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There are many rules that it is best to know before embarking on the purchase of real estate. Prepare your project carefully and do all the preliminary research to better master the real estate field is essential. Also, here are some tips and pitfalls to avoid for the success of your real estate project.
Do not underestimate the costs of buying a property.
A real estate purchase is a long-term investment, an investment which can, if carefully thought out and prepared, turn out to be a very profitable business. Conversely, it can become a real financial pit, especially for novices who are not familiar with the rules of the real estate market. It is therefore imperative to budget your project by trying to predict all of the costs that this investment will cause: costs of purchasing procedures, tax and taxes related to owner status, rate of credits ... We have, most of the time , also tend to underestimate the budget dedicated to renovation work which often turns out to be more complicated and longer than expected…
Remember to inform yourself about your research area and the local real estate market
Finding out about the local real estate market means, for example, the sector that interests you, making price comparisons between several properties with similar characteristics, in order to get a fair idea of the prices that are practiced. This will allow you in particular not to pay too much property! Getting to know the research area also means going to the town hall to find out about any town planning projects that would make the property you want lose value and make it less attractive for you (motorway construction projects, railway or large industrial areas right next to it ...). Finally, it will also allow you to realize if the sector you are targeting is perfectly suited to your needs and your lifestyle (economically dynamic sector in line with the living environment of your dreams?).
Do not limit yourself in number of visits…
… Whether in number of visits to real estate in the same sector, in order to learn to understand the local real estate market, recognize bad plans and, conversely, gold deals; and also in terms of the number of visits to the same property if it seems really interesting, in order to inspect it from all angles and avoid unpleasant surprises. By visiting the same property several times, you will be able to see the amount of sunshine and any nuisance. You can also call on professional experts who will help you detect hidden defects…
Do not make a final decision on a whim linked to a crush
The investment you are about to make is big enough for you to take the time to think about it 3 times before signing! Having a crush when visiting a home is the most pleasant thing that can happen to you. It is then necessary to check that this favorite is viable with regard to your budget and all the points that we have mentioned above. If not, don't insist, it's still not the best deal you can hope for!