You are finally fulfilling your dream of buying condominium. However this step should be well prepared.
Below, we have compiled a few important points for you to keep track of costs, location, condition and the like.
The location of a property is and remains one of the most important criteria for a purchase. You should think in advance about where to buy and if necessary visit the surrounding streets.
Another important aspect: the size of the apartment. How much living space and many rooms are you looking for? Do you like the room arrangement and the cut?
When would you like to move into your condominium? Make sure you plan enough time between the first search, financing commitment, conclusion of the purchase contract and handover and move-in.
The total cost of the property is comprised of the purchase price and the additional costs.
These additional costs include:
• Notary and land registry costs
• Buyer’s commission
• Real estate transfer and property tax
• Renovation / refurbishment and modernization costs
Keep in mind to pay attention to the amount of the monthly house allowance. If you buy a property in a multi-party residential complex and the payments to the administrator are above average, this could also be an indication that the energy and administrative costs may be too high.
Important factors concerning the surrounding area consist of things of daily living, such as the infrastructure, the leisure facilities and, not to be underestimated, the noise.
Things of daily living: In big cities, many buyers attach particular importance on having schools, kindergartens, shops and medical practices located close to the property of theirchoice.
Infrastructure: Is the property well connected to public transport? Commuters and families with school children pay particular attention to the proximity to buses, subways and trams.
Leisure activities: These include, for example, bars, restaurants, cinemas and fitness studios. If these are also within walking distance, this once again increases the value of a property.
Noise: As much as the leisure activities in the vicinity of a property can increase its living quality, noise or unpleasant smells can reduce it. Locations that are close to busy roads, entry lanes from airports or waste incineration plants are more likely to be avoided.
In addition to the question of the year of construction and the last renovation or refurbishment, a look at the energy certificate of an apartment can provide information about its condition. A look at the energy performance certificate is even required by law and contains information about the energy requirement or consumption.
The energy consumption value with scale shows how good or bad an apartment is rated. You can also find information about the type and age of heating.
During a detailed inspection, make sure to pay attention to the condition of the following aspects:
• House and front door
• Apartment doors
• Top, roof
• Basement, cellar
• kitchen, bathroom and toilet
• Floors and floor coverings
• Walls, plaster and wallpaper
• water supply
If you wish to live in a fitting and harmonious environment, you naturally ask yourself who your new neighbors are going to be. After all, if you are all going to live there you have to be able to get along with one another. Disputes between the parties deter buyers. The frequency of moves in and out is equally important.
Important Documents That You Should See
Declaration of Division: From this you can see the individual home ownership shares, as well as the location and size of the individual units, the rights and obligations of the individual owners, as well as the separation of special and community properties.
WEG-Protocols and Business Plans: Important decisions on renovation and maintenance work are recorded here. The developments of certain types of costs, such as the costs that can be apportioned to tenants and not be apportioned, are shown. These documents also contain information about the level and development of the maintenance reserve, which can be used to finance major renovations.
Residential Building Insurance: This document will be requested from the bank if it is meant to finance the purchase of the property.