Real estate : the 7 criteria to choose your future purchase
Regardless of the level of interest rates or real estate prices, it’s always a good time to buy when you’ve decided to become a homeowner. But not just anything, anywhere, anyhow. Here are the seven points to watch for before you sign.
1 – Present and future needs
It’s impossible to exclude the “coups de cœur” in the acquisition of a house or an apartment, but the purchase of such an important property must be the result of a rational study of the location, the size of the dwelling, its comfort, the quality of the construction… Even if life is full of unexpected events, you should, if possible, have a good view of your future at the time of acquisition.
So, before you start, you must make sure that you will not sell your home for several years (between 3 and 7 years depending on the city and the housing). Of course, in practice, nothing prevents you from selling your home after one or two years. But from a purely financial point of view, this is not relevant because in such a short time, you will not be able to amortize your installation costs, your transfer taxes called notary fees and interest on your mortgage.
See our case study: Buying or staying a tenant
It is also a good idea to acquire a home that really corresponds to your present and future needs by trying to anticipate, for example, the arrival of children and the number of rooms needed.
Your age and state of health are also important criteria, so it may be best to avoid buildings without elevators when buying an apartment or to choose a house that is single-storey or has all the essential rooms on the ground floor.
Not such a dumb trick.
To make things clearer, write down your selection criteria in descending order from the most important non-negotiable to the least necessary that you could give up without too much difficulty and remorse.
2 – The right location for easy resale
Today, you are a buyer, but one day or another, especially if this is your first purchase, you will probably switch to the seller’s side. This is why, before buying your home, imagine yourself in the shoes of a seller seeking to praise his property to potential buyers. Does the property you are looking for have a quality environment? Is there a diversified and dynamic employment area nearby? More generally, does its geographical location allow you to ensure an easy resale in the future?
A poor-quality property far from the city centre will be discounted. Make sure that there is good and frequent public transport. Even if you currently have a car and do not need public transport, not everyone does. Also think about the day or time when your children will need to travel when they are older.