Hello everyone! Long time no see!.. I had so much work for the past month, that I had no time to be creative. As the title says, we are in the process of buying our first apartment. And I wanted to share with you my feelings regards to that.
We bought our first tiny apartment after a few months of search. We were looking online for two years now, but we searched actively and went on different house and apartment tours for a couple of months now. Finally we found an apartment that suits us. It is located in a tiny city with a beatiful river. We have exactly one hour drive to the seaside and one hour drive to the alpine mountains.
We Bought Our First Tiny Apartment:
As we were looking we took in consideration the following things:
- how close is to our work
- how much it costs
- how big it is
- how much renovation it needs
- does it has all the utility connections
- how close is post office, bank, store, kindergarden, primary school
- is it in the area that we are interested in
- what the current owner is like
- is it an apartment or a house
If you are thinking of buying an apartment or a house, the first thing you need to do, is to:
- think very deeply what do you really want
- how much money exactly can you get on the bank
- what are your priorities or hobies that take out space
- for how much time/years will you have a loan
- do you have some time to save money or are you renting already and you’re in a hury
- what kind of job do you have
The second step is to:
- start researching, searching and asking
- check every offer that you find and think about it
- find out, what do you like about some offers and what do you dislike, make a list
- start going on house and apartment tours, get to know the sellers
- make a giant bank&loan research
Third step is to make a decision when you find a place that suits you and your needs and lifestyle. Moreover, when you decide, the work just begings. There is a load of legal papers and legal approvals to get from different offices. Prepare yourself to run around the city, to bank, offices for at least one month. If you are doing this in a vacation season, maybe much more time.
Further more, I believe there is a different system and procedure in any country. But general idea is to get a bank loan for the realestate that you’re buying. That loan must be secured with some kind of insurance. There are lots of ways to secure the loan. By looking on your average monthly earrnings you choose an option. Than you must get the papers of all your earrings for an entire year. Also, if there will be a co-owner, he or she needs to get all the papers to. Bank will then take your application for loan into consideration. If you get the approval your OK, good to go on. If your application is denied, than you must start seeeking alternatives. Lower loan, different bank, different option of securing the loan, just be open minded and try different combinations.
Next step is to sign a legal contract at the certified notary. The contract must be certified with signatures from the buyers and sellers. Then the seller must pay the tax on selling realestate. State financial office determines the tax. Tax may vary because of specifics of the property. When you get the certificate that the tax is payed, and the contract is certified, then the bank makes the transfer of money to the buyer. Buyer then transfers money to seller. After money transfer, the notary makes the legal entry into the land register. With that registration the buyer is the new owner. Finally the handover of the keys can be done.
As I said, the procedure can be a lot different from state to state, but in general it goes like that. For me the hardest moment was, when we were waiting for bank approval. We were asking on three other banks before and they all said, we can’t get the loan. So, I was terified. Other then that it goes quite smoothly, just a lot of running around the offices with lots of papers.
Other than that…
Stay tuned for a tiny apartment tour and all the ups and downs on our journey to a happy and healthy life. Find more tips and tricks in my monthly newsletter.
Another blog post that you might be interested in: “Moving Again“
See you in the next one…