This is undeniably the sum that it is prudent to keep in reserve, once the loan has been signed and the costs paid.
Becoming an owner in France remains a budgetary test. The contribution requested by the banks continues to increase, as are the additional costs: notary, agency, guarantees, moving. According to the Banque de France, the average contribution rate of first-time buyers now exceeds 15 %, which represents on average more than 40,000 euros for a purchase of 270,000 euros, current price of an apartment of 70 m² in the provinces. Result: many arrive at the end of the transaction with an almost dry account. A situation that can quickly turn to the headache. Because a broken boiler, an appliance to replace or two rents to be assumed in parallel can explode an already tight budget.
Cédric Janjevali, Director of Marketing and Marketing of Banque Populaire Grand Ouest entrusted to the Journal des Femmes: “Yes, it is important to maintain precautionary savings after a real estate purchase, because there are often unforeseen events during a move.” The risk is not limited to large repairs. Even a trivial move reserves its share of unmanned expenses. And then there are also hard blows. A job loss, an accident, an illness can prevent paying your monthly payments. “Mortgage protection is a form of insurance designed to cover your mortgage monthly payments if you are unable to work due to illness, injury or job loss”recalls Phil Spencer, real estate expert. Banks advise to add full home insurance, with “home emergencies” option to cover troubleshooting costs in the event of an electrical or leak problem. However, even with these protections, a savings reserve remains essential.
In Anglo-Saxon countries, advisers recommend first-time buyers to keep the equivalent of three to six months of current expenses, between 6,000 and 12,000 euros in savings for a typical cleaning. This amount covers the loan monthly payments, but also fixed loads such as energy, water, internet and a minimum of maintenance. In France, banks do not set a written rule, but their advice converges.
The representative of Banque Populaire Grand Ouest. When questioned confirms it: “For more substantial expenses (a kitchen to be redone, a move to take charge by a professional at the last minute, etc.), it is relevant to have planned with your banker, at the time of the overall analysis of the project, a” project “consumer loan envelope whether it is used or not.” Clearly, real estate purchase should not be made at the price of an empty account. Even in a tense context, prudence requires keeping a tangible reserve. To remember!
