You have decided to fulfill your very own personal dream: buying a property! As soon as you have said the thought, you are faced with a mountain of questions: Do you want to live in the property yourself or rent it out and use it as an investment? How many square meters of living space should the property have? Are you looking for something in the city or the country? Is an apartment the right choice – or a single-family or multi-family house? Finding the right property is not that easy.
Real estate offering
Real estate is as diverse as people’s dreams of living. It comes in a wide variety of forms: from a single apartment with less than 40 square meters of living space to a villa in the suburbs – you are spoiled for choice. Before we go into too much detail, however, we would like to give you general tips and advice on buying real estate in this blog post.
Budget – how much property can I afford?
Real estate has values. These depend on many different factors such as year of construction, living space, location, condition, etc. In addition, the relationship between supply and demand plays an important role in the real estate market.
Accordingly, the first thing you should do is determine your budget. Everyone’s budget is different. Have you ever made a detailed list of your income and expenses? If not, you should do this as soon as possible. Banks like to see this. In most cases, buyers do not have the purchase price of a property in cash, but finance it with a bank, for example.
If you have been frugal in the past and have, for example, saved up equity of 20% of the purchase price of a property, banks find this particularly good. The basic rule is: that you should be 100% clear about your financial situation before buying a property. The last thing you want is to overextend yourself and, in the worst case, be forced to sell the property again one day.
Viewings – Every property viewed helps you
Once you have broken down your financial situation and are clear about your budget, you should use the time to gain as much experience with real estate as possible. You have a good opportunity to do this by viewing properties. The more properties you have seen from the outside and inside, the better you can form your idea and search for it. The materials used, year of construction, location, number of rooms, layout, etc. can be crucial! Every viewing provides important insights and experiences. And these lead to you noticing all by yourself when you are standing in the right property.
Real estate agent – support in finding the right property
Real estate is everywhere. But how do you find out which ones are actually on the market for sale and which ones aren’t?
This is exactly what a broker can help you with. From large, regional, and nationwide brokerage firms to specialized brokers in your region, they all take care of listing and selling properties. Many brokers also have existing properties – so it’s worth asking! If you decide to buy a property through a broker, a fee is due at the time of purchase. This is called brokerage and is usually between 3 and 6 percent of the purchase price of the property.
Do you know someone who knows someone?
As in many areas of life, the network also plays a major role in finding the right property. In addition to the possibility of purchasing properties through real estate agents, there is of course also the possibility of purchasing them directly from the owner. If you buy a property “privately”, there is no brokerage fee.
That is why it can be particularly worthwhile to tell acquaintances, friends, and work colleagues about your property desire from time to time.
Often you know someone who knows someone who is currently selling a property – and this could be the right one for you!
The right property is rarely found on large platforms
Enter the area and purchase price and the mobile app will spit out suitable properties. Sounds perfect, doesn’t it?
Unfortunately, it’s not quite that simple. The properties that the agents have been able to sell to prospective buyers usually end up on the big platforms. It certainly doesn’t do any harm to take a look now and then, but the right property is usually found and bought in other ways.
Takeaways?
Finding the right property is certainly not an easy undertaking. However, the tips in this blog post should make it a lot easier for you to prepare for the property purchase. If you are wondering whether you might prefer to build a property instead of buying it, we recently published a separate blog post on this.
If you are interested in building or buying a property, take a look at our construction lexicon. There you will find a lot of further information on all topics related to construction financing
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