8 key steps of your first real estate purchase

It's impossible to start a real estate search without knowing how much you can afford! The best first step is to consult with a mortgage broker or your bank to get an initial mortgage simulation.

This will help you understand two crucial aspects: your borrowing capacity and an estimate of the total cost of the mortgage. With this information, you can narrow down your search and focus only on properties that align with your budget.

Take the time to evaluate your needs and preferences to identify the property that suits you best. Consider factors such as minimum square footage, property type (apartment or house), whether you need a balcony or terrace, parking space availability, an elevator, accessibility to public transport, the number of rooms, proximity to schools, the extent of renovations required, natural light, and more. Each detail can impact your daily life, so be thorough.

The simplest approach is to create a comprehensive list of your needs. This will help you target properties that meet your criteria and avoid unnecessary visits—or worse, purchases that lead to regret.

Sorting through listings and organizing visits can be time-consuming. To streamline this process, you have a few options: set up alerts on real estate listing sites to ensure you don’t miss out on hidden gems, or enlist the help of a real estate agency or a property finder to support your search.

Before scheduling a visit, make sure to confirm important details such as the legal area of the property, its exact location, any potential condominium fees, and the condition of the property and surrounding neighborhood. Are you satisfied with the answers provided by the seller or real estate agent? If so, reserve a time slot for a visit as soon as possible.

When visiting a property, pay close attention to the details and be thorough with the questions you ask sellers or real estate agents. Inspect the condition of the property, including walls, ceilings, floors, and any installed equipment. Evaluate the layout and any related services such as a garage, basement storage, or parking.

Noise levels are important to assess—listen for sounds from neighbors and outside traffic, both with windows open and closed. Don’t hesitate to request a second visit to clear up any doubts or to see the property at a different time of day with varying lighting conditions. Also, inquire about any outstanding condominium fees and the status of completed or pending building maintenance.

Have you found the perfect apartment or house? It’s time to make an offer. Don’t hesitate, especially in competitive markets where demand outpaces supply.

Your offer to purchase should include:

• Contact details of both parties
• The property address
• A description of the property
• Your financing details (having a pre-approval from your bank can reassure the seller)
• The offer price

You may also wish to include a validity period for your offer, typically around one week.

At this stage, three scenarios can unfold:

1. The seller accepts your offer, allowing you to move forward with the next steps.
2. The seller counters with a proposal, which you can either accept or respond to with a new offer.
3. The seller rejects your offer outright, possibly due to doubts about your financing or because they found another buyer. In this case, you’ll need to resume your search and continue with property visits.

These two stages often happen (almost) simultaneously. You now need to formalize your agreement with the seller by signing a pre-sales contract.

At this point, it is common to pay a deposit to the seller or their notary. Once the preliminary contract is signed, a countdown begins: you have a set number of legal days to secure a mortgage offer.

Tip: Don’t limit yourself to your usual bank. Take the opportunity to compare financing options from different institutions or work with a mortgage broker to find the best deal. If you are unable to secure funding, don’t worry—you can nullify the sales agreement by invoking the relevant suspension clause.

If everything goes smoothly and a bank agrees to finance your property purchase, you can then sign the mortgage offer.

In most cases, the signing of the final contract takes place within the timeframe specified in the sales agreement. This step is carried out at the notary's office, where the notary will read the deed to both parties and collect the various payments due, such as the property price, notary fees, and any transaction-related costs.

At the conclusion of this significant meeting, you’ll receive the keys to your new home—congratulations, you are now the owner!

Buying your first property is an exciting journey filled with important decisions and careful planning. By following these steps, you can approach the process with confidence and clarity. Remember, the right guidance can make all the difference. If you're ready to take the next step, consider finding a trusted professional to support your search.

Explore Properstar's database to find thousands of certified real estate agents from around the world. Connect with an expert who understands your market and can help you make your property purchase a smooth and successful experience. Start your journey with Properstar today!