Frequently asked questions about real estate

Frequently asked questions about real estate

What are the steps when buying real estate?

 

  • Start researching the market early - Start researching sites as soon as possible, save the properties you like and monitor how long they stay on the market and whether their asking price changes.
  • Determine what your budget is
  • Research your loan options - if you work with an agent, they can help you with this step.
  • Find the right real estate agent for you - Real estate agents are essential partners when it comes to buying real estate, they can provide you with market and real estate information that is not  easily accessible to the public.
  • Together with the agent, start looking at properties - the advice is to start writing down what you like/dislike about the property you are looking at, because you will look at a lot of properties and it is possible that you will forget what you liked , or not, at a certain property.
  • Making an offer - with the help and advice of your agent, when you find a property you like, make an offer.
  • Coordinating the paperwork - the real estate brokerage and rental agent is there to ensure that everything is correct, that the real estate seller is the rightful owner of the real estate, and more.
  • Closing the purchase and signing the contract

 

How long does it take to buy/sell a property?

There is no rule when it comes to the time it takes to buy/sell real estate. Market situation, asking price, negotiations, time required for loan approval and many other factors can affect the time required to buy/sell real estate.

 

How much should I pay an agent to help me buy/sell or rent a property?

Real estate agents work on the principle of commission, and the law does not regulate the minimum or maximum amount of this brokerage fee. For the purchase or sale of real estate, that percentage amounts  2% to 3% of the value of the sold/purchased real estate. For renting real estate, this percentage is usually at least 50% of the rental value.

 

How much money do I need to participate?

The part of the money you need to give in cash in order to be approved for a loan is generally 20%, however it varies from bank to bank. In case you are taking a loan worth 100,000 euros, you need to give 20,000 euros in cash, and you would get the rest, i.e. 80,000, as a loan from the bank.

 

How many properties should I look at before deciding on one?

There is no universal right number, that is, that number depends from person to person. Some people get lucky, and the first property they look at is right for them. In any case, it is best to look at properties with the same agent, and not more than 5, 6 a day, you will be tired and will not be able to make a rational decision. As already mentioned, write down the pros and cons, i.e. what you liked and what you didn't like about each property you looked at, because it's easy to forget the details.

 

How do I prepare my property for sale?

Some of the steps are to identify needed repairs, reduce breakage and deep cleaning, to make the space seem bigger, depersonalize the property so that the potential buyer can imagine themselves in it (which can be difficult if the seller's personal belongings are everywhere), paint the entire an apartment or necessary parts of an apartment and others.

 

How can a real estate agent help me sell/buy real estate?

The state grants a license to an agent for mediating traffic and renting real estate, that is, the agent receives a license when he passes a professional exam in the fields of law, economics, finance and construction, which is a confirmation that the agent has knowledge in these areas. In addition to this, the agent is familiar with the market, because part of his daily job is to search, buy, sell and rent real estate. The agent will reduce the time needed to find a property, all filtering and checks related to real estate, the agent does for you. A real estate brokerage and leasing agent knows both the market and the territory, so he helps you in providing information related to construction quality, location advantages, investment benefits and more. When you buy or sell a property with the help of an estate agency, given that the agents are in daily contact with lawyers and other legal institutions, they give you the assurance that everything is legal, that all the papers are in order and that you have the green light to proceed buying or selling. Real estate agencies often offer properties that are not immediately available to the public, so you have the opportunity to look first at properties that meet your criteria.

 

Can I cancel the sale/purchase of real estate?

When you work with a real estate agency, you are insured against the fact that the seller or buyer of your property withdraws, with a pre-contract, down payment and other steps. In the event that the seller cancels, in that case he returns the double amount of the deposit to the buyer, in the event that the buyer cancels the purchase, the seller keeps the deposit given by the buyer.

 

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