Define your wishes
What image do you have in mind when you think of your dream property: a charming old building with high ceilings and stucco? A large family home with garden and pool? Or a modern loft apartment in the middle of the city? You probably immediately have a certain type of property in mind. Before you start your search, you should define your wishes even more precisely. How many rooms must the house have? Do you need a basement or attic? Which districts are eligible? The real estate market in Hamburg is highly competitive. Therefore, also consider what compromises you would make. It is important that you plan for the long term. After all, in the best case, you want to live in the house all your life.
It’s all a question of price
Your real estate needs should, of course, fit your budget. Calculate your financial resources early and list your income and expenses. Use no more than 35 percent of your net income for financing so that you have sufficient reserves at all times. As a rule of thumb for real estate loans, you should contribute 20 to 30 percent of the property price from your equity. In your calculations, don’t forget the ancillary purchase costs, which total about 15 percent of the price of the house or apartment.
Do not rush
Since your real estate financing will be with you for a few more years, don’t rush the selection process. Would you like to be particularly flexible when it comes to repayment? Then select financing that allows for unscheduled repayments and a change in repayment rate. Pay particular attention to the monthly rate as well as the length of the fixed interest rate and calculate how much the loan will cost in total in the end. Compare different offers and get comprehensive advice. In addition, find out if you are eligible for any subsidies. Both Hamburgische Investitions- und Förderbank (IFB) and Kreditanstalt für Wiederaufbau (KfW) offer attractive subsidy programs, particularly for energy-efficient construction and housing.
So nothing stands in the way of your own property in Hamburg
When buying a house or apartment, there are a few things to consider. With our tips, you can prepare yourself optimally and start your real estate purchase carefree. Feel free to browse through our offers in Hamburg and contact us if you have any further questions. We will be happy to advise you!
