Buying a real estate does not happen overnight. In fact, it is the biggest purchase of a lifetime for most people. It can be a challenging and stressful experience, so it’s important to thoroughly research all options, make sure you’re well informed and aware of your preferences are before making a purchase.
What is most important to you? Is it that the real estate is ready to move in, the price, parking, extra room? It is important to know where you can compromise and which features are essential when buying your dream property. Here are some things to look out for before buying real estate.
1. Location, location, location. Location of the real estate is the key to your comfort and profitability. Before buying, make sure that the property’s location is in a suitable location for your needs. This primarily includes infrastructure that is essential for you (public transport, shops, schools, kindergartens, proximity to work, highway connection), as well as your preferences – proximity to the city center or proximity to nature.
2. Actual and legal status of the property. Before buy a property, make sure you are familiar with the condition of the building (renovation of the roof, facade, condition of the reserve fund, upcoming renovations) as well as the condition inside the property itself. When was the property renovated, is it being sold furnished, what works are absolutely necessary before moving in?
The legal status is shown by the land register. The land register shows who the owner is, is there a third-party right on the property (e.g. a mortgage), is there a seal or is the property free of encumbrances? Checking the state of the land register is crucial because the principle of trust in the land register applies. This means that everyone can be confident that the situation in the land register is true.
3. Size. Before even embarking on the buying process, think carefully about the size of the property you are looking for. This includes the number of rooms, a suitable large living area, as well as the size of the land suitable for you. It is essential that the property has just enough space for your needs, that it is neither too big nor too small.
4. Cost. Familiarize yourself with all the costs before buying a property. The costs include maintenance costs, necessary repairs or renovations, as well as taxes, financing costs for real estate purchases and the costs of the purchase itself. Perhaps the most important are the costs necessary to make the property habitable. As a rule, the property in need of renovation will be cheaper, but renovation can bring many, even unforeseen, costs. For many, therefore, a property that can be moved into immediately is a better choice, even if the purchase price is more expensive.
5. Investment potencial. Regardless of whether you are buying a property for personal use or as an investment, it is wise to examine the profitability of the property before purchasing. You may decide to rent or sell at some point in the future. Real estate can be a good investment. When it comes to the potential for income, it is necessary to take into account, above all, the purchase value of the property, the height of the potential rent, and the price movement of similar properties in the surrounding area. A proper appraisal can help us choose the best property to buy.
Choose a real estate agent. A good real estate agent will save you a lot of nerves, time and money throughout the entire process of buying a property. Let our team of experts help you with your property purchase.