People looking for real estate often get bogged down. Time and again, they find their dream property, but the financing falls through. Or the financing is in place, but the seekers are unsure which criteria their dream property should meet and where they are prepared to compromise. Buying a home needs to be well planned.
Step 1: The financing
The more equity you have saved up and use, the lower the debt risk. Get an overview of your financial possibilities. What is your monthly income and expenditure? Seek advice from a bank and, if everything fits, obtain a financing commitment. After all, real estate sellers will want this from you.
Step 2: Find the right property
What are your future life plans? Are you expecting children? Do you plan to live in the property until you retire? Should it be barrier-free? Should it be a house by the lake, an apartment in the city center or a compromise in the suburbs of a city? Let a local professional estate agent advise and support you in your property search.
Step 3: View the property
Before the viewing, take a close look at the exposé and documents such as the energy certificate, parcel map or building plans that you can obtain from the estate agent or seller. During the viewing, you should pay attention to the furnishings, condition of the property, room layout, cellar, roof, heating and any defects. You should also view apartments twice - on weekdays and at weekends - at different times and pay attention to the noise level.
Step 4: The price negotiation with the seller
If everything fits, you need to come to an agreement with the seller. Think about the maximum price you are prepared to pay. Also factor in the cost of modernization and discuss this with the buyer.
Step 5: Finding a notary and purchase contract
The purchase contract must be notarized. The notary is usually chosen by the buyer. The estate agent can also suggest one with whom he often works. The notary draws up the purchase contract. If you have made individual agreements with the seller, you can have these included in the contract. You and the seller then have time to check the contract carefully.
Step 6: Notary appointment
At the notary appointment, the notary reads out the purchase contract. This is the last opportunity to make changes. If there are any, the notary can add them to the contract by hand. The contract is then signed by you and the seller.
Step 7: Handover of the property
All keys and documents relating to the property will be handed over to you at the handover appointment. Make sure that the property is handed over in the agreed condition. From now on, you are responsible for paying the operating costs such as heating, electricity, water and property tax.
Would you like assistance with your real estate search? Please contact us. We will be happy to advise you.
Notes
For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.
Photo: © AndrewLozovyi/Depositphotos.com
