Checklist for first-time homebuyers: 5 key factors to consider

Did an apartment or house catch your eye? Your first step should be to compare it with similar properties on the market — those in the same geographical area and with comparable features.

The goal is to determine whether the price of the property you're interested in is fair and consistent with current market trends. To do this, consult real estate listings online and in nearby real estate agencies.

You can also use platforms like Properstar or other real estate data providers to review historical prices per square meter in the area. This will help you understand the price trends and whether your potential future home aligns with the local market dynamics.

When considering a property, it’s important to evaluate everything surrounding it that could impact your lifestyle:

• Reputation of the neighborhood: Some areas have high growth potential, which can benefit you if you plan to sell in a few years. In other neighborhoods, property values may remain stable. A helpful strategy is to search the name of the neighborhood in local newspapers. This can give you insights into current events, future developments, and any public opinion about the area where you might soon live.
• Schools, public transport, shops, parking, etc.: Your first home should be practical for both your current and future needs. For example, if you're buying as a couple and plan to have children, check the proximity and reputation of local schools. This can save you from having to move or face long commutes when it's time for school enrollment.
• Potential nuisances: Investigate the presence of factories, nightclubs, stadiums, or flight paths near the property. Some otherwise appealing homes can lose value due to noise or other inconveniences. Use Google Maps to check the address for any potential sources of disturbance in the vicinity.
• Neighborhood demographics: Is the area mainly populated by seniors, students, or families with children? Speak to people living nearby to get a better understanding of the community and your potential neighbors.

When purchasing a property, several inspections, reports, and diagnostic assessments must be provided by the seller. One of the most important reports is the Energy Performance Certificate (EPC), which evaluates the energy efficiency of the property.

It measures two key factors:

• The amount of energy consumed
• The level of greenhouse gases (GHGs) emitted

These measurements are expressed in kWh of primary energy/m²/year and assign two performance ratings. These ratings range from A (high efficiency) to G (low efficiency). For example, a well-insulated, energy-efficient property might receive an A or B rating, while a poorly insulated home, perhaps lacking double glazing, would likely be rated closer to F or G.

Pay close attention to the EPC, as it helps estimate your future annual energy costs. Additionally, a low rating can be used as a negotiation tool with the seller, indicating that improvements are necessary to enhance and maintain the home’s performance.

Easements—legal rights that allow others to use part of your property—can significantly affect how you use your home.

These can take various forms, such as:

• A right of way allowing neighbors to cross your land
• A gate or structure encroaching onto a neighbor’s plot
• A buried pipe belonging to a neighboring property

Be sure to ask the real estate agent or the current owner to clarify whether any easements apply to the property. Easements are more common when purchasing a house rather than an apartment. If one does exist, ensure that the relationship with the neighbors is positive. Otherwise, you could find yourself dealing with a "neighbor war," which could complicate your living situation.

Buying a home involves more than just paying the purchase price. Before committing, it’s essential to calculate all the associated costs, which include:

• The price of the house or apartment
• Notary fees, typically 7–8% for older properties and 3–4% for new builds
• Renovation or improvement costs for any planned updates
• The first few months of condominium fees, if applicable
• The real estate agent's commission, especially if you used a property "hunter" service

Once you've calculated the total cost, consult with your bank. Will they finance the full amount? How much down payment is required? What interest rates are offered? If the financial plan is sustainable both in the short and long term, you're in a good position to make an offer!