You've decided to take the plunge and acquire your first home. It's a dream becoming reality, provided you follow the necessary steps! Mortgage from a bank, financial assistance or tax exemptions, and finally, the official deed at the notary that makes you a happy homeowner… what about this whole procedure? To embark on your first real estate purchase in Ain and the Avant-Pays Savoyard, find the advice of your Métier Immobilier agency!
Financial assistance for a first real estate purchase
The PTZ (zero-interest loan) allows you to borrow without interest, an amount whose ceiling is determined by law, for your first home. It must be the main residence of the borrower and their income must not exceed the threshold provided depending on the area where the property is located. Belley is eligible for the Zero Interest Loan. Note that the PTZ can never finance the entire property.
Another financing solution, the social accession loan allows households with modest incomes to finance the entire real estate project if it aims at the main residence. The credit thus granted comes with the prohibition of renting for at least 6 years after the loan. Many major cities also offer their residents special loans with advantageous rates or bonuses, some of which can be combined with state schemes.
What are the steps to acquire your first property?
Define a budget
It's difficult to embark on a real estate search if you don't know how much you can spend! Start by asking for a financing simulation from a broker or your bank. You will then know your borrowing capacity, which will guide you in your search.
Define search criteria
Assess your needs and desires: is good daylight essential for you? Are you looking to buy a turnkey property or does the idea of doing some work not scare you? What are your needs in terms of space, outdoor area, parking, etc.? Do you want to be close to amenities or near road access?
Make a list of your needs to more effectively target properties, and avoid unnecessary visits and disappointments. However, be careful, the perfect property does not exist and it is necessary to be flexible! That's why we advise you to prioritize these criteria to identify those on which you can make compromises.
Begin the search
When the buyer has decided on a specific real estate project (area, type of housing, planned financing…), they will begin their search, most often with the help of a real estate professional. Indeed, they have the experience, expertise, and an in-depth knowledge of the real estate market to better target based on the buyer's expectations.
Make a purchase offer
You've done numerous visits, and finally, you're in love: it's time to make a purchase offer. If the seller accepts it, the signing of a promise or a sales agreement occurs in the following days or weeks.
Sign the sales agreement
The sales agreement is a preliminary contract that prepares for the final sale of the property. It records the agreement of both parties and the conditions of this agreement. It contains many clauses and conditions for the completion of the sale, which protect the seller and the buyer in case of unforeseen events. For example, if the buyer does not get their loan, the sale is canceled.
At the signing of the sales agreement, the buyer is generally asked to pay 5 to 10% of the property price to seal the agreement. This amount will then be deducted from the sale price during the signing of the deed of sale or will be refunded:
- if they retract within a legal period of 10 days,
- if the suspensive conditions are not met.
The authentic deed is the final phase of your real estate purchase project. This deed makes you the owner of the property. All you have to do is move and pop the champagne!
