Anyone who dreams of their own house would rather make this dream come true today than tomorrow. But if you don’t want to be disappointed later, you should remember: Good things take time. Good planning and foresight are the be-all and end-all when buying a home.
1. Home needs
First of all, find out what requirements your new home should meet. Do you prefer an apartment or a single-family house? Family planning plays an important role in this decision-making process. Do you already have children or are some planned? These factors are decisive for the size and location of the property you are looking for. Are you looking for something in the country or near the city? With the help of these criteria, you can set a framework to narrow down the search for the right home.
2. Compare real estate offers when buying a home
First ask your family and friends for tips on a property. You can also compare offers on real estate platforms on the Internet. In general, keep your eyes open. Suddenly, you may come across an interesting advertisement in the newspaper or on the roadside. If your search is unsuccessful, you can try a real estate fair. There, you benefit from a huge selection and competent advice on site.
3. Contacting the seller
When you have found what you are looking for, either contact the seller directly or the responsible agent. Inquire about the property, its surroundings and the selling price. If the criteria meet your expectations, make an appointment for a viewing. You can get a better impression on site and clear up ambiguities.
4. Loan request
Before you can definitely promise the seller, you have to overcome the financial hurdles. Think about how much you are willing to invest in buying a home and whether you can still afford the house or apartment in the future. To do this, prepare a budget for the property’s annual expenses.
With these points resolved, you need to look for a financing partner. You can go to various banks in person or use financial services where you have the opportunity to obtain individual offers from various banks and insurance companies within a few minutes. Such a basis for comparison is necessary because the conditions of the different providers can differ greatly. Also consider the different mortgage models. Depending on your needs, a money market mortgage is better than a fixed-rate mortgage. Decide on a model and set a contract term.
The bank or insurance company will review your application by calculating the affordability and making an estimate of the property. For this, the bank needs comprehensive information about your financial situation as well as details about the property. You are disclosing confidential information about your income and assets. These data are only used for risk calculation and are not used for any other purposes. As soon as you have received the loan approval, you can fix the conditions and conclude the loan agreement. The bank may link the financing to certain conditions, such as regular amortization payments.
5. Purchase formalities
Immediately notify the seller of the financing confirmation so that he does not sell the property to a third party. The sales contract is drawn up by the seller in cooperation with a notary. Check the contract carefully. Discuss any ambiguities with your bank advisor or an independent notary. When everything is settled, you can sign the document. With the certification of the contract, the benefit and risk are transferred to you. So when lightning strikes, this will already be your first challenge. However, if the property gains in value due to an adjustment of the communal or cantonal tax rate, you are the beneficiary from this point in time.
When you hand over the keys, you are officially the owner but not yet the owner. The transfer of ownership only takes place with the registration in the land register. The seller must initiate this. Once you have registered, you can legally dispose of the property (e.g. resell the property or establish mortgages).
Once the house purchase is complete, you can finally move into the house you have bought. The entire decision-making and implementation process usually takes several months. It takes a lot of patience and time.
Are you planning on buying a home? We are happy to assist you as an expert partner and help you choose the right property for your future home. Check our latest property listings on SDG Realties and contact us for more professional advice.