Our BARNES teams are aware that a first real estate investment is one of the most important steps in a lifetime. Many people do not dare to take this decision out of fear of making a bad transaction or out of fear of committing to a project that will last for many years. Through this article, you will benefit from advice and you will be accompanied in your first step of real estate investment.
Define your budget and your financing method:
Before starting a first real estate investment operation, it is important to ask yourself about the amount of your budget and to know precisely how you will finance your acquisition project. It is wise to take stock of your financial situation by taking into account the amount of your contribution and your debt ratio capacity. To do this, you can contact your banker to get an estimate of your borrowing capacity or your budget.
Once you know the budget you wish to allocate to your real estate project, you can move on to the next step and start looking for properties on the market.
Defining the ideal location:
We can never say it enough, but the location is the first of the criteria to take into account when buying a property. Before thinking about buying a property, you must think about resale. You can ask yourself how much your property will sell for in the next ten years. This is why location is so important. Indeed, a property that has a good location will not lose value in the years to come, unlike a poorly located property that risks losing value every year. Moreover, if you wish to make a rental investment, a well located property will rent more easily and at a higher price.
Choosing a property:
Choosing a property is also a very important step in your real estate buying process. It may seem logical, but it is very important to ask yourself the right questions. Do I want to buy new or old? Do I want to buy a villa, an apartment or a penthouse? Depending on your choice, your investment will be different, like buying your property off-plan or buying an existing property.
Take your time:
Finally, when making your first real estate purchase, it is important to take your time. It is preferable to think and visit several properties before making your decision. This will help you avoid making a bad decision. It is also important to be well surrounded and well advised in order to define your needs as well as possible and thus realize a first real estate investment of quality.
Our BARNES Mauritius experts remain at your disposal to assist you in your real estate project. For any information, do not hesitate to contact our consultants who will be able to advise you and allow you to realize the real estate project of your dreams.