Properties come in many different variations: From a single apartment with less than 40 square meters of living space to a villa in the suburbs. Before starting your search, the first thing you should do is determine your budget. The budget is different for each person. In most cases, buyers do not have the purchase price in cash, but need to finance it, for example, with a bank. You should be on top of your financial situation before buying. Start with your income and expenses – and cash that is available. A mortgage and financing advisor will be able to help you with realistic expectations and options that will be available to you.
Also get familiar with the factors influencing a property’s value, as this is a crucial factor in the sustainability of your investment – both for your own use and in case of an investment purpose. The value is dependent on many different factors such as year of construction, living space, location, condition, etc. In addition, the relationship between supply and demand plays a significant role in the real estate market.
Once you have broken down your financial situation and are clear about your budget, you should use the time to gain as much experience with real estate as possible. You have a good opportunity to do this during inspections. The more properties you have seen from the outside and inside, the better you can form your individual idea of what you really want and prefer. This will also allow you to make your search more effective over time. Each viewing provides important insights and experiences.
Real estate agents take care of listing and selling properties. Many brokers have a large database of existing properties – and they like to offer properties to their subscribers, before they go on the market, so consider signing up with agents to be informed about any new opportunities. An agent can also search on your behalf, once you defined the criteria that is important to you regarding your real estate purchase.
Do you know someone who knows someone?
The network plays an important role in finding the right property. In addition to the possibility of buying real estate through brokers, a more cost-efficient option is the possibility to buy directly from the owner, without incurring a brokerage fee. Therefore, it can be particularly worthwhile to tell acquaintances, friends and colleagues about your desire to buy.