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Advice for a first property purchase :
Posted on 15/12/2022

Advice for a first property purchase :

You want to take the plunge and buy your first property? You have a lot of questions and you don't really know how to go about it: this is normal! The Square's team gives you some advices to not feel overwhelmed.

The first thing you need to define is what you want to do with your home. Although the answer to this question may seem obvious, you should not forget that a real estate purchase is also an investment. It is becoming more and more common to buy a property to rent it out, even if it is your first real estate purchase.

Then, you must not neglect the location of your future purchase, you must project yourself over several years. If you wish to invest, you must pay attention to territorial developments that may be advantageous for your future tenants (rail service, for example). On the other hand, if you wish to live in this property for an indefinite period of time, keep an eye on what could be of use to you in the more or less near future (school for the children, shopping center, your place of work).

As for the choice of the type of property, this is strictly personal to you, but don't forget to plan ahead! If you already have children or wish to have them, you will think about a house or if you are planning to rent to students, think about an apartment instead? Just like the surface area, the style, the floor, all these criteria are personal to you and will be all the more useful and precise if you are accompanied by an agency.

Indeed, being accompanied by an agency can save you time but also reassure you since it is a professional in the field who takes care of it. It would be better not to launch yourself blindly into one of the biggest investments of your life! Don't hesitate to use the services of a notary and/or a lawyer for more security. Be very careful because a misstep in real estate can cost you a lot of money!

Moreover, buying real estate is necessarily a question of means. It is strongly recommended to define beforehand and with precision your capacities of financing. It is often complicated to finance your purchase only with a personal contribution, especially if you are young. Fortunately, many loan solutions exist. Depending on your situation, it may be possible for you to benefit from state aid.

This is probably the most important rule to follow: take your time and don't rush! There is such a thing as love at first sight, but there are also scams! Take the time to visit several properties even if you have already spotted some you like: you are not safe from a good deal by looking longer.

You now have all the keys in hand to embark on this great adventure!