Checklist for buying real estate

Before buying a property, there are a few things to consider so that your future home does not become a cost trap. We have compiled a checklist for you of what is important and what you should definitely pay attention to.

1. compile your needs and wishes

First of all, realize what you absolutely want and what you have imagined, but what is not absolutely necessary. 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 a school, daycare center and doctors? What is the maximum distance between them?
• What shopping facilities do I need nearby?
• Old or new, modern or historic: which architectural style do I prefer?
• Am I ready to renovate?

2. clarify the financing

Before you start your search: clarify your finances. What is your budget? How high can the loan installments be? Bear in mind that in addition to the installments, you will also need to budget for living costs and any maintenance and repair costs. Please 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 a commitment, you can start your search.

3. are all documents ready?

Whether before or during the viewing, these documents should be available in full for presentation to the estate agent or the seller:

• Financing commitment from the bank
• If you buy without financing: Bank statement
• "Nice to have": Application folder with self-disclosure

4. what you should 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 installations: is everything as specified in DIN 18015?
• Energy: are the heating and hot water pipes insulated? What is the energy consumption like? Has the property already been renovated in accordance with the Building Energy Act?
• Look out for visible damage and ask about it

5. closing the sale

If you like the property and you get the seller's approval, it is your job 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 are unsure what you need to consider? Just ask us! We will be happy to give you comprehensive advice.

Notes

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where 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 individual case.

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