
Checklist for buying real estate
- Compile a list of your needs and wishes
First, decide what you absolutely must have and what you would like to have but don't necessarily need. Ask yourself the following questions:
- How many rooms should there be? How many bathrooms and bedrooms should there be?
- For later or if needed now: Have I planned for accessibility?
- Do I need schools, daycare, and doctors? How far away can these be at most?
- What shopping facilities do I need nearby?
- Old or new, modern or historic: which architectural style do I prefer?
- Am I prepared to renovate?
- Clarify the financing
Before you start your search, clarify your finances. How high is your budget? How high can the loan installments be? Keep in mind that in addition to the installments, you will also need to budget for living expenses and any costs for maintenance and repairs. Also note that banks now apply higher flat rates for living costs when it comes to financing. Once you have found the right financing partner and received approval, you can start your search.
- Do you have all the necessary documents?
Whether before or during the viewing, you should have all of the following documents ready to present to the real estate agent or seller:
- Financing commitment from the bank
- If you are buying without financing: Bank statement
- "Nice to have": Application folder with self-disclosure
- What to look out for during the viewing
- Do you see water stains or does it smell damp? Look closely for moisture damage, mold, or dry rot
- Electrical systems: is everything in accordance with DIN 18015?
- Energy: Are the heating and hot water pipes insulated? What about energy consumption? Has the property already been renovated to meet energy efficiency standards?
- Keep an eye out for visible damage and ask about it
- The conclusion of the sale
If you like the property and the seller agrees to sell, it is your responsibility to organize the notary and have the contract drawn up in consultation with the buyer. Once you have signed the contract and have the keys in your hand, you assume all obligations as the new owner.
Are you planning to buy a property and unsure about what you need to consider? Ask us! We will be happy to provide you with comprehensive advice.
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.
Photo: © GaudiLab/Depositphotos.com