Eight Common Mistakes When Buying a Property
A purchase decision made under time pressure can leave important questions unanswered. Use the following eight points as a cross-check before you make a binding commitment. Where there is legal or structural uncertainty, an individual expert assessment matters more than a quick yes.
1. Relying on a single short first viewing
Allow yourself enough time and, if possible, arrange a second appointment. Also check the surrounding area and how the property would work in everyday use.
2. Budgeting for the purchase price alone
Factor in the ancillary purchase costs, the financing, any work to be carried out and a reserve.
3. Treating the financing as already secured
Distinguish between an indicative calculation, a non-binding conversation and a commitment that has actually been given.
4. Skipping the Grundbuch (land register) and the property documents
Have ownership, encumbrances and what is being offered for sale checked against up-to-date documents.
5. Taking areas and ancillary rights at face value
Establish which rooms, parking spaces and outdoor areas belong to the property in law and in fact.
6. Judging the condition of the building by the furnishings alone
Pay attention to known building work and to technical questions. Attractive furniture is no proof that the fabric of the building is free of defects.
7. Planning ongoing payments without a reserve
Allow for possible maintenance work and for changes in your own financial situation.
8. Signing before the terms have been clarified
Before you make a binding decision, have the effect of your declaration, the conditions you want and the next steps in the process explained to you.
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