protocol, which must be preceded by a check on the condition of the apartment. Then, the conformity of the technical parameters with the real estate documentation is checked. If the apartment has been properly built, the acceptance protocol can be signed.
Signing of the property transfer contract
The signing of the property transfer agreement is the final step in the process of buying an apartment. On the basis of this document, the investor is registered in the books as the owner of the apartment.
Tax on civil law transactions
Owners are required to notify the competent tax authority, i.e. the municipality or town hall, of their move. The deadline for submitting the notification is 14 days after the purchase of the property.
You file a tax return with your municipality or town hall, on the basis of which you are registered as the new owner of the house or apartment and pay the property tax.
Once all the formalities have been completed, it's time to move into the house of your dreams!
When it comes to becoming a homeowner, it's essential to take your financial situation into account. Before you even start looking for the perfect property, it's important to assess your budget and creditworthiness. This first step will give you a clear idea of how much you can borrow, and therefore of the type of property you can envisage. You'll also need to consider the various criteria taken into account by banks when granting a mortgage, such as the debt ratio and the term of the loan. If you take the time to prepare for this initial phase, you'll have every chance of making a success of your property purchase.