Buying your first property is probably the most time consuming purchase you will make in your life. You need to look out for a lot of points to make sure you are on the right track. The wealth of information you need to keep in mind can lead you to overlook some important points. Therefore, it is important to be clear in advance what questions you need to ask and what information you need. So that in the end you can make the right decision for yourself. Good preparation is worth its weight in gold. Ok. Let’s take a look at a few points that you may not have in mind spontaneously.
- How much do I have to plan for repairs? Maybe this is a matter of course for you. It’s all the better, but far too many people let themselves be deceived by attractive offers at first glance and forget to take a closer look at the property. A thorough examination and evaluation of the necessary repairs can reveal individual points that require your special attention. A property that requires many repairs doesn’t have to be bad. The only important thing is that you know what measures to take. You can also use this knowledge in the final purchase negotiations to achieve a better price. And, and this is probably the more important point, you can consider the cost of repairs in your real estate financing.
- Which modernizations are necessary? At first glance, you might think it’s the same as point 1, but here you have to take a completely different approach. Older properties usually consume a lot of energy and this can make the purchase really expensive over the years. You should be particularly careful if a property sounds too good to be true. Usually there is a reason for the low price.
- What is the neighborhood like? You probably don’t feel like stressing with your future neighbours. Of course you cannot exclude everything in advance, but the closer you will live to your future neighbours, the more closely you should pay attention to this point. With a condominium or a terraced middle house it is much more important than with a detached house with a large plot of land. Do as much as you can with your neighbours and try to get as much information as possible. Even if you don’t get any answers from the sellers, this can be an indication. If the seller doesn’t want to talk about his neighbours, this can be a good sign of what you can expect.
- How far is the nearest supermarket and school? We are all quite comfortable and happy when we can do things with little effort. This is especially true for the little things of daily life. Just because you own a car should not mean that you have to use it for every little thing, because the distance to the nearest shops is too great to stick to that point. The distance to the nearest gas station shouldn’t be too great either. If you are looking at real estate in the suburbs, you should pay close attention to these points. Especially if you are used to city life.
- Why is the property sold? Usually there won’t be any problems at this point, but it’s still a good idea to find out why the current owners want to sell the property. If you don’t like their answer, this may be a sign that you should get more information here.
- How have property prices developed in this area? This is another question that you may have to dig deeper into to get a good answer, but it is an important point if you plan to sell the property later. Knowing how property prices have developed in the region can also help you develop your own sales strategy. Of course, the questions are just the tip of the iceberg, as you might imagine. Buying a property is not an easy ordeal. But if you know what questions to ask, the process may be a bit smoother.