Buying a home is an exciting adventure, but it requires careful preparation to avoid nasty surprises and ensure everything runs smoothly. Here’s a comprehensive guide to help you navigate the process of purchasing an older property with confidence and ease:

- Analyse Your Needs in Detail

Before diving into your property search, take the time to assess your fundamental needs. Create a detailed list of what you expect from your new home. At this stage, focus on the big picture rather than getting bogged down in specifics.

For instance, rather than specifying that you need an extra 10m² in the living room, think about what you’re really looking for in terms of living space. Perhaps you need a more open and sociable area for entertaining friends and family? Instead of insisting on a terrace, consider if you simply need some outdoor space to enjoy the good weather. Rather than fixating on proximity to a bus stop, express the need for easy access to your workplace to streamline your daily commute.

- Define Your Search Criteria Clearly

Once you have a broad understanding of your needs, it’s time to get more specific about your search criteria. Think about the particular features that would meet the needs you’ve identified and rank them in order of priority.

For example, if you want an outdoor space, you might consider a large terrace, two balconies, or a garden. If you have pets and prefer a garden, make that a priority. Indicate that balconies are acceptable, but only if there’s also a garden or terrace. You can even set a minimum size for the outdoor area to refine your search further.

Bear in mind that the more detailed your criteria, the harder it may be to find a property that ticks all the boxes, so strike a balance.

- Establish a Realistic Budget

With your criteria clearly defined, it’s time to determine your budget. Visit your bank or consult a mortgage broker to get a precise estimate of what you can afford. This will give you a clear picture of the price range for your potential new home.

Some banks also offer home improvement loans alongside your mortgage. This can be very useful if you need to make renovations before moving in. Make sure you understand the terms of your loan: interest rate, duration, fees, and any conditions. Be prepared to discuss any requirements, such as transferring your bank accounts or purchasing financial products from the same bank.

- Decide Whether to Work with an Estate Agent

Now that you have a clearer idea of your future home and budget, it’s time to decide whether to search for the property yourself or enlist the help of an estate agent.

Finding a property on your own is entirely feasible with all the online platforms available. However, it can quickly become overwhelming, especially if you’re unfamiliar with the area or are a first-time buyer. In such cases, working with an estate agent can be incredibly beneficial. They know the local market inside out, can efficiently organise viewings, and save you time.

At Antibes Transactions, we are committed to not only helping you find your ideal property but also assisting you in making the right choice and guiding you through all the legal steps involved.

- Carefully Select the Right Property

Once you’ve found a property that you like, it’s crucial to review all relevant documents related to the property and the building if it’s part of a collective structure.
Examine documents such as the property regulations, division of lots, minutes from the last three general meetings of the co-owners’ association, the status of charges, and the last three calls for funds. Don’t overlook additional documents like the land tax, urban planning reports from the local council, and quotes for any necessary work.
A thorough review will help you avoid unpleasant surprises and ensure the property meets your expectations.

- Make a Thoughtful Offer

After multiple viewings and a comprehensive review of the documents, you’re ready to make a formal offer. Typically, this is done through the estate agent representing the seller.

Your offer should be clear and specific: include the full address, lot number, and cadastral references. Set a validity period for your offer and detail any conditions that need to be met, such as obtaining a mortgage, ensuring there are no encumbrances affecting the property, and signing a sales agreement within a specified timeframe.

- Sign the Preliminary Sales Agreement

The preliminary sales agreement is usually signed through the seller’s estate agent, but it can also be done directly with a notary. While this step is not mandatory, it is advisable as it formalises your commitment and allows for a 10-day cooling-off period during which you can withdraw from the sale.

If you’re financing the purchase with a mortgage, include the loan details in the agreement. Generally, you will need to deposit between 5% and 10% of the sale price into an escrow account managed by the estate agent or notary. This amount will be deducted from the final sale price when the definitive contract is signed.

If you decide not to proceed with the purchase outside the cooling-off period without a valid reason, the seller may keep this deposit as compensation.

- Sign the Final Sales Deed

Once the cooling-off period has expired, you’re ready to sign the final sales deed with the notary. By this stage, all required documents should be in order, and funds for the property price, agency fees, and notary fees should be prepared.

The notary will check for any servitudes or mortgages on the property and handle formalities with the local council. If the seller has prepaid certain costs, such as land tax, you will need to reimburse the proportional amount for the remaining period from the date of sale.

If the seller has made a capital gain, they will need to pay capital gains tax based on the duration of ownership. For properties in a co-owned building, the notary will ensure any outstanding payments to the building manager are settled before finalising the sale.

With all these steps complete and the keys in your hand, it’s time to pop the champagne and celebrate your new home!

Now that you have finished reading this article, we invite you to visit our « resources » section and read other related articles you may find useful. Do you have a real estate project? Contact us, we will be happy to hear from you and learn more about your project.

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