Tips for a successful real estate purchase: What you should definitely pay attention to

1. Set a realistic budget

Before you start looking for a property, it is important to set a realistic budget. Take into account your financial possibilities, including savings, loans and running costs. Don't just think about the purchase price, but also the classic ancillary purchase costs such as land transfer tax (5.5% in Hamburg), notary fees including land register transfer (approx. 2%), any estate agent's commission and any renovation costs.

Tip: You are welcome to use the practical budget calculator from VON POLL FINANCE, with which you can determine your financial leeway in just a few steps.

2. location, location, location:

The location of a property not only has a major influence on its future value development, but also on your quality of life. Proximity to public transport, shopping facilities, schools and workplaces are often crucial.

3. Define the type of property

Make a list of your requirements and wishes for the property. Think about how many rooms you need, whether you want a garden or balcony and what other features are important. This will help you to focus your search and identify suitable offers more quickly.

4. Clarify financing:

Clarify your financing options in advance.

By issuing a non-binding and free financing certificate, which shows a suitable financing amount, you show the seller or estate agent that you are already familiar with the property. By issuing a non-binding financing certificate free of charge, which shows a suitable financing amount, you show the seller or estate agent that you have already dealt with the issue and that you are able to act quickly with regard to a binding, property-related financing confirmation.

You can also rely on the support of VON POLL FINANCE here.

5. Carry out viewings carefully

Allow sufficient time for viewings and pay attention to details. Check the structural condition, any defects and the general impression of the property. In principle, the principle of "bought as seen" applies to the purchase of second-hand properties.

In particular with older properties, it may make sense for you to ask an expert for their opinion after a promising first viewing appointment or to consult them as part of a second follow-up viewing.

6. Study the property documents thoroughly

If you have enjoyed a viewing, do not hesitate to ask for the other available property documents after the viewing, which should be studied thoroughly. This includes classic documents such as the last three minutes of the owners' meeting for a condominium, the last utility bill or housing benefit statement, a valid energy certificate, a living space calculation, the declaration of division, a current extract from the land register, etc.

Most of the property documents will be required by a bank for the purpose of issuing a binding financing confirmation anyway.

7. Submitting a bid

Once you have come to the final conclusion that you would like to purchase the property on offer, you can submit your written bid to the seller or the agent in charge. Your bid can be the full amount of the offer, but it does not have to be. In any case, you should always check carefully whether it is a realistic asking price and how much you are actually prepared to pay. However, always bear in mind that a property can only be sold once and that, as a rule, the prospective buyer who makes the best bid and, ideally, already has financing in place will be the successful bidder.

8. Purchase price agreement

Once you have been selected as the buyer, the next step is usually to conclude a purchase price agreement, which authorizes the seller or the agent acting on behalf of the buyer to commission a draft of the purchase contract from the notary's office to be selected by the buyer. Please note that if a notarization is not carried out by the selected notary's office (e.g. because the bank does not agree to financing), the costs for the preparation of the draft purchase agreement are to be borne by you. Accordingly, the financing should ideally already have been checked in advance.

9th notarial appointment

After reviewing the draft purchase agreement and any adjustments made on both sides, a date for the notarization is agreed, in which the purchase agreement is read out again in the presence of the buyer and seller and important legal consequences are explained. This is followed by the notarization of the purchase agreement.

In the same or a separate appointment, the buyers then create the land charges if financing by a bank is desired (this is usually the case, as very few properties are financed entirely from equity).

10. Legal and economic transfer of a property

The economic transfer of a property from the seller to the buyer, also known as the transfer of benefits and encumbrances, takes place as part of the handover (settlement date) of the property. From this point onwards, the buyer bears all rights and obligations associated with the property, such as the payment of property taxes and responsibility for maintenance costs.

The final legal transfer of ownership takes place when the buyer is entered in the land register, which can take several weeks depending on the land registry.

Conclusion

The most direct route to your new home is to contact a local expert with your property search. You've already come to the right place. You are welcome to enter your search criteria at VON POLL IMMOBILIEN with over 400 locations throughout Germany and benefit from our extensive market expertise and our advanced digital processes.

Are you looking for a property in Hamburg and the surrounding area? Please contact our VON POLL IMMOBILIEN Hamburg Schnelsen / Niendorf office directly. Our team looks forward to helping you with your real estate needs.

VON POLL IMMOBILIEN Hamburg Schnelsen / Niendorf

TEL: +49 40 - 80 00 85 16 0

Email: [email protected]

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