
7 steps to owning your own property
Step 1: Financing
The more equity you have saved up and can put toward the purchase, the lower your debt risk will be. Get an overview of your financial options. How much do you earn and spend each month? Consult with a bank or other financial institution and, if everything looks good, get a letter of commitment. Real estate agents will want to see this.
Step 2: Finding the right property
What are your plans for the future? Are you expecting children? Do you plan to live in the property until you retire? Should it be barrier-free? Would you prefer a house by the lake, an apartment in the city center, or a compromise in the suburbs? Seek advice from a local professional real estate agent who can help you with your search.
Step 3: View the property
Before viewing the property, take a close look at the listing and documents such as the energy performance certificate, floor plan, or building plans, which you can obtain from the real estate agent or seller. During the viewing, pay attention to the fixtures and fittings, the condition of the property, the room layout, the basement, the roof, the heating, and any defects. You should also view apartments twice—on weekdays and weekends—at different times of the day and pay attention to the noise level.
Step 4: Negotiating the price with the seller
If everything is satisfactory, you must reach an agreement with the seller. Consider the maximum price you are willing to pay. Also calculate the costs for modernization and discuss this with the buyer.
Step 5: Find a notary and draw up a purchase agreement
The purchase agreement must be notarized. The buyer usually chooses the notary. The real estate agent can also suggest one with whom they often work. The notary draws up the purchase agreement. If you have made individual agreements with the seller, you can have these included in the agreement. You and the seller then have time to review the agreement in detail.
Step 6: Notary appointment
At the notary appointment, the notary reads out the purchase agreement. This is the last opportunity to make changes. If any changes are made, they can be added to the agreement by the notary in writing. The agreement is then signed by you and the seller.
Step 7: Handover of the property
At the handover appointment, you will be given all the keys and documents relating to the property. 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 in finding a property? Contact us. We will be happy to advise you.
Notes
For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as 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 case.
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