If you are considering buying a condominium, you will encounter numerous legal issues that are very difficult for a layperson to understand. These are far more complex for an existing apartment than for a detached house, which is why it makes sense to seek advice from an expert.
In this article, we explain the benefits of a home purchase consultation for you as a potential future homeowner. Including a helpful checklist and practical tips.
What are the benefits of home buying advice? - The advantages at a glance
Buying a condominium is far more complex than you might think at first glance. Inexperienced buyers who have never experienced the process of buying a property before often make mistakes that cost them dearly later on. To prevent this from happening to you, we recommend a home buying consultation. On this occasion, a competent expert will explain to you what you need to look out for when buying a home. If you want to buy a detached house, you have to deal with certain regulations and legal conditions. But with a condominium, the things that need to be considered are far more complicated. For example, do you know the difference between co-ownership, special ownership, special rights of use and common ownership? Many home buyers who want to buy their first apartment assume that they will be the owner of a personal property in the future. In reality, however, the relationships are much more complex. After all, you will be part of a residential community that is subject to certain resolutions of the owners’ meeting as well as general regulations and laws.
As part of the home purchase consultation, the entire residential complex is therefore the focus of the appraisal in addition to the property itself. It is checked which special rights of use may exist and which renovation or maintenance measures are required for the common areas. In addition, any structural damage, need for modernization and other defects in the apartment are examined.
All the advantages of professional home buying advice at a glance:
- The value of the condominium is determined roughly
- The apartment inspection is carried out together with an expert
- Optionally, the price can be negotiated by the expert with the seller
- Apartment, residential complex and property are professionally inspected
- The inspection is carried out by an independent surveyor who has no personal interest in the purchase
- Modernization backlogs and construction defects are identified and assessed
- Owner resolutions and declarations of division are taken into account
- The results of the home purchase consultation provide important arguments for later negotiations with the seller
What should you consider before buying a condominium? - Our checklist
As already described, buying a condominium is in many cases far more complex than buying a detached house. We want you to be well prepared for every purchase discussion and therefore provide you with our comprehensive checklist for buying an apartment.
The location of the condominium
When you buy a property, the location plays an important role. Depending on whether you want to live in the condominium yourself or buy it as an investment property, the requirements for the location will change. After all, every resident has their own individual needs.
Overall, however, it is important that the location of the apartment is as attractive as possible. In this way, you can guarantee that the value of the property will continue to rise in the future. Some criteria have a certain general validity and are therefore described in more detail here:
- Noise level: Everyone wants good transport connections, but at the same time does not want a high noise level in the apartment. If there is long-term construction work in the neighborhood or the nightlife in the area is particularly active, this can influence the decision of future tenants. A low noise level increases the value of a property, while a nearby highway, train station or proximity to the airport will have to be sacrificed.
- View: If the apartment is on an upper floor, future residents will want a beautiful view. A view of the facade of the neighboring building reduces the value of an apartment, while a great view from the balcony or roof terrace instantly boosts the price and popularity.
- Shopping facilities: People who walk out of their front door and find pharmacies, grocery stores and clothing stores in their immediate vicinity feel comfortable. Good shopping facilities are therefore rated positively. Especially in big cities, where people often travel by public transport or on foot, they don’t want to have to travel long distances to do their shopping.
- Transport connections: The train station and bus stop should be close to the apartment. Residents can reach them within a few minutes and make their daily journeys easily by public transport. If you drive to work, you need good roads and excellent connections to main roads and highways.
- Leisure facilities: If you are considering a city apartment, you want to be able to take advantage of the wide range of leisure activities on offer in the city. Apartments that are close to cinemas, restaurants, sports facilities and bars are therefore particularly popular. Those who want to avoid the excitement of city life are more likely to opt for a house in the countryside.
- Doctors and schools: Proximity to nurseries, schools and doctors is a decisive criterion for a condominium. Young families and senior citizens are particularly dependent on these services and will therefore opt for a property that has a good educational network and excellent medical care.
- Neighborhood reputation: Even in the world’s most popular cities, there are neighborhoods that do not enjoy a good reputation. An attractive investment property is located in a prestigious neighborhood. Whether this is particularly chic or rather artistically hip is a matter of taste. But if the streets are characterized by drug problems and crime, the value of a property decreases.
Condition and building fabric of the condominium
You can no longer change the location of an apartment through your own efforts. You can only hope that it will improve over time. For example, if you choose a neighborhood with a mediocre reputation and limited leisure facilities, this may change for the better over the years.
You can very well change the condition of your potential condominium through your own actions. If you have the financial means and enough time, nothing stands in the way of extensive modernization work. In order to be able to better estimate the costs that you would incur for a renovation, it is worth having a professional survey carried out by an expert. The following areas should be particularly well examined in order to correctly assess the building fabric of an existing home:
Features of the residential complex
- Balconies and terraces: What impression do the building’s balconies and terraces make? Are they stable and well-maintained or do they look dilapidated and unkempt? Serious costs may be incurred if the balcony or terrace of the condominium needs to be replaced or at least renovated.
- Heating, wiring, pipes and roof: existing apartments should be thoroughly inspected. After all, the residential complex may already be several decades old. Pipes and wiring need to be replaced if they are defective. This may require major renovation work. Older buildings may have oil heating. The heating system should be replaced at least every 30 years to ensure that it works properly. The same applies to the roof of the building. The insulation and roof must be checked and repaired at regular intervals.
- The façade of the residential complex: What do the walls of the building façade look like? Crumbling plaster, cracks and graffiti indicate that major construction work on the façade will soon be necessary. Stains and discoloration are a sign of moisture or plant growth. Ivy is a popular plant for house facades. What is often only recognized too late is how deeply the tendrils of the plants eat into the masonry.
Features of the condominium
Every room in the home should be inspected step by step in order to uncover possible defects and make a realistic assessment.
- Bathrooms and kitchens: The pipes in the kitchen and bathroom play an important role in home buying advice. If cracks and leaking joints appear, this indicates damp. Fittings can be replaced, but the raw material of the apartment should be of good quality. Don’t shy away from checking the functionality of the lines and pipes. To do this, turn on all the taps and observe the water pressure and the color of the water. If there have already been burst pipes in the home, costly renovation work may still be necessary years later.
- Floors: Old wooden floors are generally considered valuable and increase the price of a property. In most cases, they need to be sanded to reveal their true value. However, an incorrect assessment can be associated with high costs. This is because dilapidated, damp wooden floors need to be restored. If the home has carpeting, laminate or linoleum, you should definitely take a look under the flooring to take a closer look at the original flooring in the home.
- Ceilings and walls: Before you buy an existing apartment, you should know the condition of the ceilings and walls. It should be possible to rule out damp and other defects. In addition, walls may have been moved and shafts bricked up over the decades. If you want to make changes to the apartment, this will quickly cost you valuable nerves and money.
- Windows and doors: Outdated doors and windows cause heating costs to skyrocket. In addition, the risk of mold growth increases significantly. A balance must be struck between insulation and ventilation in order to guarantee a perfect ambience in the home. High-quality wooden doors can be refurbished, while outdated doors made of less valuable materials may need to be replaced.
- Basement and attic: Attics and cellars are dark and usually poorly ventilated. Due to these characteristics, they are predestined for the development of damp and mold. These rooms are often neglected when viewing a home. However, an expert knows that these rooms are often used as breeding grounds for pigeons or homes for martens, rats, mice and other vermin. Pests and parasites can be responsible for major damage, which can become a terrible cost trap.
- Fitted cupboards: Many apartments already have a kitchen. This adds to the price – after all, a good kitchen is expensive. Check the quality of the fitted cupboards and kitchen furniture. It is possible that the furniture is damaged and will soon need to be replaced.
Tip: Check the energy certificate
When viewing the apartment, be sure to ask to see the energy performance certificate for the residential complex. This shows how energy-efficient the building is and how high the energy consumption of the property is. This certificate will give you an indication of the insulation of the apartment and an estimate of the energy costs.
Tip: Inquire about the building materials used
In older buildings built before the 1980s, wood preservatives and building materials were used which, from today’s perspective, are classified as toxic and may even cause cancer.
If the residential building in which your potential condominium is located was built before the 1980s, you should definitely find out what building materials were used. Toxic materials may have been removed over the years. However, it is important that this has been done by professional contractors. If such renovation work has not yet been carried out, you may be faced with high renovation costs.
Tip: Examine the minutes of the owners' meeting
When viewing the condominium, you will most likely come across other apartment owners or tenants who live in the complex. If you find out that these people are dissatisfied with the building fabric or the quality of the apartments, you should listen carefully.
Ask for the minutes of the owners’ meetings from the last few years and read them carefully. They will show you the general mood among the owners. You will also find out what renovation work is planned for the coming months and years. If you buy an apartment and the roof needs to be redone shortly afterwards, you are obliged to contribute to the costs. You can also read the minutes of the owners’ meeting to find out how high the maintenance reserve is and whether it is to be increased as planned in the near future.
Conclusion
Many laypeople initially dismiss advice on buying a home as unnecessary. On closer inspection, however, it becomes clear how much expert advice reduces the risks involved in buying a home. Defects that a buyer might not notice are immediately apparent to the expert. The expert can make an assessment of the condition and value of the property during the joint viewing. This saves many a prospective owner from a fiasco.
If you would like to find out how home buying advice can support you during the purchase process, please read our detailed article “What are the benefits of home buying advice? Expert advice during the buying process “.
