Whether a house in the countryside, a condominium or a modern mini house – buying a property is usually the biggest purchase that we can make in our life and should therefore always be carefully considered. According to a survey, more than a third of Germans dream of owning a home or have already planned to buy it and are saving money for it. However, in order for the dream to become a reality, there are some important real estate buying tips that one should know. Are you considering investing in a property but don’t know where to start and are faced with a mountain of questions? Then read on and find out what you should pay particular attention to when buying a property!
You don’t buy an apartment or a house every day! Buying a property has long-term effects not only on our lives but also on our finances. From the right location to the financing to the neighborhood, everything has to be right. Even finding the right property can be tedious and difficult and few people can assess whether the price is actually realistic. However, if you know exactly what to look for and what your dream home should look like, then you can count yourself lucky. So you could go looking for your own home yourself and in a very uncomplicated way, for example find the property with the house finder, that fits your own lifestyle.
Property Buying Tips: Which Is The Right Property For You?
Choosing the right property that fits your needs is one of the most important property buying tips to keep in mind. Should it be an apartment, a town house, an apartment building or would you prefer a traditional one-family house? There are so many options to choose from that it is easy to lose track of things. Should the property be in the center or on the outskirts? Depending on whether you want to move in yourself or sublet the apartment, other points are also decisive and each type of property has its advantages and disadvantages. That is why it is particularly important to take enough time and to inform yourself sufficiently about the market situation and the properties on offer.
The location of the property also plays an important role
Buying real estate is a long-term investment. So before you decide on a specific house, ask yourself whether you want to live there after 10 or 20 years. Even once you’ve found your dream home that meets your needs, there are a few aspects of the location that can affect the quality of living. A good connection to public transport as well as the proximity to good kindergartens, schools, supermarkets and pharmacies are always an advantage. The good reputation of the district and the neighborhood should also be included in the decision to buy a property.
Get an appraiser and carefully review the sales contract
A property is your new home where you will spend a lot of time with your family and friends. So that the dream does not turn into a flop, everything should be carefully examined. To do this, it is advisable to hire an expert who will draw up a corresponding expert report for you. Inexperienced people find it difficult to spot small details such as poor sealing and the seller is no longer responsible for defects that you only noticed after signing the sales contract. Unless, of course, he has fraudulently concealed them from you. Unfortunately, malice is not so easy to prove in practice.
Think about the ancillary costs and plan the financing
The property shows no major damage, the location is good and the Bauhaus style suits you? Congratulations – you have found your dream home! Since few people can pay for a house 100% out of their own pocket, planning the financing is also one of the most important real estate buying tips to keep in mind. As a rule, the more equity you raise, the better terms you will get from the bank later on. You should also expect additional costs when buying a property, which in some cases can even represent up to 15% of the purchase price. This includes, for example, expenses for notary, real estate and land registry as well as real estate transfer tax. Draw up a house plan and write down all your monthly income and expenses as comprehensively as possible. This step will help you find out how much financial headroom you have available. Also think about some unplanned expenses like minor repairs and the like.