The own house is usually the largest purchase, which is transacted in the life. So before you decide on buying a house, everything has to be right, from the construction financing to the property. With our tips you avoid problems and mistakes on the way to your own home.
Prepare your real estate financing
In the popular regions of Europe, we are currently on a seller’s market. Whoever wants to sell a property are in a good position due to the high demand and high property prices. On the other hand, for buyers this means that they must be well prepared, because there are many other interested parties. The most important step is the preparation of the real estate financing.
Use a budget calculator to determine how much money is available to you monthly for the real estate loan.
Then use the budget calculator to calculate the maximum purchase price you can afford, taking your equity into account.
Make a non-binding financing inquiry to find out whether a bank would grant you a real estate loan in the desired amount.
Only if you know that you would get a loan, you should go on concrete real estate search. This will save you a lot of time and you will know exactly which houses are suitable for you. You can tell the real estate agent or seller about your preparations so that the seriousness of your buying interest is underpinned and you are preferred to other buyers if necessary.
Define your requirements for a house
On the one hand you need to know how much house you can afford, on the other hand you need to be clear about the conditions your property has to fulfill. The following questions should be discussed before buying a house:
- Where would you like to live?
- What is the connection to bus and train?
- Do you want to renovate and rather buy something old or should everything be ready for occupancy?
- How large should the property be?
- Do you need a large garden?
- Can you also build a house?
Search and find the right property
You know what you are looking for and how much money you can spend on your house. Now it’s time for the real estate search. Take a look at real estate portals and commission regional real estate agents to search for a suitable property. You can also find properties for sale during a walk through your desired residential area.
Check the location of the house
Have you found a beautiful house that suits your ideas? First take a close look at the location. The dream house could turn out to be a flop if the location does not suit your ideas or disadvantageous aspects such as noise pollution or poor public transport connections make it difficult to sell the house at a later date.
Even if you may want to live in your house for the rest of your life: Unforeseen events can make a sale necessary. With a house in a good location, you are on the safe side in the event of a worst-case scenario. In addition, you can expect more appreciation potential.
Put the house through its paces
Since a property is on the one hand an expensive purchase with large consequences and on the other hand your new home in which you spend a lot of time, the house should be examined in detail before purchase. Before buying a second-hand property (mainly built up to 1980), find out more about the topics in general:
- Energy efficiency
- Pollutants (PCB, wood preservatives, formaldehyde)
Further important aspects are contained in our checklist for buying a house, which helps you to identify significant weaknesses in the house. This will provide you with valuable clues as to the possible need for renovation and the associated cost planning.
The neighborhood of the house also plays an important role: Address neighbors and get to know the people in your potential new neighborhood. If you notice that your direct neighbors are unpleasant to you right away, you should reconsider your purchase considerations.
Ask for all important documents about the house
You like the location and the house has no serious damage? Then go into detail and ask the seller or estate agent for all the important documents.