10 COMMON MISTAKES WHEN BUYING A PROPERTY – AND HOW TO AVOID THEM!

Mistakes when buying a property delay moving in, lead to higher costs and get on your nerves.

With our comprehensive expertise, we at Victor Investment want to help ensure that your property purchase in Berlin, Potsdam or Brandenburg goes smoothly.

1st mistake: Making a hasty decision

Competition among potential buyers is still fierce, especially in sought-after locations. This is why many buyers feel the pressure to buy a property quickly.

Here’s how to avoid this mistake: Don’t rush into anything, because you are making a decision for life with your purchase. Compare different properties and weigh up the pros and cons thoroughly.

2nd mistake: Deviating from your own ideas

The likelihood of finding a property that is 100% perfect is certainly low. Nevertheless, you should not make too many compromises. Draw up a list of requirements in advance and try to prioritise them.

3rd mistake: Not calculating total costs

When buying a property, most people focus primarily on the sales price, but forget that there are also additional costs. The additional costs for the notary, land register entry and land transfer tax are calculated as a percentage of the purchase price. You should factor this into your planning.

4th mistake: Paying overpriced prices

Buying a property because you finally want to get out of the rental situation? Or because you’re afraid you won’t find a better property? Due to the increased supply, buyers are in a favorable position to conduct good price negotiations. If in doubt, have a market value assessment carried out for the property. This will ensure that you pay a reasonable price.

5th mistake: saving too little equity

When it comes to financing, banks expect higher budget lump sums and demand a higher equity ratio. In the worst case scenario, no financing can be obtained.

How to avoid this mistake: Calculate in advance exactly how much equity you have available and how much property you can afford. You may have to adjust your requirements.

6th mistake: Insufficient planning of financing

Do you use online comparison portals to search for financing concepts yourself? Or just obtain an offer from your bank? If the financing doesn’t suit you and your living conditions, you could run into financial difficulties. Make sure you take advantage of the opportunity for professional financing advice, where you may be able to benefit from special conditions and obtain more favorable financing.

7th mistake: Incorrectly assessing the need for refurbishment

It is often impossible to assess the actual condition of a property during brief viewings – and in the worst case scenario, the buyer will be faced with high refurbishment costs.

Inspect the property several times, if necessary with a building expert, and obtain cost estimates from tradesmen.

8th mistake: Overestimating your own efforts

Many buyers not only overestimate their own ability to renovate or refurbish a property, but also their time for this project. Only plan your own labour for the work and times that you can actually carry out. Mistakes made due to ignorance or lack of time will be twice as expensive.

9th mistake: Not planning ahead

Most people do not want to leave their home in old age, but have to because the property cannot be converted to make it suitable for senior citizens or wheelchair users. Consider possible conversion measures or seek expert advice.

10th mistake: Insufficient contract review

The notary clarifies the content of the purchase contract to all parties involved before notarising it. Changes are then no longer possible. Use your right to have a say in the drafting of the contract, content and wording and check everything carefully before the notary appointment.

If you would like individual advice in addition to these tips for buying a property, we at Victor Investment will be happy to help you. Arrange a non-binding initial consultation now.