Preparing your first real estate purchase

Ask yourself the right questions about your real estate purchase

We start at the beginning! Above all, it is important to ask yourself the right questions about this first real estate purchase. Take some time to answer them, you will see a lot more clearly and you will move in the right direction (and if we start the adventure together, we too, it will help us a lot!).

Ask yourself, for example, what is the purpose of this first purchase. Do you want to make it your main residence, make a rental investment, do one-off rentals? How long do you plan to stay in this accommodation? Is it the purchase of a lifetime or just your cozy nest for the next two years?

It is also important to ask yourself where you want to live. And at Maison Kyka, we can only advise you to choose a beautiful location. More explanations on this subject in the article Succeed in your first real estate purchase. So we come back to the question: where do you want to invest? Remember that the neighborhood where you like to shop is not necessarily the one where you want to live. Or that if you like peace and sleep like a baby, you should choose an apartment on the courtyard or a quiet neighborhood...

You must also take into account your lifestyle habits. If you like to get away and leave the capital often, do you need to live near a train station to leave at the first ray of sunshine? You have children: are you targeting a school or a nursery in particular? What are your childcare needs? ...

You see, these simple questions are part of the equation for your comfort of life. And as we only want you to be happy, we think it is important to think about it carefully before you start! At Kyka, we take into account all these prerogatives to find the apartment that suits you.

Evaluate your borrowing capacity for your real estate purchase

And yes, to buy your first property you need to know what you are eligible for! Even better, get the precious key: the financing certificate.

Come on, enough suspense, we'll explain everything to you in detail!

Head to the bank

First, contact your bank and make an initial estimate alongside them. You will then be able to inform them of your desire to buy. Then, because it never hurt anyone, go see the competition and get comparative estimates.

Show your white paw!

Be careful when keeping your accounts, it's time to show your banker that you know how to manage your money. If it's possible for you, set aside savings every month, even a small amount. You will need to provide the bank with your account statements for the last 3 months.

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The precious sesame: the financing certificate

This official document attests to your ability to finance real estate. Although it is not mandatory, it is highly recommended as you will score points during your visits to real estate agents and owners. Your Kyka advisor will also ask for it during your first appointment. With we estimate your project as best as possible and we aim right!

Do I need to use a broker? 

A mortgage broker or advisor can help you find the best loan for your situation, negotiate favorable terms and support you throughout the process. Their expertise and support can save you time and help you make informed decisions. Brokerage fees are quickly reimbursed by the benefits and negotiations they can obtain.

To go quickly and be efficient, we recommend our partner Pretto. With their online simulator, you can quickly estimate your borrowing capacity and obtain this certificate for your real estate project.

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Prepare the necessary documents

To get your estimate, you will have to provide some documents (and yes, your good words will not be enough!). Bankers and brokers will need these elements to build your file. During your appointments, remember to bring:

• Your last three payslips
• Your last three account statements
• Your employment contract
• Your last tax notice

If you are borrowing with several people, each stakeholder must provide these documents.

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Your personal contribution

Your final budget is not limited to your borrowing capacity, it is also necessary to include your personal contribution. Moreover, few banks finance your entire project (that is to say without a contribution). Even if they do, they will ask you to bring the amount necessary to pay the expenses (notary fees, administrative fees, security fees, etc.).

Keep savings aside! ‍

It is best not to put all your precious money into your project. Even if it is your first real estate purchase, if you are young... Having a little bit of savings in reserve is essential!

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Conclusion

Are you now well on track with your real estate purchase project? So Make an appointment with one of our Maison Kyka advisers to create the property of your dreams, turnkey!