Common mistakes when buying real estate

You want to buy an apartment or a house in Hamburg? There are many things to consider. Whether as a residential property or as an investment, we explain how to avoid the most common mistakes when buying real estate.

The dear money

Buying a property is a big investment. Therefore, it is especially important that the financing is well thought out.

  • No equity: In most cases, it is not advisable to buy a property without equity. You should save ten to 15 percent of the purchase price to create a good foundation for further financing.
  • Tight calculation, short loan term: the terms of your planned financing should be realistic. Also anticipate unforeseen financial burdens, such as an expensive car repair. At the same time, you should not have to restrict your standard of living too much. Play it safe with the runtime, too.
  • Don’t shop around for comparative quotes: always compare financing quotes from different banks, because even small differences matter a lot when the amounts are so large. Also, never sign a purchase agreement without a written financing commitment from your bank.
  • Ignoring returns: Even if you don’t plan to resell your property (for now), it’s important to keep future returns in mind. The investment has to pay off for you in the long run, otherwise it’s probably not the right choice.

The right property

Before you decide on a property, you should put it through its paces. This is the only way to make the best choice.

  • Compromising under time pressure: The search for the perfect property can be a long one. Do not give up! Plan enough time to compare different properties and don’t make any big compromises. Leave emotions out of the purchase and make factual decisions.
  • Buying blind: There are actually people who buy a property without viewing it. We strongly advise against this. Personally check the condition of the object and its location on site. To be on the safe side, you should request an appraisal in which defects are documented by a professional. In this way, it is also possible to estimate the need for renovation and the costs that will be incurred.
  • Avoid negotiations: Your money is at stake, so don’t shy away from negotiations. Ask to see important documents such as the extract from the land register, minutes of the last owners’ meeting and existing leases. It is essential to have the purchase contract checked by a notary before signing it.

Well advised all around

Avoid real estate buying mistakes and resulting costs and simply leave the work to us. We know the regional real estate market in Hamburg and will find the perfect property for you. We professionally evaluate the property, support you in the negotiations and take care of the paperwork. We will also be happy to arrange suitable financing for you. Contact us without obligation.

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