Anyone who has been saving for years to buy their own home should pay heed to the most important advice about buying a property.
The property market is booming, the interest rates are making the idea of buying your own four walls appealing. However, there is no need for interested buyers to rush into it. Buying a flat or a house is usually an individual’s most expensive transaction. That is why the motto applies: check everything thoroughly first, and only after that buy! You should take note of the following advice:
Step 1: Set savings targets
Nowadays banks demand a detailed account of the status of income and disposable equity. Anyone who from a young age has dreamed of having their own home, should set themselves savings targets early on, for example saving through equity funds or pillar 3a (with tax benefits).
Step 2: which is the right home for me?
Depending on the type of budget and the stage of life you are at, your dream home can be different. Its location, its interior construction but also its price must be right for you. The home must be adaptable, the location must offer the qualities that enable you to get to work and do your daily tasks in a well organised fashion.
Recommendation: Using a daily diary, find out which requirements are important in your everyday routine. Write a checklist with ten basic requirements; the property you choose should cover 70 to 80 percent of your wishes. A one hundred percent match is, however, unrealistic in practise.
Step 3: Do not rush into signing a contract!
The boom in recent years also attracted fewer reputable developers and contractors. Put your construction partner or seller to the acid test! (references, business terms and conditions, debt collection register, local reputation).
Step 4: regulate financing
The costs you have depend strongly on the choice of mortgage. Fixed mortgages or variable financing?
Also included in financing is that any down payments are guaranteed and that they can yield the construction partner costs and budget guarantees (careful with additional costs, incorrect and inaccurate budgets, etc.)
Step 5: Demand quality!
Hardly any homes are built without any unforeseen difficulties, shortcomings or delays. In order for you to get everything you have dreamed of, you need to have a clear basis, a faultless contract and detailed building specifications. Caution: The official documents are decisive rather than the brochures and advertising documents. In the event of a purchase, these will be certified by a notary and form part of the contract (plans with subdivisions, conditions of the contract of sale, building specifications).
Step 6: building inspection or transfer:
As sellers, individuals are rarely trusted with the customs, building standards and procedures. It is often recommended to take an expert along for the handover. Any faults must be immediately reported and logged. Make sure that all important standards have been met and guaranteed (heat insulation specifications, noise prevention, warranty periods on all construction components as well as the appliances). It also gives you a sense of certainty, if you are referred to the common Norms and guidelines set forth by the Swiss Engineers and Architects Association [SIA].
