The 7 steps to buying real estate

Buying real estate can be a stressful time in your life. It's not always easy to know how and where to start. Discover the 7 steps to making your property purchase a reality.

1. Define your real estate project

The first step is to clearly define your real estate project. What are you looking for? A primary residence, a second home or a rental investment? There are many different types of real estate project, each with its own specificities.

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Also take stock of your requirements: minimum surface area, outdoor space, accessibility, location, bedrooms, office, parking, etc. A clearly defined list is useful for the rest of the project.

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2. Draw up your purchase budget and look for your mortgage

It's essential to define your purchasing budget before you start looking for a property. Take stock of your finances, and don't hesitate to talk to your bank or broker about simulating a loan, to get a clear idea of your borrowing capacity.

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3. Visit properties

With your criteria defined and a budget in mind, you can now start looking for a property. The search wasn't easy, so arm yourself with patience and be reactive when you see a property that interests you.

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Register with the major real estate portals to set up daily alerts based on your criteria - you'll be notified as soon as a property matching your search is posted online.

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You can also use a real estate advisor, such as Bricksquare, to help you with the search process. Your advisor will look for the property for you and visit it to make sure it matches your criteria - saving you precious time.

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Before going any further, and if you like the property, find out about the price, the neighborhood, the condition of the property and take the time to read the various property documents.

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4. Make an offer to purchase

That's it, you're convinced by the property you've found. It's time to write your offer to purchase. The offer to purchase is made in writing and generally contains the contact details of the parties, the address of the property, the description of the property, the purchase price you are proposing and, if applicable, your financing conditions.

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Don't forget to set a validity period for your offer. This is usually several days, but in a tight market it can be relatively short.