What Should I Consider When Buying a Property?

What Should I Consider When Buying a Property?

When buying a new property, the Germans are happy to be seduced by low prices, a tasteful architecture and a good location. But when buying a property, there is much more to consider than the above points. For most families, buying one's own home is a life investment that needs to be planned well, with hundreds of thousands of dollars in the game.

The Most Common Mistakes

Homebuyers are often overzealous, they discover a home that treats them the first look like, and & quot; strike & ldquo ;. Without a recognizable investment strategy, such action is grossly negligent. The buyers are enthusiastic about the architectural style, love the proximity to their workplace and enjoy the nice neighbors. In the face of the financial crisis of 2008, most people are now more cautious with their decisions. However, investors often invest because, in their view, a property opportunity & ldquo; represents. This situation leads to the creation of private real estate portfolios without a clear investment strategy. Compared to US families, the Germans also love their hometown. They are rarely willing to relocate <99> for their new job and so often forego a potentially better lifestyle. Planning is everything Setting goals:

Before buying a home, those affected should Think about what's important to them about the building. A bullet-like list is definitely a good start. Families with small children, for example, prefer the proximity to the school or a kindergarten. By contrast, couples without children seek proximity to their workplace while older families seek a quieter neighborhood. The rule of thumb is that the better the infrastructure, the more expensive the real estate.

Allow time: When searching for an object, the interested parties should take as much time as possible. After all, buying a property is not like buying a new TV. The costs are enormous and must be well calculated.

Compare offers: If the desired location has been found, it is important to keep a clear head. Often people strike right at the first object without looking at other properties. You should compare different offers. During the visit one should turn to an expert, for example an architect. This can easily detect damage and problems and estimate the price.

Compare facilities: The condition of the property plays an important role in terms of price. The higher the equipment, the higher the price. Who does not shrink from a renovation, could buy a property in need of renovation in a good location. The effort should not be too high. Experts recommend that the modernization costs between 30 and 40 percent of the purchase price.

Financing Before the search for the property can begin, a cash fall should be carried out and the current budget calculated. One should ask oneself the question how expensive the property may be. The

financing

of a property is usually the biggest investment in a person's life. For this reason, this step must be planned very thoroughly; a bad planning can lead to catastrophic consequences. Mortgage lending does not run like a car loan for three to five years. Depending on the start budget and the purchase price, 25 to 30 years

or more can quickly come together. For example, if the interest rate is five percent and the repayment is one percent, the term of the mortgage lending will be almost 36 years. It is important that the loan is paid until the retirement age. The move The relocation when buying a property is often given little importance. This is just as associated with detailed planning as well as costs and stress. If the right property has been found and a mortgage has been completed, the furniture from the old apartment must be transported to the new home. The move should also be included in the cost of purchasing a property. If possible, you should not save money here because dubious removal companies that advertise with low costs often strike hidden costs. Also on a

suitable insurance

should not be waived, if something is damaged during the move, finally someone must be liable for it. The termination of cable and TV subscriptions as well as with the energy providers should be done early so that there are no delays. Sources : welt.de

Artikelbild: © Kzenon / Shutterstock

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