From tenancy to ownership: A guide for informed decisions
Nowadays, when many people have to decide between continuing a tenancy and buying their own property, it is crucial to have all the relevant information to hand.
The decision to become an owner is not only a financial commitment, but also a step that can have a long-term impact on your quality of life. In this context, it is important to think beyond the purchase price and understand what factors really make a property a home.
Basic considerations
Before deciding on a property, consider its market presence – how long it has been for sale can provide insight into demand and potential price negotiations. The owner’s reason for selling can also provide insight into the urgency of the sale or potential problems with the property. A thorough survey of the neighbourhood will tell you whether the local infrastructure meets your needs.
Detailed questions about the property
The age of the building fabric and any maintenance or modernisation measures carried out to date are crucial for understanding the quality of the property and possible future expenses. Defects such as damp or mould as well as the energy efficiency class of the building can have a significant impact on your quality of life and ancillary costs.
Legal and financial clarifications
Legal and financial aspects, such as any restrictions, local taxes, the role and costs of a property management company, and the financing situation, are also critical. These factors can have a significant impact on your decision and future flexibility regarding the property, including the ability to rent it out.
Final considerations
When finalising the purchase process, it is important to clarify the timing of viewings, the documentation required and the duration of the purchase process. Understanding the competition from other prospective buyers can also be strategic to maximise your chances of purchasing your desired property.
