The most important points
Buying a condominium is probably one of the most important decisions you will make in your life. Not only does it represent a major financial commitment, but it is also often associated with many personal expectations. From many conversations with our prospective buyers, we know how helpful clear guidance can be. To ensure that you are well prepared and avoid potential risks, we have compiled the most important points for you in our checklist for buying an apartment. To help you reach your goal safely, we accompany you step by step on your way to your own four walls. In our checklist for buying an apartment, you will find all the important aspects you should consider.
The financial basis: How much can I afford to spend on a condominium?
Before you embark on the exciting search for a property, it is important to establish a realistic and viable financial basis. This forms the foundation for a relaxed purchase process and shows you the price range within which you can safely move when buying an apartment. We support you in accurately assessing your financial options and making well-informed decisions.
Are incidental purchase costs considered equity?
As experienced real estate agents, our clear recommendation is: Cover the incidental purchase costs with your own capital. Because these expenses are added to the purchase price and, depending on the state and brokerage commission, usually range between 5% and 15% of the purchase price. They play an important role in your overall financing, and anyone who underestimates them risks unnecessary financial bottlenecks.
How much equity is required for a condominium?
We recommend contributing an additional 20% to 30% of the purchase price as equity. There is a simple reason for this: with more equity, your credit rating improves and the bank assesses your risk as lower. This usually means you get better terms and lower interest rates. This increases your chances of securing solid, long-term financing for your new home.
Home financing: your key to security
It is best to seek advice from independent financial experts at an early stage. Home financing should be well thought out, as it does not only consist of monthly loan installments, but also takes other questions into account: How long will the interest rate remain the same? Can you make additional repayments in the meantime? And what happens if your situation changes unexpectedly? It is therefore a question of long-term fixed interest rates and the possibility of special repayment installments to give you more flexibility if your circumstances change. We are happy to put you in touch with experienced banks and financial advisors from our network who will guide you safely through this process with a solid financing plan.
The search: location, condition, and the right documents
When you are planning to buy an apartment, there is much more to consider than just the attractive appearance of the property. The most important factors are the location, the structural condition, and the complete documentation that provides you with information about possible risks. This is exactly where our work at coming home Sales comes in: we check the relevant documents for you, identify potential problems at an early stage, and assess hidden risks. At the same time, we also keep your wishes in mind so that you can avoid typical pitfalls and find an apartment that suits you and your long-term life plans.
What are macro and micro locations?
Location is one of the most important factors when buying a property, especially if you are looking at condominiums for the first time. To help you make an informed decision, we consider the location from two perspectives:
- Macro location: How is the district or region developing overall? We pay attention to factors such as infrastructure, economic strength, the labor market situation, and general rent trends. When a region grows and gains more residents, jobs, or infrastructure, property values usually rise as well. This is an important indication that your investment is stable and future-proof in the long term.
- Micro-location: What is the immediate residential environment like? This includes proximity to public transportation, shopping facilities, schools, doctors, or pharmacies, but also possible disruptive factors such as traffic noise, restaurants, or planned construction projects in the neighborhood.
All these aspects help you to determine whether a property really suits your everyday life and lifestyle. Our sales team will be happy to assist you with these considerations to help you find out exactly that.
What are separately owned property and common property?
During the viewing, you should not only look at the apartment itself, but also the entire building. As the owner, you will later be proportionally responsible for everything that belongs to the building. Potential damage to common property can quickly become expensive. We will help you to assess the condition correctly:
- Apartment (separate property): Take a close look at the windows, floors, electrical system, and plumbing. Is there moisture, mold, or very old pipes? If you are unsure, an independent expert can help you identify risks early on.
- Common property: What about the roof, facade, heating, or basement? Have any renovations been carried out recently – or is any major work planned? The minutes of the owners' meetings provide important information about this. We carefully review these documents for you to avoid any surprises
What documents do I need to buy an apartment?
Buying an apartment is a big step, and the better you understand the documents, the more confident you can be in your decision. Therefore, take enough time to review all documents. If anything is unclear, we will be happy to assist you and ensure that you receive and understand everything that is important:
- Land register extract: This shows who owns the apartment and whether there are any encumbrances, such as mortgages, rights of way, or usufruct. A "clean" land register ensures that you are really buying what you want to buy.
- Declaration of division and community rules: These documents define what belongs to the special property (your apartment) and what belongs to the common property. They also lay down the rules for living together in the owners' association
- Minutes of owners' meetings (at least for the last three years): Here you can find out whether the owners' association has planned any renovations, whether there is a relaxed neighborly atmosphere within the community, and whether any important decisions are pending.
- Budget and amount of the maintenance reserve: These documents show how well the association is positioned financially. A solid reserve fund prevents high special assessments when repairs are due. The monthly maintenance fees are also shown here, which is an important point for your running costs. We analyze for you whether enough money has been set aside for upcoming repairs.
- Energy performance certificate: This provides information about the energy efficiency of the building and the expected heating costs. In view of rising energy costs, this is an increasingly important factor for your monthly expenses.
The most important documents when buying real estate summarized
Thoroughly checking these documents is your best protection against costly surprises. The land register extract provides an overview of your property, while the declaration of division sets out the rules of the owners' association. The minutes of the owners' meetings and the economic plan give you a realistic view of the financial future of the house
The process of buying an apartment: From offer to key handover
Essentially, every deal proceeds as follows: viewing, purchase offer, agreement, notarial contract, and notarization. However, it makes perfect sense to have a real estate agent at your side, as every buyer and seller has their own interests and wishes, as well as varying levels of experience in purchasing real estate. The real estate agent acts as a calming influence and, in the best case scenario, as a reliable partner for both parties, guiding them through the entire process.
To ensure you feel secure and have an overview at all times, we accompany you from the very beginning: our sales team provides clear advice without complicated jargon. This means you always know exactly what comes next and what you need to pay attention to.
How do you formulate a good purchase offer?
Once you have found your dream apartment, the next important step is to make an offer to purchase. In Germany, this is initially non-binding as long as it has not been notarized; nevertheless, it should be well thought out. It is important that your offer is clearly justified and already includes a financing commitment or at least a financing confirmation from your bank. This shows the seller that you are seriously interested and solvent. A well-formulated offer can make all the difference. We support you in structuring your offer professionally and presenting it in such a way that you have the best chances of success.
Who draws up the purchase contract when buying real estate?
The purchase agreement is always drawn up by a notary and must also be officially certified there. The notary is neutral and ensures that all legal requirements are met and that the purchase is handled correctly.
What needs to be considered regarding payment and change of ownership?
Once the purchase agreement has been signed and all necessary requirements have been met, such as the entry of the priority notice of conveyance in the land register, which protects you as the buyer, the purchase price becomes due. The legal transfer of ownership only takes place once you are entered as the owner in the land register. However, the benefits and encumbrances of the property are usually transferred to the buyer at an earlier stage, usually upon full payment of the purchase price . Depending on the land registry office,this registration step can take several weeks or even months. So that you don't have to worry about anything, we keep an eye on every single step relating to payment and change of ownership for you and, together with the notary, ensure that everything is carried out smoothly and on time.
The checklist for buying your home
Use our checklist for buying an apartment to check step by step whether all the important points for purchasing your condominium have been taken into account: from financing and location assessment to the necessary documents and the process at the notary's office. It serves as a guide to help you keep track of every phase of the purchase process and ensure that no important details are overlooked. This way, you can be sure that you are well prepared for your apartment purchase.
How to realize your dream of buying a home
Buying an apartment is a big step and, at the same time, an exciting opportunity to create your own home. With the right preparation, a little patience, and an experienced partner at your side, this journey can be made much easier and more successful. Our apartment purchase checklist helps you keep track of all the important points and guide you through the process in a structured manner. By realistically assessing your financial options and carefully planning each step, you can lay the best foundation for a confident decision. Are you ready to take the next step? Then start your property search now and discover interesting properties that match your expectations. If you have any questions or would like personal advice, you can contact us at any time. Our experienced coming home sales team will guide you professionally through every step so that you can overcome all obstacles with ease and get noticeably closer to your dream of owning your own home.
Do you have questions about buying a home?Get in touch with us! We will find the answers to your questions.
After buying an apartment: Life in the homeowners' association
The handover of the keys marks the beginning of a new chapter in your ownership of a property in the " – " and, at the same time, a wonderful piece of community life. You are now part of a condominium owners' association (WEG). This step is more than just moving into your own four walls; it means taking on rights and obligations that govern coexistence and the management of the common property. We want to ensure that you maintain an overview during this phase and confidently master your role as a new owner.
It's also about finding your place, familiarizing yourself with the processes, and, if you wish, taking on a little responsibility for communal living. Many owners find this exchange enriching because it creates connections and strengthens the sense of community. We want you to be able to relax and grow into your ownership from the very beginning. The following tips will help you get to know the community and feel confident in the WEG step by step.
What is the condominium owners' association (WEG)?
The WEG consists of all owners of the building and forms a community that makes decisions and shapes the community together. The basis for this is laid down in the Condominium Act (WEG), the declaration of division, and the community rules. As a new member, you automatically enter into the existing ownership with all your rights and obligations, which makes living together pleasant and reliable. General issues such as the roof, facade, or heating system are jointly supported and decided upon by all owners. Even though many things are already well established, it is worthwhile to grow into the community step by step and get to know the processes. We would like to encourage you to get involved in the homeowners' association. Every voice contributes to ensuring that neighborly relations function well and that the building remains a place where people feel comfortable. In this way, you can actively participate in the long-term development of your own home.
How high should the maintenance reserve be?
The maintenance reserve is the WEG's joint financial cushion – it ensures that necessary repairs and improvements to the common property can be carried out without any worries. The better this reserve is filled, the more confidently you can look to the future. Make sure that the reserve is appropriate for the size, age, and condition of the building. If it is set too low, larger measures, such as roof or facade renovation, can quickly lead to unexpected additional costs after purchase. On the other hand, a solid reserve fund means stability for all owners and the peace of mind of being well prepared for the years ahead. We are happy to help you assess whether your WEG's reserve fund is at a healthy level.
What happens at the first owners' meeting?
The owners' meeting is the moment when the community comes together. You get to know the other co-owners, get a feel for the community in the building, and gain a first impression of how decisions are made together. At this meeting, topics that directly affect your new home are discussed, such as the annual statement of accounts or possible future projects on the building. To ensure you feel well prepared, we recommend taking a look at the agenda in advance. This will allow you to participate in a relaxed manner and confidently represent your concerns. Many people find this first owners' meeting a welcome start to settling into the community and actively shaping the future of the building.
