The current housing market jungle carries risks. For example, there's little to no time left for appraisals, leading potential homebuyers to quickly overpay for their homes. Furthermore, without a technical inspection, homebuyers often encounter unpleasant surprises. And when pressured, people can quickly offer on impulse and ultimately find themselves unable to secure a mortgage.
How do you keep a cool head in today's housing market jungle? We'll give you four tips!
Determine your financial limits beforehand. Consult a mortgage advisor and consider additional costs, such as moving and maintenance fees. Especially with an older home, these are essential. Remember that you must always be able to afford your monthly payments. Is a real estate agent putting pressure on you? Don't let them get you down and maintain your boundaries.
Buying a house without a building inspection is a significant risk. Is there no time for a building report? Occasionally, you can obtain information about the building status of an apartment from the Homeowners' Association (VVE). However, if you buy a detached house, there is often no building inspection. Ask the real estate agent for a few extra days to await the results of this inspection.
If there's no option for a financing contingency, it's best not to do business with the real estate agent unless you're absolutely certain you can secure financing.
After the agreement is signed, you are legally entitled to a three-business day cooling-off period. During this period, you can still have a building inspection and/or appraisal carried out. This is important to know, as many banks will not lend you more than 101% of the appraised value.
Struggling with the housing market? Don't let it get to you. At Homekeur, we provide fast and reliable building inspections. Contact us for free, no-obligation advice!
The cost of a building inspection (up to 250 m²) is only €489 including VAT. We'll conduct a comprehensive building inspection and you'll receive a building report. Do you have any questions? We're happy to help and can schedule an appointment with an expert inspector right away if you wish!
