Mistakes when buying real estate

The worst-case scenario after buying a property: the house or apartment doesn't fit after all, the loan amount was insufficiently calculated and major costs cannot be covered. Or the surroundings and neighbors are a nightmare. All of this could have been avoided if the following typical mistakes had not been made when buying a property.

There are many reasons that leave new owners with the feeling that the purchase was a mistake. In the worst case scenario, they may have to move again. We therefore recommend seeking advice from a regional real estate agent before buying. Prospective buyers benefit from the estate agent's local market knowledge.

Scenario 1: If the property does not meet your expectations

This scenario can be avoided if the purchase decision is not made under time pressure. You should also consider more than just one property. If you come from further away and do not view the property properly due to time constraints, you should not be surprised if you regret the purchase afterwards.

Scenario 2: no money for refurbishment and co. - incorrect financing

Proper budget planning before buying is the be-all and end-all. This should not only take into account any renovation obligations and other construction measures, but also a monthly installment amount that does not put too much strain on the wallet.

Scenario 3: more defects than previously known

It is always important to compare several providers and get an opinion from a building expert. They can make a good assessment of the refurbishment and modernization costs before you buy. An estate agent can help with the search.

Scenario 4: Terror neighbors / surroundings do not like

Before buying, the property should be visited at different times of the day to get a good idea of the daily noise levels and other things. It is also helpful to get an impression of the neighbors.

Scenario 5: Development plan and building restrictions

Shortly after moving in, the beautiful view is blocked by a new building. Or the plot may only be built on to a limited extent or not at all. This scenario can be avoided by taking a look at the municipal development plan.

Do you have questions about buying or selling a property? Or would you like other advice? Please contact us! We will be happy to help you.

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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