The purchase of one’s first property is an important event in the course of a lifetime. It is a great investment. However, it can be complex for a first buyer to know the different specificities about this real estate transaction. Indeed, the future buyer must be well prepared in the process, both before and during the purchase. Here are some strategic tips that will help you point in the right direction.
1. Be accompanied by a real estate broker from the sought-after sector
Location is important for determining the value of a property. A real estate broker in the area you are looking for knows the market in question well. Indeed, he has the knowledge of the specificities of the properties of the desired sector and will be able to confirm if the sector in question corresponds to your needs. He will then be able to find a property respecting your budget and the current market. It is advisable to collaborate with a broker with whom you will feel good and who will offer you real personalized support during this great process.
2. Be informed
As mentioned, buying a property is a very important investment in a lifetime. It is therefore necessary to know and understand the documents required during the real estate transaction. For example, this might be to understand what the Seller’s Declaration (DV) is all about or what is in a promise to purchase.
3. Prepare your questions
After reading these different mandatory documents, do not be shy to ask questions to your real estate broker. These various documents are complex and have many specificities. Explanations and clarifications may then be required. Your real estate broker is here to help you and will be able to answer your questions as quickly as possible.
4. Be prepared to submit your offer to purchase
4.1 Mortgage pre-approval
When buying a property, organization is a key component in order to distinguish itself from competing market offers. Mortgage pre-approval is an effective tactic to show your seriousness as a buyer. This pre-approved mortgage application is to be linked to the promise to purchase.
4.2 Cover letter
On the more sentimental side, it is recommended to write a cover letter and attach it to the promise to purchase. In this letter you can describe your family portrait, the reasons that made you want to acquire the property and the emotions felt when visiting. This human aspect could then touch the seller and weigh the balance in your favor.
5. Be patient
With increased competition from buyers in the market, patience is required in order to find the desired property. You must keep hope and rely on your real estate broker to review or modify your strategy, if it does not prove effective.
By following these few tips and working on your patience (aoum), you could distinguish yourself from the competition and acquire the dream property. And now… breathe!
In short, the 5 main tips for first buyers are to be accompanied by a real estate broker specialized in the desired sector, to learn about the documents required when buying the property and to prepare questions to ask to your real estate broker. Being organized is also essential. Linking the mortgage pre-approval and a cover letter to the promise to purchase could be beneficial for the acquisition of the desired property. Finally, patience would be the ultimate advice: good things come to those who wait.