The key steps in buying a property
Buying a home is often the dream of a lifetime and certainly a major investment. Whether you are looking for land on which to build a home, buy a home in the future state of completion or acquire an existing property, key steps must be followed. It is therefore advisable to inform you about each of them in order to secure the transaction and avoid unpleasant surprises. First of all, you have to find the good and in a very competitive and largely saturated market, it can be difficult to see clearly.
Looking for a property
Feel free to take the time to search the internet, filters like price or location can save you a lot of time. Once your selection made and after contacting the real estate agency, the agent will take the time to establish with you the profile of the property you are looking for and will request his network to find the house or apartment that matches the more exactly to your criteria. It can also group visits on a single day, convenient if you are not too available. Finally, know that notaries also offer property subject to public auction and good business can be done in this context. In addition, the Luxembourg government introduced a tax credit on this type of purchase if it is for personal housing purposes.
Establish a realistic financing plan
To avoid unpleasant surprises, special care should be taken at this stage and to establish a financing plan that does not omit any tax and best fits the reality in order to apply for a loan covering all expenses. Several items of expenditure must be taken into account. First, the purchase price of the property must be defined in the sales agreement, it will not be possible to return thereafter. Then you have to add the price of the possible work and it is better to ask for quotes from construction professionals to be closer to reality. Then it is necessary to foresee the expenses of notary relating to the establishment of the compromise and the definitive act of sale. The bank will then require a mortgage that includes the mortgage fees as well as the notarial deed of loan opening and the registration of mortgage registration for the benefit of the bank at the Mortgage Bureau. To cope with the unexpected, such as the increase in the amount of supplies for the works, or in case of death or accident, it is advisable to provide a surplus of money and to take out insurance on the balance remaining due. Finally, fees and interest are to be taken into account, they will born with the subscription to a bank loan. Know that several types of interest, variable or fixed can be offered by your bank, compare the offers well. Finally, you may be able to benefit from state aid to finance your investment, subject to income or family situation, do not hesitate to inquire with the relevant departments to know your rights.
To conclude, do not hesitate to be assisted at each stage by competent professionals, even if the transaction itself is secured by the obligation to use a notary. When it comes to bank loans, take the time to compare offers from multiple locations to get the best rate. Of course, if you already have a contribution, it will be easier for you to obtain more advantageous financing.