Have you been toying with the idea of fulfilling your dream of owning your own home for a while, but don’t know exactly what you need to consider? No problem, in this blog article we inform you about the most important things you have to pay attention to when buying real estate.
First, think about what you want from a property. Are you leaning more towards a house, a condo, or are you interested in a new construction project? How many rooms and floors do you prefer? After you have written down all of your requirements for a property, think about what compromises you would make regarding what you want in a property.
Keep in mind that buying a property can take a lot of time. The search alone, traveling to viewings, viewings themselves as well as the subsequent contract negotiations. All in all, buying real estate is a time-consuming affair and requires a lot of organization. If you have any concerns about buying real estate, it is advisable to consider the assistance of a real estate agent.
Real estate agents are experts in their field and know where best to look for a property that meets your needs. In addition, they have local contacts and often have the right property in their repertoire. Real estate agents can take over any organizational tasks for you and, if desired, negotiate the purchase contract in your interest. The exact tasks of real estate agents can be found here.
Before you decide whether now is the right time or not, you should observe the current trends and prices on the real estate market and compare them with your price expectations. A consultation with your bank may also reveal opportunities that you have not considered before.
When searching for real estate on your own, it’s a good idea to browse local newspaper ads, listings on real estate platforms, and broker listings.
Things to consider when buying real estate:
The location is one of the most important factors for the value of a property. It is a major factor in determining the value of the property. Also check the surroundings around the property – is it a quiet area or should you expect a lot of street noise?
The condition of the property is also an important criterion. Don’t be fooled by an attractive exterior. Better be on the safe side and hire a consultant or appraiser, because it is easy to overlook something as a layman. There is usually no guarantee for damage that is only discovered after the contract has been signed. Therefore, find out from the seller or real estate agent about pending renovations, repairs, defects, thermal insulation, and exposure to pollutants, etc. Question also, the reasons for the sale of the property.
Do not underestimate the costs for possible renovation, repair and modernization work. Otherwise, your previously planned budget may not be sufficient. A commissioned consultant or surveyor can give you an overview of the costs involved already after the inspection. You can request further cost estimates from the respective construction & renovation companies and include the prices in your calculation for the sales price. An inspection of the land register will also give you background information on the legal and financial legacy of the property.
Before buying real estate, also check the energy certificate of the property. You can obtain a valid extract from the owner before signing the contract. On the basis of this, you can determine how high the operating costs are that could come your way.
If you are considering conversion & extension work, clarify in advance what options you have. You can get this information at your local building department.
If you are still interested after inspecting and viewing the property, you can discuss the purchase agreement with the seller and start possible price negotiations. Have everything you agree on in writing, as only this information will form a legal basis. Then you can arrange a notary appointment together with the current owner and have the contract signed and notarized, after prior review.
Our real estate agents will be happy to help and advise you in your search for your own home.