Thinking ahead and settling on criteria for your real estate purchase?

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Rudolphe ABEN

Thinking ahead and settling on criteria for your real estate purchase?

You're looking to buy a home or apartment, but you haven't decided what features are most important to you. Investing in real estate is a long-term venture, so it's important to lay the groundwork for your project by identifying and articulating your goals and expectations. By doing so, you will maximize your chances of looking in the right places and minimizing time spent there.

Are you thinking ahead with a purchase of real estate for the medium or long term?

The time frame you have in mind for your purchase will dictate every choice you make. If you're house hunting with the intention of starting a family, it stands to reason that you'll prioritize spaces that are larger than what you require right now. If, on the other hand, you are entering a period of transition, you will prioritize your immediate needs.

"How far into the future you look will determine all of your purchasing decisions."

Specify the property type, such as house or apartment

Apartment living is attractive to those who wish to maintain ties to the city while benefiting from the reassuring presence of close neighbors, while house living is preferable for those who value greater independence and privacy. Many people who are looking to buy a home already have a good idea of what they want before they even start looking. However, we encourage them to keep an open mind, as they may one day find the perfect apartment that was once only a dream (and vice versa).

When competing in the housing market, should you focus on new construction or existing homes?

Prospective homeowners can choose between the old market, which is viewed as more affordable, and the new market, which is viewed as a safer investment. Actually, for the same square footage and standard features, a brand-new house is worth more than an older one.

When purchasing an older home, however, you may be faced with the necessity of performing costly repairs, even if energy renovation does provide some form of financial aid. It's reassuring to move into a brand-new, fully furnished apartment. The purchasers are protected from a wide range of losses for a full decade thanks to the 10-year guarantee.

Some older homes, after being meticulously renovated, are in high demand because of their "move-in ready" status. The modern conveniences found in brand-new homes are a major selling point (electric shutters, home automation, elevators in buildings, aesthetic fittings). Investors can recoup some of their initial investment through tax breaks and the money they save on energy bills thanks to improved insulation (reduced VAT and registration fees).

Specify the required and disallowed conditions

Last but not least, before starting your search for a new home, write down the features you're looking for and the ones you're willing to give up no matter what. Things to consider would be the square footage, number of bedrooms, quality of natural light in the main rooms (exposure), availability of a private yard, level of insulation, and proximity to nearby parking.

Put your hopes and dreams in writing.

Don't go into a property purchase blind; instead, seek the counsel of seasoned real estate agents who can help you define the project's foundation and put you in a stronger negotiating position.