5 tips for successfully buying a home
Owning a home – a dream that a constantly increasing number of Berliners want to come true. Finding the right piece of real estate, however, is not a piece of cake. Before signing the purchase agreement, you need to take into consideration a number of contingencies. A secure and stable funding is just as essential as an extensive knowledge of your rights and duties. Thus, it is not surprising that there are many obstacles to overcome when buying a home. The good news is that you can prepare yourself and be well-positioned for making a real estate purchase. For instance, make sure to choose the right partner to consult and support you with all questions you might have. Thoroughly inspect the property and ask questions if there are any ambiguities. Often times, it makes sense to have an appraiser support you in this matter.
Here are our 5 tips for successfully buying a home:
1. Creating a financing plan
Before purchasing a property, you should very thoroughly consider your financing options. Often times, a loan needs to be obtained, as the own assets are insufficient to cover the purchase price. When paying off the loan on the other hand, things like credit period, fixed interest rate and redemption need to be taken into consideration. Therefore, it is crucial to make a plan beforehand, to create transparency and be well prepared. We are happy to put you in touch with an independent and experienced financing consultant free of charge.
2. Choosing the right partner
It is helpful to have an expert support you throughout the process of purchasing real estate. The realtors knowledge of the market ensure that you will find the right property in the right location. In addition, he or she takes a big load of work off your shoulders and makes the search for your dream home easier.
3. Inspecting property and documents thoroughly
Take a very thorough look at the property when viewing it to find about the condition, and if it requires any renovation work. Once you found the piece of real estate that seems right for you, don’t rush the decision! First, carefully check all documents, such as land register, economic plan, German Condominium Act-statement and -reports, and the lease agreement with rented condos. Here, it is also very helpful to have an expert give you advice and tips in the process. When purchasing a condominium, please also take into consideration the condition of the entire building, as well as the Condominium Act’s maintenance reserve.
4. Purchase agreement
Once buyer and seller have agreed on all essential points, a draft of the purchase agreement is created by a notary. Often times, the seller insists on receiving a financing confirmation from the buyer first. Once this is done, and the notarized agreement is signed, the next step to occur before the purchasing price is to be settled, is registering a priority notice of conveyance in the land register.
5. Transfer of costs and benefits
Paying the purchase price is a precondition for handing over the property. Once the seller has received the amount, the transfer of costs and benefits can take place. from this moment on, the buyer can treat the property as economic ownership, and for instance, carry out reconstruction, refurbishment or modernization measures. Using it as an investment is also possible. Aside of the rights to the benefits of the property, the buyer is responsible for all the costs from that day on as well. This includes, for instance, the property tax and all of the operating costs.
You can find more helpful tips in our glossary at www.david-borck.de/en/glossary
If you are looking to buy a piece of real estate, we will gladly offer you a helping hand. Just get in touch!
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David Borck Immobiliengesellschaft
Schlüterstraße 45 | 10707 Berlin | firstname.lastname@example.org
Telephone 030 – 887 74250 | Telefax 030 – 887 742525