- Defining your budget and needs to buy a new apartment
- Buy a new apartment on plan or "turnkey"?
- Remedies in case of failure or poor workmanship in a new apartment
Buying a new apartment is an important commitment that can not be improvised. From the project to the entrance to the apartment, it can take up to 2 years, if you buy off plan. To avoid getting lost, here is everything you need to know before buying a new home.
Buy a new apartment: everything you need to know
Defining your budget and needs to buy a new apartment
Any real estate purchase begins with: determine your budget.
To achieve the financial package that will allow you to buy, you must know your borrowing capacity without forgetting that all refunds of your credits must not exceed 33% of your income. Do not hesitate to play the competition between the banks in order to find the best interest rate. You can also, hire a mortgage broker.
And even if you do not have a personal contribution, do not be discouraged. Today, it is quite possible to buy an apartment without input.
One of the advantages of buying a new apartment is the possibility of obtaining various assistance: loan with zero rate (PTZ +), loan of social accession (PAS), loan agreement (PC), loan of action housing (ex 1% accommodation). Awarded on a means-tested basis, they represent an important help in a real estate purchase. Do not forget to inquire about your rights.
The other advantages are to be able to benefit from reduced notary fees and standards of BBC building (low consumption building).
But be careful, beyond the price of your future apartment, do not lose sight of your needs: your needs today and those of tomorrow. Plan ahead to find out what is important to you (proximity to school, business, workplaces, etc.). Be attentive to the environment and visit the neighborhood at different times of the day and week. Inquire at the town hall to know the planning or planning projects planned.
Buy a new apartment on plan or "turnkey"?
Many new apartment purchases are made while these are still a project on plan. You must wait until the construction is completed. It's up to you to see if you have this delay. Otherwise, buy a new apartment completed.
- The purchase of an off-plan apartment or sale in the state of future completion. This type of contract is very much regulated by law to protect you.
You choose an apartment on the map as well as all its technical characteristics and you sign a reservation contract with the promoter and then the final sales contract. Upon signing it you become the owner of the floor and then the different parts of the apartment as it is built. You pay the promoter according to the progress of the work.
- Buying an apartment with a forward sale agreement. The principle is almost the same as before, you choose a flat off plan and you sign a sales contract. But you only become owner when the work is completely finished. The money you pay according to the progress of the work is blocked on an account until the delivery of the apartment.
- Buy from a completed new apartment. The construction of your apartment is completely finished, so you can dispose of it right away. Often this type of transaction is referred to as a "turnkey purchase".
This type of purchase is similar to that of a purchase in the former: signature of a compromise then final sale contract. The advantage is that what you visit is where you will live! You can see what's going on and what's wrong...
In any case, stay alert and especially check the seriousness and the solvency of the promoter. Even if the law brings you a certain number of guarantees in case of failure of this one or of poor workmanship.
Remedies in case of failure or poor workmanship in a new apartment
One of the big fears when buying a new apartment is the failure of the developer or discover defects or that the housing does not conform to what you have booked. Fortunately the law provides different remedies that allow you to get out of these bad steps.
- Remedies in case of delay or default of the promoter: the reservation contract or the sales contract provide different guarantees. Completion and repayment guarantee that alleviates the default of the promoter. But before any new background call, always check that the jobs have been executed.
- Remedies for non-compliance of housingIf the accommodation delivered does not conform to the description provided for in the sales contract, you can take action to claim damages or to exercise the ten-year guarantee if the defects of conformity are similar to hidden defects.
- Remedies for poor workmanship: you benefit from legal guarantees of perfect completion, guarantee of proper operation of equipment and ten-year guarantee. Attention, the different delays of implementation of these guarantees begin from the reception of the works. Be especially careful when handing over the keys and take the time to inspect everything, including the common areas of the building.
To go further, see also our article "Buying real estate: go through an agency or an individual?"