In real estate advice

Buy your first home

Buying a home, be it a primary purchase, a secondary good or a rental investment, is not done without preparation. You will visit several properties, consult your finances, study the costs prevailing on the market. But also take the insurance and you spend long term. Contact knight frank  for more informations. Before starting your research, it is best to prepare your activity program and check that you have not forgotten anything. A property purchase is a capital purchase in a lifetime, often the most financially important.

Create a mortgage file

When buying a property, the lender needs several pieces to build a loan file. In the case of first-time buyers, the documents to be provided are the identity card, the documents relating to the buyer’s resources and the documents relating to the real estate company. In addition, if a first-time buyer wants the opportunity to receive a zero-interest loan to finance his or her work, the lender will request rental receipts. In order to help future buyers finance their acquisition project, aids exist. Discover Reserved exclusively for first-time buyers, the zero-rate loan is subject to conditions. This loan makes it possible to finance the purchase of a house which would require a substantial work. Based on the area where the property is located, the loan is limited between 18% and 26% of the amount of the final purchase. In addition, this loan can be combined with another, or even with a private gift. Other loans available and available to first-time buyers will be the loan agreement, the homeownership loan, the home equity loan … Sometimes local governments can also provide their own help, which could also be accumulated for some.

The questions to ask before a real estate purchase

The first question to ask yourself before you start buying a property is your budget. Indeed, it determines the rest of your business. To prepare for the purchase of your property, you begin by defining your borrowing capacity. The ability of mortgage loan requirements, indeed, the purchase of this great. The calculation of borrowing capacity is based on income and the degree of indebtedness. The degree of indebtedness is the ratio of all monthly loan payments, recurrent expenditures and income. It is estimated that this ratio should not exceed one third of income, or about 33%. Remember that, depending on the number and value of your current credits, you can dedicate only a certain amount, more or less important, to the repayment of your home loan.

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