Looking for a property? 5 questions to ask yourself before buying

A real estate purchase is one of the most important projects in a lifetime. It is therefore essential to ask yourself the right questions before embarking on a transaction of this size. Whether it's a villa, a penthouse or an apartment, each real estate project that takes shape is a commitment over several years. 

How do I finance my real estate transaction? 

Before buying a property, you must first take stock of your financial status. You must know what type of property you are able to acquire and at what amount. For this, you can contact your banker. He can calculate with you your debt capacity. This debt ratio will allow you to have an approximate amount of money you can borrow. 

In addition, it is important to define the amount of your personal contribution. More precisely, what is the amount of money that you will be able to bring in addition to your real estate loan. These different calculations will allow you to have an idea of your budget. 

Where to buy my property ? 

The location is the golden rule of real estate, it is probably the most important criterion to take into account when you want to embark on a real estate plan. You have to think about the resale and this goes through the location. A property with a good geographical location will not lose value in the years to come, and a strategic location will increase the value of the property over time. It is therefore necessary to buy a property in a strategic location. 

Is it better to invest in a new or old property? 

Investing in old buildings is sometimes preferred: 

• it is easier to find a property that you will love, where you can see yourself and feel at home, 
• shorter acquisition and development times.
• The number of properties available in the old is largely superior to the new. You therefore have a wide choice for your investment.
• the price of the properties in the old one remains clearly less expensive, except in the very appreciated districts of the big cities. 

On the other hand, buying new or off-plan also has many advantages:

• No real work is required to bring the property up to standard. The property is delivered in perfect condition and with the latest standards, which is not necessarily the case for old buildings. 
• Notary fees are generally lower than in older buildings 
• The rental investment in the new is much more interesting.
• You can benefit from a zero-interest loan if you meet certain conditions. 

What are my needs in terms of surface?

It is important to ask yourself about your potential needs. For example, if you want to potentially build a family, you will have to take into account the fact that an additional bedroom will be needed in the years to come. This may seem trivial and obvious, but thinking about your future desires will allow you to anticipate and target the right property for you. 

It is also important to think about properties with floors, which can be restrictive after a certain age.

Should I call on the services of a real estate professional? 

It is not compulsory to consult a real estate professional. However, it is highly recommended for several reasons: 

Knowledge of the real estate market: The real estate professional knows the specificities of the market (trends, environment, price per m²...).

Time saving: The real estate professional will save you a lot of time searching for properties, making unnecessary calls and visits.He knows exactly what your needs are. He can select properties corresponding to your criteria.  Moreover, the real estate professional is used to negotiations. You will therefore be assured of obtaining your property at the best price. 

Life project: A real estate purchase is a real life project, a commitment over many years. It is therefore important to be certain of your choice.The real estate professional will know how to best advise you in your investment.  

BARNES Mauritius is at your side to accompany you in your real estate research. Do not hesitate to contact our BARNES consultants.