If you buy a property, it's important to surround yourself with professionals who can give you the necessary guidance on the technical, economical and legal aspects of your investment.
Often this is the most important investment of your life and it deserves a sharp board to proceed safely.
In a real estate project legal advice can turn extremely precious to avoid future complications. In this regard, Property Geneva offers a legal service composed of lawyers specializing in real estate which, through us, can answer your questions.
Few investors are able to finance a property purchase with their own capital.
The "step" bank is usually a must. But given the diversity of commercial offers, it is not easy to find the loan that will fit your personal situation: variable or constant rate, repayment period, fees schedule. A variety of parameters on which the bankers are going to play to make a commercial offer.
What refund period choose?
It depends on your refund capacity. We consider that when the monthly payments are higher than 40% of revenues, a family is in serious debt. This means that it can not meet its deadlines.
Increasingly, loan durations exceed 25 years. It should, howeve, be aware that long-term increases the cost of credit.
How much to loan?
It depends on your resources and your ability to cope with repayments.
It is possible to buy property without any personal capital. Some also include in the amount borrowed, incidental costs needed to the acquisition.
What consideration ?
Your banker will ask you to give him the assurance that the money will be well repaid.
Fixed or variable rate ?
The first guarantees equal monthly installments throughout the repayment period. The second is most often indexed to indices, and fluctuates over time.
In the case of fixed rate, when financial markets are on the decline and interest rates decrease you do not get any benefits. You can, however, attempt to renegotiate the amount of your rate with your banker .
Conversely, variable rates have risks. While evolution is subject to floor and ceiling framing rate trends you can, in case of increase, find yourself in a difficult financial situation.
Contracting Death Disability insurance is required by banks. It allows, in case of incapacity or death to guarantee repayment of the loan. A health questionnaire is required. The bank ensures that you are not suffering from disease which may include life-threatening risks.
Do not launch into a property purchase without having first check your repayment capacity. It is necessary, before investing, tp have clearly established a budget and how far one can go.
What are your responsibilities as an owner ?
Once installed in your home you will be responsible for all damages caused to third parties by your family, your pets and yourself. But in life anything can happen ( fire, electrical damage, a loosened tile your roof ... ). However, a small incident may result in property damage or worse, bodily injury.
How to hedge against these risks?
The home insurance covers all damage arising from your home. She plays the role of liability insurance. It is valid whether you own or rent, whether it's your primary or secondary residence. It can handle major events, such as lightning, explosions or burglary.
Franchise and ceilings supported
Insurance policies often include a franchise below which the damage is not supported. Conversely, a maximum rebate amount can be secured on your property (not damage affecting others).
How it happens in the event of a litigation?
The first step is to establish a claim. Insurance will appoint an expert. He will see the damage and determine the cost of repair. Only after his approval, you can activate the repair of the damage.
It is strongly advised to keep evidences ( pictures of valuables , invoices ... ) of the most important purchases including for burglary. Without hardware, you can only invoke your good faith. And the insurer will be free to believe you or not.
Before purchasing an insurance policy for a home, we encourage you to review each clause in the contract that is offered and if possible get help from a professional.
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