Before you sign a binding purchase offer or even sign a purchase contract, you have to do a few things. To ensure that your real estate purchase is quick and safe, we recommend the following steps…
1. Strategy: Think carefully about the goal you are pursuing with your investments. Your strategy can be, for example, at least three 2-room apartments in urban areas Location in Germany with the aim of using debt capital and paying off the loan with your rental income. So you can look at the real estate as a pension.
2. Define search criteria: Based on your strategy, it becomes clear what exactly you need to look for. So think about which properties fit your plan and set yourself certain rules. Up to what price per square meter are you willing to buy? Does the apartment already have to be rented? Which location is not suitable for you? Set yourself clear rules so that you can later make a well-founded, fact-based decision based on your criteria.
3. Secure financing: You should already Talking to different banks. Explain what you intend to do and submit one specific planning. This also includes all relevant information about your income, expenses, assets and liabilities. Secure a loan approval from the bank early on. Many banks give such a commitment, at least subject to a specific individual examination of the respective property.
4. Sending inquiries, completing viewings, buying: Now the time has come – inquiries are being sent out and viewings are completed. Especially with particularly cheap properties, you have to act quickly to have a chance at the property. Nevertheless, it is important to always invest enough time in the thorough examination of all documents. This is the only way to make a serious purchase decision.