Help and advice for a successful first real estate purchase

Do you dream of becoming a homeowner but don't know where to start? Provided you are well prepared and well accompanied, the path to your first real estate purchase is more accessible than it seems. Between defining your budget, choosing the apartment or house of your dreams and the administrative procedures, it is an adventure as exciting as it is intimidating. Fortunately, with the right advice and the support of seasoned professionals, you can avoid classic mistakes and make first-time accession a real success.

Primary accession: definition

The term “first-time buyer”, as defined by banking institutions, applies to anyone who has not owned their main residence in the last two years. This means that even if you own a second home or rental property, as long as you are a tenant of your main residence, you are considered to be First-time buyer.

This status allows you to benefit from certain financial or fiscal advantages (see lower) but it ends when you sign the authentic act of sale at the notary. It is at this moment that you finally realize your real estate dream and that you become an official owner.

With Kyka by your side, buying and renovating an apartment or house becomes child's play. That said, it is important to fully understand the workings in order to move forward with peace of mind.

“Despite my lack of time and experience in this area, Kyka transformed the purchase of my main residence in the 15th arrondissement into a smooth and pleasant experience. Their team was able to find a property with great potential, manage the renovation work with expertise and taste, and support me at each stage of the process. The result was beyond my expectations. I would highly recommend their services!”
‍‍Nans R.

Define your budget and prepare your real estate project

The first Real estate purchase stage consists in preparing your project well. So before rushing headlong on classified ad sites, take a moment to determine precisely:

1. The financing plan for the real estate project
2. The type of property you want to buy
3. The use you want to make of the good

Calculate your financing capacity and obtain a real estate loan

Determining your budget requires a precise assessment of your current situation. Your ability to finance depends on several factors: your income, your professional stability and your personal situation. This study makes it possible to Know exactly what you can borrow and to adjust your ambitions according to the real estate market.

The first thing to calculate is your debt ratio. This ratio allows you to assess the portion of income that you can allocate to the repayment of a mortgage. This calculation is crucial because it determines the viability of your loan.

To properly prepare the financing plan for your first real estate purchase, you need to:

1. Determine your personal contribution,
2. Calculate your debt ratio,
3. Find the benefits to which you are entitled as a First-time buyer.

Keep in mind that bank interest, the amount of your monthly payments and the duration of the credit are the central elements of your financing plan. The aim is, of course, to negotiate the best terms with banks.

To get started, consult your bank to get an initial estimate of your borrowing capacity. Then, let the competition play by consulting several institutions and comparing several credit offers.

Obtaining a financing proposal from a bank also allows you to obtain a valuable sesame: the financing certificate. This document, signed by the bank, proves that you have the means to finance real estate. This reassures real estate agents and sellers, which can make a difference to other buyers.

What type of property are you looking for? Existing or to be built? New or old?

Determining exactly what type of property you want to buy is also very important:

• Do you prefer an existing home or are you tempted by a new construction?
• House or apartment?
• Downtown or countryside?
• New or old?

Older homes often have the advantage of being more affordable, but renovating an apartment or renovating a house can involve additional costs. Conversely, new properties are generally more expensive to buy but they are in perfect condition and offer better energy performance.

If you opt to buy a new property, you may be directed to VEFA (Sale in Future State of Completion). In this context, you buy a property on plan, i.e. before it is even built. You will therefore have to rely on the plans to visualize your future home.

Finally, old properties are often cheaper but they sometimes require additional investments to be brought up to current standards. For example, it is essential to obtain a quote for the work to be done in an apartment in order to improve its DPE (Energy Performance Diagnosis).

Call on Kyka to combine old-world charm with modern comfort. Our project managers and our interior design studio are there to support you in the research, purchase, renovation, layout and decoration of your real estate property. Our goal is to help you create a space that suits you while increasing the value of your property.

“My experience with this team has been exceptional. My architect fully understood my expectations and the project team was always attentive. My project was delivered on time and the end result is fantastic. I am very satisfied with the service received.”
Lyrod Levy

Buying your main residence or making a rental investment?

What are your intentions for this first real estate purchase ? Do you want buy your main residence or rent the property?

A lot of first-time buyers choose to buy to rent, which can be a good way to build wealth while taking advantage of the rents to repay part of the loan.

If you are planning to rent, find out about the rental market in the area where you want to buy. This helps to determine how much rent you can charge and to calculate the return on your investment. Also, think about how long you want to keep the property: is it a short, medium or long term purchase?

Finally, even if you want to buy your main residence, it may be interesting to use short-term rentals in order to amortize the annual expenses of your property (e.g. credit, taxes, energy, etc.).

What help for first-time buyers?

When you are consideringBuying your first property, various grants and loans are available to lighten your investment. That said, you will need to build a solid case by providing several documents, such as:

• A valid identity document;
• A family record book if you have dependent children;
• A proof of residence of less than three months or a lease contract if you are a tenant;
• The last three pay slips for employees on a permanent or fixed-term contract, a certificate of tenure for civil servants, or the latest accounting statements for self-employed or business managers.

These documents are systematically requested to assess your borrowing capacity and determine what assistance you can qualify for. Avoid waiting for the signing of a sales agreement or a promise to sell to bring them together.

Real estate loans for the purchase of a first property

Under certain conditions, first-time buyers can take out subsidized loans, such as:

• The social insurance loan
• The conventional loan
• The zero interest loan
• The housing savings plan
• The Accession Loan from Action Logement
• The lease-home social loan

The social accession loan (PAS)

The PAS is an attractive option for households with modest incomes who want access the property. Granted by banks with an agreement with the State, this loan offers coverage of up to 100% of the cost of the acquisition. Among its main advantages are:

• Flexible repayment terms, ranging from 5 to 30 years;
• A reduction in notary fees;
• The possibility of combining this loan with other assistance devices, such as the zero interest loan (PTZ) or the Accession Loan from Action Logement.

The conventional loan (PC)

The conventional loan is accessible without income conditions, and it is a major asset for first-time buyers. It makes it possible to finance a main residence, whether new or old, with or without work. This loan benefits from a capped interest rate, whose repayment period can be spread over 30 years.

The zero interest loan (PTZ)

The PTZ remains one of the most popular aids for first-time buyers. It is an interest-free loan, granted under conditions of resources and location. The PTZ comes in addition to a main loan, such as:

• A conventional loan (PC);
• A social accession loan (PAS);
• A home savings loan (PEL).

The home savings loan (PEL)

Holders of a Housing Savings Plan can also consider a home savings loan. Its amount depends on the opening date of the PEL and cannot exceed 92,000 euros.

The Accession Loan from Action Logement

This loan is intended for employees in the private sector who contribute to Action Logement and extends to the agricultural sectors through agri-accession. It makes it possible to finance theBuying a property new, for sale in the future state of completion (VEFA), under Real Solidarity Lease (BRS) or even in the old one, especially during the public housing sale. It is also open to the construction of single-family homes.

The advantages of an Action Logement home loan are:

• An advantageous fixed interest rate;
• The possibility of combining it, under conditions, with the Action Logement works loan;
• No administrative fees, guarantees or deposits.

The social lease-ownership loan (PSLA)

The PSLA aims to facilitateaccess to the property for households with a certain level of income. This system allows you to start by renting a home, before buying it, with several financial advantages:

• Reduced VAT;
• A reduction in the selling price of at least 1% per rental year;
• Exemption from property tax for 15 years;
• Reduced notary fees.

Assistance for carrying out renovation work

If you are moving towards theBuying a house or an apartment with renovation work to do, you should know that several aids are available to support you in the realization of your projects, in particular in the context of the energy renovation of a main residence.

Here are some examples of devices proposed by the National Housing Agency (Anah):

• MaPrime Rénov' : Assistance to finance energy renovation work, available to owners under resource conditions;
• MaPrimeRenov' Condominium : Intended for co-owners wishing to improve the energy efficiency of their building;
• Loc'Avantages : Assistance for owners who rent at a moderate rate;
• MaPrimeAdapt' : For work to adapt housing to the needs of elderly people or people with loss of autonomy, such as the installation of stairlifts or the layout of the bathroom;‍
• MaPrime Decent Housing : Assistance to rehabilitate substandard or degraded housing.

With or without assistance, intelligent management of your budget and a good preparation of your file are the keys to the success of a first real estate purchase. Make an appointment with one of our project managers, we will be happy to know more about your project and to present our support to you.

Is it time to buy real estate?

The idea ofAcquire your first property may be tempting, but beyond Know whether to buy in 2025 or wait, it is crucial to properly assess your situation before taking the plunge. If you have sufficient borrowing capacity, it is nonetheless essential to ask yourself whether this is the right time to engage in such a process.

For example, if you know that you are likely to move in the next two years, buying a new home may not be the best strategy. Indeed, notary fees and other ancillary expenses related to the purchase may not be amortized by a possible gain in value if you decide to resell quickly. It could even cause you to lose money instead of making money. On the other hand, buying an apartment or a house and using a renovation company makes it possible to quickly increase the real estate value of the property and to realize a gain on resale after two years.

In addition, if you have just started your professional life and do not yet have sufficient input, it may be a good idea to wait a bit. By saving for a few years, you can improve your loan file and thus obtain better financing conditions. Although the lack of a down payment does not make a purchase impossible, banks are often more reluctant to grant a loan in these circumstances, and you may face numerous complications in obtaining the financing you want. It is therefore better to prepare calmly and solidly before starting.

Our advice for a successful first real estate purchase

4 tips for Make a successful first real estate purchase :

1. Be patient
2. Choosing the property by asking (yourself) the right questions
3. Mastering the financial aspect of the real estate project
4. Surround yourself with competent professionals

1. Be patient

One of the most important aspects to consider when buying real estate for the first time is time. Rarely does everything happen quickly and without pitfalls. Between the development of your budget, the research, the visits, the negotiations and finally the appointment with the notary, the months go by. It is essential not to lose patience and to keep in mind that any acquisition process requires time.

So you will probably have to visit several properties before you come across the one that ticks all your boxes. It is imperative to remain flexible and persistent, without rushing to the first opportunity and taking the risk of buying a property too quickly and too expensive.

2. Choosing the property by asking (yourself) the right questions

For your first real estate purchase to be a success, it is crucial to ask yourself the right questions. Each project is unique, so you need to look at each aspect thoroughly to avoid unpleasant surprises.

Know how to evaluate, select and negotiate each property

The condition of the property is obviously a determining criterion. It is important to know which Questions to ask when viewing an apartment or a house.

For example, insulation, plumbing, electrical installation, or safety standards can lead to expensive work. By anticipating these potential works, you can better negotiate the purchase price or plan an additional budget for the renovation from the start.

Becoming a co-owner?

If you are buying a condominium, it is essential to be well informed of the specificities associated with it. Condominium fees, for example, must be included in your financing plan, as they can represent a significant cost.

In addition, you will also need to inquire about the condition of the building, especially with regard to upcoming work in the common areas, which may result in additional costs.

The neighborhood and the neighborhood

The environment in which the property you want to buy is located plays a key role in your daily comfort of life.

It is therefore important to be well informed about public transport, schools, and nearby shops, but also the tranquility of the neighborhood and the neighborhood. Factors such as ambient noise, the amount of sunlight in your home or the quality of the air can influence your quality of life.

Before making a commitment, remember to consult the town hall in order to find out about urban development projects around your future property. Some future construction or work could influence the tranquility and value of your home. Whether it is noise pollution related to construction sites or new infrastructures, it is essential to find out in advance to avoid unpleasant surprises as much as possible after the purchase.

3. Mastering the financial aspect of the real estate project

To make your first real estate purchase a success, the financial aspect is essential and must be considered from all angles. It is not only your borrowing capacity that counts, but also the personal contribution that you are able to invest in the project.

Once you have established your borrowing capacity, it is recommended that you involve the competition. You can consult several banks or use a broker to find the most advantageous conditions. Negotiating and signing the loan require taking an interest in interest rates, bank fees, loan term, early repayment conditions, etc.

Be sure to carefully review each proposal and optimize every detail, as small variations can lead to significant savings over the life of the loan.

In parallel with the mortgage, it is advisable to take out borrower insurance. Although it is not legally mandatory, it is almost always required by banks.

Finally, if you have funds on a Business Savings Plan (PEE), an Inter-Business Savings Plan (PEI) or a Group Savings Plan (PEG), be aware that these amounts can be released for the acquisition of your main residence. Although these funds are generally locked in for a period of five years, buying your home is one of the situations where you can access them sooner. It is a financial boost that is often overlooked, but it can be crucial to get through your first real estate purchase.

4. Surround yourself with competent real estate professionals

In such an important project, it is very useful to be well supported. A mortgage broker, for example, can play a decisive role in the valuation of your file with banks.

Its mission: to present your profile in the best light in order to obtain a more advantageous interest rate and to negotiate application fees, which can sometimes reach several thousand euros. A well-informed broker knows what levers to use to make your case irresistible, thus increasing your chances of obtaining financing under the best conditions.

When looking for and buying your real estate, you have the choice to buy directly from individual to individual, or to use a real estate agency. While the first option allows you to reduce some costs, it also requires greater involvement on your part.

On the other hand, calling on a real estate professional allows you to benefit from their network and expertise, increasing your chances of finding the ideal property in a shorter period of time.

At Kyka, we offer you a tailor-made service. Our real estate hunters are responsible for finding the property that meets your expectations in just a few weeks. Once found, our interior design studio takes over and helps you renovate, layout and decorate the space in order to transform it into a unique place that suits you. In this way, you optimize the value of your property and you create a living space that suits you 100%.

Thanks to a team of experts at your side, every step of your first real estate purchase is simplified, secure and optimized to make this moment a stress-free success.

“My experience with Kyka has been nothing short of amazing! The team was fantastic from start to finish. My architect really knew how to capture my ideas and transform them into an exceptional design. They were always there to answer my questions and adjust the details according to my wishes.”
Wembley Da Silva