Buying your own home – for most people, this is a big decision in life. That is why it is particularly important that this decision is well considered. Many buyers are too careless when buying a home and rely on the word of the seller. But as often happens in these cases: trust is good, control is better – especially in a property worth hundreds of thousands of euros.
But what exactly do you have to pay attention to? And what possible problems should you have in mind? We have compiled for you in this blog post ten traps that can come to you when buying a house!
No. 1 – Not enough time
Time pressure is good for any purchase decision – especially not when it comes to a property. Both in the entire buying process as well as in the individual visits you should therefore take enough time and do not rush. Do not choose the first object, but look at others to compare . A rule of thumb is that you have to visit about 10 objects in order to find the right one with a high probability. Of course that does not mean that you have to visit 10 objects, but you should not just stay with one. Be patient and show stamina – then you will be rewarded!
# 2 – Indecision – What do I want?
Do not make the mistake of going to the house search unprepared. You should have specific ideas about your new home. If you notice after moving in that you could actually use two more rooms, or a basement would have made sense, it’s too late. So plan exactly how you want to use the house and what features are important to you personally. It is best to even take a list with you to visit and check exactly if the house fulfills the desired attributes. And here too, take your time. Your big dream has always been a huge, open kitchen with plenty of space for cooking? Then you also search so long, until you can fulfill this dream. In your own home you should feel good for a long time – without compromise.
No. 3 – Do not plan the future
When buying a home, you should definitely think long term ! Consider, for example, your family planning – you may need two more rooms in a few years. Foreseeable career changes should also be included in the planning. It is therefore important not to short-sightedly go to the house purchase, but to have the future in view. This will help you avoid high overhead and unplanned costs later on.
No. 4 – The situation is secondary
The location of a property is often underestimated. Pay attention not only to the object itself, but also to the environment . Regardless of the statements of the seller or broker, check how good the transport links or parking possibilities of the property are. It is also useful to explore the accessibility of supermarkets, doctors’ practices or schools and kindergartens. The location also includes the neighborhood. To get a better impression, you can, for example, take a leisurely stroll through the surrounding area. In addition, the location contributes significantly to the value of your property.
No. 5 – A visit is enough
You should not only take enough time for a visit, but also look at an object that interests you several times . If possible, you can also visit the property at different times of the day – so you get a broader impression. Above all, you should also consider possible noise or odor nuisances. For example, during an evening tour you will not notice that your road is used as a thoroughfare for trucks. Also keep in mind the seasons . If you visit an object, for example, in winter, you will hardly notice large, bare deciduous trees. These can, however, give your rooms a lot of light in spring or summer.
No. 6 – No view for the details
Look carefully when buying a home, so that hidden defects do not remain hidden. You should not be blinded by atmospheric descriptions of the broker. Do not just look at the living rooms, a close look into the cellar rooms and in the attic is a must! Beware of damp spots, is there perhaps even first signs of mold? In the attic you should look at the beams in peace, can you find sawdust, small holes or meter-long feedings near the beams? All these points are evidence of wood pests, which can destabilize the whole building in the long term.
A certified expert can assist you with the real estate inspection and help you to examine the real estate heart and kidneys. Depending on the age of the house, the condition of the pipes, the materials used and the heat and sound insulation should always be checked.
No. 7 – fly over documents only
Check all documents carefully! This is expensive, but especially important to protect yourself from nasty surprises. These documents include not only the purchase contract itself, but also documents such as the blueprint, the floor plan or even the energy certificate. In the case of apartments, attention must also be paid to the declaration of division and to the minutes of past owner meetings.
In addition, you should take a look at the land register . Here you can, for example, see what adverse effects exist for the benefit of third parties, so if, for example, a right to reside for a specific person in your property or, for example, rights of way. In the payroll you will find another way to check if there are any restrictions in the buildability of the land.
You should definitely receive and check these documents :
- Construction plans incl. Building description and planning permission
- Residential and usable area calculation
- Current property tax assessment
- energy certificate
- Minutes of the Owners’ Meetings (at least the last 5 years)
- Land register excerpt (including land register debits)
- Price list of any items to be sold
- purchase agreements
No. 8 – Do not check the building permit & development plan
When buying an existing property you should definitely check the building permit before buying. With the help of the building permit, you can find out if there are certain conditions that could later impede your modernization plans. If the property also has subsequent additions, you should make sure that the current owner had a building permit for it. If this is not the case, in the worst case, the building authority can order a subsequent elimination.
A closer look at the development plan will also give you an idea of whether you are allowed to build additional extensions or floors on your property. In addition, the development plan contains information on whether additional houses are planned adjacent to your property, which could later obstruct the view.
No. 9 – Financial Overconfidence
When financing and budgeting your home purchase, you should stay realistic . Do not count on a speedy lottery win, promotions or salary increases, but on what you have. So you can arrange installment payments that are realistic for you to comply with. These should not be underestimated, but also have the opportunity to save some money each month.
With the help of the TGI budget calculator, you can get an overview of your budget in advance. The calculation of the amount of your financing will take into account ancillary costs such as notary fees, land transfer tax and modernization costs. At the end, the available equity will be added. Now, if you ask yourself how much equity you need for your project, you will probably come across many different types of information online. In our blog you will find the myths and facts around the topic of equity. For an exact determination of your financing amount, we are happy to advise you personally – free of charge.
No. 10 – do not consider renovation costs
Often underestimated are also renovation costs . Renovations eliminate major damage to the house, which usually requires specialist support. So be sure to include renovation costs in your bills. With a recovery calculator, you can quickly and easily determine the costs and benefits of various remedial measures. You can read about how you can protect yourself from unexpected refurbishment costs when buying a home.