3 things to know before buying a home

Buying a home is a significant step that requires looking at several key factors. Given the scale of the investment, preparation is essential: leaving nothing to chance ensures you can move forward with total confidence.

Buying a house is a rewarding but challenging journey, one that requires research, planning, and long-term considerations. The emotional factor often significantly influences the decision-making process.But beyond mere enthusiasm, gaining in-depth knowledge and understanding is crucial before embarking on this significant step.

The type of property and its location are key considerations, but there are certain things to know before buying a house, from delving into the property's history to being aware of all those costs that might not be immediately obvious. Only by understanding these factors can you make a confident, well-informed decision, thus ensuring that your dream home doesn't turn into a source of stress or an overwhelming financial burden.

How much will you pay?

Before you even start house hunting, you need to look at the numbers. But don't just focus on the down payment or the mortgage installments. While these are the biggest expenses, they aren't the only ones that will impact your budget. You also need to factor in closing costs, like real estate agent fees, notary fees, and purchase taxes. These can add up to a significant amount, but you may be able to lower them by taking advantage of tax breaks you might be eligible for.

You should also factor in potential renovation and furnishing costs. Additionally, if the property is an apartment, it’s essential to review the monthly costs and confirm that the seller is current with their payments. Equally important is checking for any major works already approved, as these costs would become the responsibility of the new owner. Considering all these elements is the only way to gain a realistic understanding of the financial commitment before finalizing the purchase.

What is the property’s history?

Another crucial factor before buying a home is the property’s chain of title: tracing its history is essential to avoid unpleasant surprises. It’s not uncommon for a property to be jointly owned or subject to liens that may not be immediately apparent. For example, if the home was inherited, multiple co-heirs might need to consent to the sale. If it was acquired as a donation, other legal heirs could potentially assert claims on the property even after purchase. Finally, if the seller is under a “community property” legal regime, the spouse’s formal consent is required for the sale to be valid.

All of this information is recorded in the title deed, the document that traces the property’s history and verifies the seller’s legal ownership. At the same time, it is crucial to confirm that there are no outstanding mortgages or ongoing legal disputes. The primary tool for this is a title search, which uncovers any encumbrances on the property, such as foreclosures, seizures, or usufruct rights that could potentially impede the sale.

Is everything compliant?

Before making an offer, it’s essential to verify that the property fully complies with zoning and land registry regulations. Ensuring that the building meets all current standards, and that the floor plans accurately reflect its current layout, not only protects your investment but also helps avoid future complications. Any building code violations or unauthorized alterations could result in hefty fines or costly regularization fees for the buyer. This check is especially important if you are applying for a mortgage, as the bank’s appraisal will uncover any discrepancies that could potentially jeopardize loan approval.

First, it is essential to verify land registry compliance, ensuring that the property’s current state exactly matches the floor plans filed with the Land Registry. At the same time, you should confirm zoning compliance, which guarantees that the property was constructed or renovated in accordance with municipal permits. Additionally, it is important to obtain compliance certificates for the utilities, such as plumbing and electrical systems, as well as the EPC (Energy Performance Certificate), which is one of the mandatory documents to complete the purchase, providing detailed information on the home’s energy consumption.