Homeowners’ association at a glance

A condominium owners’ association (WEG) is an association of owners of apartments in a common building.

The community of owners can be described like this:

Community of all owners of a property.

As the owner of your apartment, you are a member of the WEG and have joint responsibility with the other owners for managing the common property, e.g. the staircase, the roof, the facade and the common utilities.

You also decide jointly on maintenance and repairs and on the financing of these measures. It is important to note that every decision in the WEG is made jointly and that you, as a member of the WEG, are also obliged to participate in the decisions and bear the costs.

The WEG at a glance:

• Each owner can represent his right to vote at the meeting of owners
• Each owner has a certain co-ownership share in the common property
• Each member of a WEG must bear costs for the common property
• Each owner is responsible for his or her own special property
• Each owner has to fulfill certain rights and obligations
• Each COA must have certain documents that set out rules and boundaries

The legal basis for a WEG is provided by the Condominium Act. It provides the owners with guidelines and regulations for the proper administration of the WEG. Let’s take a closer look at the Condominium Act (WEG for short).

Condominium Act (WEG)

The German Condominium Act (Wohnungseigentumsgesetz ) is of great importance to all condominium owners in Germany, as it lays down the legal foundations for the organization and management of condominium associations.

The WEG regulates, among other things, the distribution of rights and obligations between the individual owners and the community as well as the management and maintenance of the common property.

There are clear specifications for holding owners’ meetings, passing resolutions and managing funds. The establishment and duties of the management advisory board and the administrator are also regulated in the WEG.

The WEG regulates:

• The distribution of rights and obligations
• The management and maintenance of the common property
• The conduct of the meeting of owners
• The decision making
• The management of funds

The owners’ meeting is guided by the laws of the WEG:

In a WEG, every member is involved and must fulfill certain rights and obligations. In the next section, we will explain what you have to do as an owner.

Rights and obligations of the owners

As an owner in a homeowners’ association, you have certain rights and obligations. You have the right to use and manage your apartment, but you must also consider the common interests. This means that you must abide by jointly agreed rules and regulations that apply to the building and its residents.

Furthermore, as an owner in the homeowners’ association, you are obligated to participate in the management and maintenance of the common areas and facilities.

Rights of use to one’s own home

As the owner of your apartment in a homeowners’ association, you have the right to use and manage your apartment. It is up to you whether you live in the apartment yourself or rent it out. For example, you can renovate your apartment or buy new furniture, as long as you do not interfere with other owners.

The own apartment may be managed and designed by the owner, as long as the common property is not affected.

However, you must also consider the interests of the other owners and the community when using your apartment. For example, you may not make any structural changes to your apartment that could affect the appearance of the building or cause problems with other apartments.

Rights of use to common property

As an owner in a homeowners’ association, you are responsible for managing and maintaining the common areas and facilities together with the other owners. This includes, for example, the staircase, the elevator, the roof, the facade, the outdoor facilities and, if necessary, the heating system.

These rights and obligations accrue to owners on the common property:

• Management and maintenance of common areas

How these costs are financed and distributed is explained in the next section.

Financing common costs

As an owner in a homeowners’ association, you are obliged to contribute to the common costs of the association. This includes, for example, the costs for the management and maintenance of the common areas and facilities, but also the costs for the operation of the elevator, the waste disposal or the water supply.

The costs are usually calculated according to the ratio of your share in the common property. For this purpose, the declaration of division specifies which share you have in the homeowners’ association. This distribution of costs is also called the cost distribution key.

In addition to the running costs, larger maintenance or renovation measures may also be required, which are associated with a higher financial outlay. For this purpose, a reserve is usually formed, which is regularly replenished by the owners with a certain amount. This reserve is used to finance larger repairs and maintenance measures without the need for additional funds to be raised by the owners.

These costs are incurred in a WEG:

• Costs for the management and maintenance of common areas
• Costs for the operation of the elevator, waste disposal or water supply
• Maintenance reserves

The costs incurred are discussed at the owners’ meeting:

Organization of a homeowners association

The organization of a homeowners’ association is an important part of living together. There are various committees and bodies that are responsible for managing the community.

The most important body is the owners’ meeting. Here, all owners meet once a year to make important decisions and to discuss the concerns of the community.

Another important body is the management advisory board. This is elected by the owners’ meeting and supports the administrator in the management of the community.

The administrator is the executive body of the condominium owners’ association. He or she takes care of the administration of the community and ensures that all necessary work is carried out.

The most important instances of the WEG at a glance:

• WEG administrator
• Management Advisory Board
• Owners’ meeting

Now let’s take a closer look at the individual instances.

Administrator of the WEG

The administrator is the executive body of a condominium owners’ association and is responsible for the administration of the community. This includes, among other things, the organization and monitoring of maintenance measures, the preparation of accounts and communication with the owners and the various committees of the community.

The duties of the administrator include:

• Organization and monitoring of maintenance measures
• Preparation of accounts
• Communication with the owners and the various committees

The choice of a suitable administrator is therefore of great importance. As a rule, a professional management company is commissioned that has the necessary knowledge and experience. However, voluntary management by an owner is also possible.

Management Advisory Board

In addition to the administrator, there is also the management advisory board. The management advisory board consists of at least three owners. This body is elected by the owners’ meeting and has the task of supporting and monitoring the manager. However, the management advisory board has no decision-making authority and can only make recommendations.

The Management Advisory Board at a glance:

• Composed of at least three owners
• Elected by the owners’ meeting
• Supports and controls the administrator

Owners’ meeting

The owners’ meeting is the highest decision-making body and meets at least once a year. Its task is to discuss and decide on important matters concerning the community.

The owners’ meeting is convened by the administrator or by an owner. Certain deadlines and formal requirements must be observed. As a rule, invitations must be issued in writing at least two weeks before the meeting. The invitation must state the items on the agenda as well as the place, date and time of the meeting.

The typical topics of an owners’ meeting include the adoption of the business plan, the election of the manager, the vote on maintenance measures or the definition of house rules. The owners’ meeting also decides on the amount of the monthly house fees.

The community of owners at a glance:

• Meets at least once a year
• Advises on important matters of the community
• Convening takes place through the administrator

Buy and let property – the right way to do it

Finding a good property involves a lot of research and proper preparation. A tutorial in this subject is therefore necessary to find a lucrative real estate. Once you have found the ideal apartment or house, you move on to finding tenants. As a landlord, you need to be aware of rental rates and know all the basics of landlord-tenant law. How to rent out your property for profit and not fall into traps of the real estate business is an art of its own, which we want to teach you with the help of our recommendations.

Before we get to the book recommendations for buying real estate and then renting it out, here are 3 tips on the topic: learn for free on Lukinski, we have additional book tips, and for those who want to become real estate investors, another look at the topic of taxes, because the more money you make renting out houses and condos, the more taxes you pay. The more knowledge you build up about renting and taxes, the more equity you will have for future investments as a landlord and real estate investor.

Buy and rent (external & free of charge)

Learn from the experts. You can find many, many more guide articles for free at Lukinski. Here you can learn everything you need to know about buying real estate for free. Start in general with buying real estate, go over your specific type of real estate, from apartment, to house, apartment building to buying land. In addition importantly, everything around sales contract (who pays the costs?), purchase additional expenses and taxes save with real estates. by legal forms such as a real estate GmbH or family donation. You lack the equity capital? Here you can find a comparison of real estate financing. Finally, it’s all about buying and renting as well as letting.

Tip! Overview Real Estate XXL

The world of real estate is complex and multifaceted. If you want to keep an overview and avoid making mistakes, you should prepare well and clarify as many open questions as possible in good time. No matter whether you want to build, buy and rent out a property or live in it yourself, or even use a property as an investment to generate passive income: The preparation is the A&O. Here you will find articles, as well as book and video tips with successful and helpful books and videos on the subject of real estate – including tips and tricks from professionals and experts.

• Book & Video Tips Overview: Real Estate

Tax Coaching for Landlords / Investors: Field Report

If you write about real estate, you have to educate yourself. More concretely, when it is no longer just about personal use, but also about renting. Because, the biggest item on the expense side is taxes. The more you earn, the more taxes you have to pay – the problem is clearly defined, what to do? Learn from experience, from those who have made it. Many say that the Next Level Tax Coaching is the best in Germany. Reason enough to take part yourself. You want to become a real estate investor yourself?

Read more about tax coaching here:

• Real estate: Save taxes

Earn money with residential real estate: Private real estate investor

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In this book by Alexander Goldwein you will find all the information on making money with residential real estate:

• Strategies for safe & profitable investment in residential real estate
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• Practice-relevant basics of real estate law (including the particularities of rented condominiums)
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Private real estate investor in 6 months

Rating: 4.5 / 5.0 (177 ratings)

On the basis of these topics Thomas Knedel will show you the way to success with residential real estate:

• Methods around the purchase of investment properties especially in tight markets
• The necessary steps for a secure real estate and site assessment
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• Proper selection of tenants and service providers
• Strategies to effectively reduce the personal tax burden
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Buy real estate, rent it out and earn money

Rating: 4.5 / 5.0 (147 ratings)

In this part of the real estate guidebook series by Bernd Ebersbach you will learn everything about the topic of “buying real estate, renting and earning money”:

• Exclusive insider knowledge: honest confessions from the hand of the experienced real estate agent Bernd Ebersbach
• Real estate: the right choice and valuation. Analyses of the micro, macro and meso situation in the city and neighbourhood of your choice.
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• With the right knowledge of floor plan, energy saving class, defect assessment and building age class, you will manage to acquire a high-yield property.
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• Risk minimization and complete financing planning
• Management and insurance: the basics of success
• With this concept you will find the perfect tenants – proven many times over
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The first property expertly buy, manage, sell

Rating: 4.8 / 5.0 (82 ratings)

This real estate guide provides beginners with the knowledge they need to buy a home, rent an apartment, or invest in multiple properties:

• A guide for beginners: everything about buying real estate, renting and property management
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• Can be used as a working document: with sample files for downloading, such as the service charge statement
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The landlord set: rental agreements, notice of termination, etc.

Rating: 4.4 / 5.0 (77 ratings)

Rental agreements, service charge statements, handover protocol, notice of termination – Stiftung Warentest’s landlord set shows what you as a landlord have to consider and answers all important questions in a simple and clear manner. In addition, you will receive legally binding forms for the rental agreement and your correspondence with the tenant:

• From finding a tenant to moving out: All important questions clarified, easy to understand and without legalese
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Real estate? Real estate. Real estate!

Rating: 4.5 / 5.0 (33 ratings)

In this real estate volume, you’ll find info on buying, renting, and managing real estate:

• When is a capital investment worthwhile and what do you have to watch out for?
• What parameters have to be right for you to invest in real estate and be relaxed about the future?
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Renting and leasing for dummies

Rating: 4.4 / 5.0 (37 ratings)

With the help of the guidebook Renting and Letting for Dummies you will learn everything there is to know about renting and letting real estate:

• Rights and obligations of tenant and landlord
• Information on the rent brake, estate agent fees, deposits, renovation clauses, the ancillary costs statement, rent increases, minor repairs, housing defects or notice of termination
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• Everything for smooth communication between both parties
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Buying real estate for dummies

Rating: 4.2 / 5.0 (22 ratings)

The second Dummies guide is aimed at anyone who would like to buy a property but has no experience:

• Search for the ideal property for owner occupation or rental
• Financing and contracting
• Summary of all costs incurred
• Assistance in negotiating contracts and dealing with estate agents, notaries and lenders
• Buy at Amazon

Related links about the topic Real estate

Would you like to learn more about the world of real estate? You can also find more about financing and information for beginners here. With our articles on the topics of taxes, real estate ownership and much more, you will not only become a real estate professional, but also a tax professional.

Real estate financing

Real estate financing – You want to buy a property, but do not know how you can finance your dream? Terms such as loan, interest, credit, repayment or building society contract only raise more questions for you? Here you will find all the important information on the subject of real estate financing: from financing with equity to financing without equity to applying for a loan, we cover all the important topics!

• Video Tips: Real estate financing
• Book recommendations: Real Estate Finance

Real estate/ home taxes

Taxes in the field of real estate / home: For beginners, the tax world is already quite confusing, but to connect the whole thing again with the real estate world, is its own little world. We want to make this entry easier for you with the best recommendations and tips from the pros. Our book tips will guide you through the whole world of real estate and taxes and help you learn the basics, guides for private investors and savings tips.

• Video Tips: Taxes real estate / home
• Book Recommendations: Taxes Real Estate / Home Ownership

• Back to Book & Video Tips Overview: Real Estate

Real estate purchase and renting for beginners and professionals

Buying a property and thus using it as an investment is something that many people are now doing, regardless of whether it’s a penthouse, apartment, maisonette, villa, terraced house or bungalow. To use his purchased property not only for personal use, but to rent out the property is a long-term project. This is best approached with the right preparations and negotiations. In order to make your first profit, it is important to be well informed to avoid mistakes. We try to give you the first knowledge and get you started in the real estate world.

Tip! Overview Real Estate XXL

The world of real estate is complex and multifaceted. If you want to keep an overview and avoid making mistakes, you should prepare well and clarify as many open questions as possible in good time. No matter whether you want to build, buy and rent out a property or live in it yourself, or even use a property as an investment to generate passive income: The preparation is the A&O. Here you will find articles, as well as book and video tips with successful and helpful books and videos on the subject of real estate – including tips and tricks from professionals and experts.

• Book & Video Tips Overview: Real Estate

Renting out a property: first steps

You have bought a property and now want to rent it out, or you are planning to use a property as an investment. But you still have no idea how to go about it and what factors to consider? In the following videos you will find the most important answers to your first questions about buying and renting out property.

Buying and renting your first home: Advice and tips

You are about to buy your first apartment, but you are still unsure what to consider here? The area of buying an apartment may sound daunting, especially for beginners, but with the right advice and one or two insider tips, you can venture into the real estate world.

Renting out real estate the right way: Everything about rental contract, equipment and the right rental price

You want to rent out a property? Here are important factors such as the determination of the rent. In this 9-step guide, you’ll find out how to determine the rent and how best to draw up a rental contract.

Real estate purchase and management: effort and work

When buying real estate, you invest not only money, but also time. You can see here how much work and effort is behind the real estate business.

Financing and return on investment

Owning and renting a property is one thing, but how do you keep track of financing and calculate your potential return? In these videos you will find information about financing, yield and income.

Buying and renting real estate: calculating rental yields

Here you will learn how to invest wisely in an apartment, house or other property to buy and rent, by calculating the rental yield and all the pitfalls around renting, buying and living.

Real estate calculation: Calculation of return and cash flow

When buying a property, many costs must be considered. In order to properly use real estate as an investment, it is important to know the right real estate ratios and to calculate them correctly. But what are the key figures? Cash flow, gross rental yield, net rental yield or just the return on equity? In this video, we talk about the topic of “return on investment explained simply” and show you what return real estate can really bring you.

Buy and let a new building: Investment

Is a new building really worthwhile as an investment? How much profit can be made on an investment? The experts are available to answer your questions on this topic!

Second or more real estate!?

Why should you buy a second property after your first? And when is the right time to buy another? In this video you will get 6 answers why you should have several rented properties.

Errors, risks and problems

When buying a property or even as a property owner, you can make many mistakes and always come across new or even already known problems. In these videos you will learn which are the most common mistakes and problems when renting out a property and how you can best prevent them. You will also learn how to recognise and correctly assess potential risks.

Real estate leasing: risks and problems

The real estate market is a highly competitive market and certainly not without risk. Even if at first glance real estate is perfect as an investment, there are always difficulties with rent losses and vacancies. You have bought a property as an investment and your tenant does not pay anymore? You don’t know how to find the right tenant for your investment property to save you the trouble of non-payers? Tips and tricks for these cases, there are in this video:

Real estate purchase: preparation, recommendations and error prevention

Are you about to buy a property and don’t want to make any mistakes? When buying a house or apartment, it is easy to fall into traps and make a loss instead of a profit. The video shows you how to avoid these traps and become a successful homeowner:

Further tips on the subject of real estate

You already own a property and are looking for more information about real estate topics such as real estate agents, selling real estate, real estate as an investment or capital investment or much more? Then take a look at our articles with book and video tips on these topics. For example, below you will find links to the topics of real estate agents and real estate financing.

Real estate agent: tips and tricks from experts

You notice how your interest and know-how in the field of real estate is growing and are thinking about making the real estate business your profession? You can find explanatory videos on the training and everyday work of a real estate agent here:

• Real Estate Agent Videos
• Real estate agent books

Real estate financing

You want to buy a property as an investment, but you don’t know how to finance the whole thing. This is the case for many beginners and private individuals and they all have to face the same questions and problems. We have compiled book and video tips for you on the subject of real estate financing.

• Real Estate Financing Book Tips
• Real Estate Financing Videos

Overview Real Estate XXL: Investment & Co.

Here you get back to the overview of book and video recommendations on the subject of real estate in Germany. Investment cases, capital investment, passive income, house or apartment buy and rent and much more is explained to you here by experts and understandable. In this XXL guide you will find information and articles on the most diverse questions on the subject of real estate.

• Back to Book & Video Tips Overview: Real Estate

Buy a condo – What to consider?

The purchase of a real estate brings many advantages, but also disadvantages with itself. When the word property comes up, most people first think of the classic single-family home. But condominiums can also be an interesting alternative. If you are thinking about whether it might be useful for you to buy a condo, then you should definitely stick to this article until the end. We not only tell you the advantages and disadvantages of buying a condominium, but also explain the necessary requirements and the procedure.

Advantages

Before one deals with the prerequisites and the procedure, one usually asks oneself: What are the advantages of buying a property for me? The answer to this question depends on various factors.  If you have previously lived in a rented apartment, then the following advantages arise for you:

1. Money in everyday life & security in old age

If you have saved enough money to buy an apartment, you are exempt from monthly rent payments. That means for you a lot more money a month that you can spend on other things. Whether it’s one or two holidays, restaurant visits or special events, life can be made more varied without rent payments.

If you pay off your condominium in installments, you look forward to the possibility of saving your hard-earned salary and spending it on something else at some point. Usually it is a dream of a lifetime, which should be fulfilled, like a high-quality expensive car, or a holiday home.

It is not uncommon for older people to find themselves in a situation where, after working hard all their lives and finally having time to travel, they do not get enough pension to fulfil their dreams. If they live in a condominium, they are exempt from the rent and can invest their pension in beautiful things.

• no monthly rental payments
• More money for beautiful things in life
• Saving for life’s dream
• Ageing protection – spending your pension on other things

2. No fear of problems

If you are a tenant of an apartment, you always have to expect that your landlord will register your apartment as personal use. No matter how the situation arises, the notification is often a shock for the current tenants. No wonder, because this notification means stress. As quickly as possible a new rented apartment must be found, which is not only affordable, but also where the location and other criteria are right.

But if you’re the owner, you don’t have to worry about such things. Nobody can kick you out because you alone decide how long you want to stay in your apartment. Even if you decide that you want to emigrate, you can do so, rent your condo and earn money at the same time.

• No fear of being thrown out by landlords
• Earn money by renting is possible

3. Freedom of decision

When it comes to the design of a rental apartment, there are often regulations that are determined by the landlord from the outset. Although it is permitted to paint the walls or change the floor coverings, nothing in the building fabric may be changed. So if you want to remove a wall or have something rebuilt, this is not possible without further ado.

However, if it is your property, there are no limits to your creativity. You can design your home the way you like it and feel good about it.

• Creativity without limits
• high feel-good factor

Disadvantages

Despite the many advantages, it is also important to consider the negative side of buying a condo. Here we have two disadvantages for you, which you should not ignore for your decision.

1. Administrative expenses

An apartment means care. No matter if you move into your apartment yourself or if you decide to rent it out. From now on there is no longer a landlord who is responsible for the maintenance of the apartment. That means you have to take care of everything yourself. If you are a landlord yourself, you must always be approachable for your tenant. For the maintenance of your apartment there are compulsory costs, which you have to pay.

• Apartment requires maintenance
• Landlord must be available for tenants

2. Neighbors

A big disadvantage when buying a condo are the neighbors. Of course you can be lucky to have the ideal neighbours who will never disturb you and who will always make you happy to meet you next time. Unfortunately, this is not often the case. If you are unlucky, after buying the apartment, neighbours move in with whom you do not get along well. Unfortunately, there is often no right of co-determination here.

• No guarantee for pleasant neighbours

Search condominium: Private or real estate?

If you decide to search for a condominium, you must ask yourself important questions beforehand. One of these important questions is whether you want to find your condo privately or hire a real estate agent. Many people reject the idea of hiring a broker immediately because it is assumed that hiring a broker is automatically associated with high costs. In some cases, however, this is a misconception. If you would like to find out more about the advantages and disadvantages of hiring a broker, we have an interesting article for you.

Costs of purchase

But how do the costs of a condominium actually make up? What are the components of the price you pay for a condominium? There are various factors that influence the purchase price of a home. One of the most important factors is the city. Is it a popular city where many people want to live, or is it an unknown smaller city? The more popular the city, the higher the property price. The location within the city also plays a role. Living right in the city centre close to sights, shops and in the midst of the hustle and bustle tends to be more expensive than an apartment on the outskirts.

Another important factor is the condition of the apartment. When was the last time the apartment renovated, what value-enhancing elements are installed? If there is any damage in the apartment, this will also affect the price. For this reason, it always makes sense to take a close look at the interior of an apartment.

Especially if you decide to live in an apartment on the outskirts of a big city, it is all the more important to have good transport connections. If this is the case and one can be in the city centre with a car within a short time, this also increases the value.  Not everyone who decides to buy a condo also automatically has a car. Not to mention the fact that many people also rely on public transport when their car is broken. A good transport connection also ensures that the value of your property increases.

On the real estate market there are always local prices, at which a real estate price orients itself. Depending on how much similar properties are worth in your area, this will also affect the price. So if you’re looking to buy a condo but don’t have too much money, it might be worth looking in a region that isn’t quite as popular.

As you can see, there are many different factors that affect the price of a property. If you have limited financial resources, you can go through the points and consider which points in the list are not so important to you. If you can compromise with yourself, this could have a positive effect on the property price.

• City
• Good transport connections
• Extended infrastructure
• Regional property market
• Condition of the apartment

The financing of a condominium

What are the actual financial models? This question is particularly important for those who want to buy a condo but have not saved enough to pay for it immediately. We have found different financing models for you, so that you can consider whether one of the possibilities is suitable for you.

The most popular cities in Germany

Job or study

Apartments are wanted everywhere. The most popular condominiums are in the major cities of Berlin, Munich and Hamburg. No wonder, because most people would like to live in one of the big cities. Here we have a ranking for you, which describes the 10 most popular cities. The northern German port city of Hamburg is repeatedly regarded as the most popular city in Germany. No wonder that the demand for housing is not necessarily low. Rental properties as well as condominiums are in high demand here. In Hamburg there is not only the beautiful Alster, but also the Speicherstadt and the HafenCity. But why is that so? Why does everyone want to live in the big cities?

Usually it is one of three reasons why you decide to move to one of these cities. One of these reasons is the job or the study. It can happen very quickly. Suddenly a job that is better paid is offered in another city and you are faced with the question: Should I move and leave my hometown? For most, the answer is clear, because a better salary can make a huge difference in life. Suddenly you have money for something you never dreamed of. The money for a second family vacation in the year, for a new car, or also for a monthly attendance in the Kosmetikstudio.

After graduating from high school, almost all graduates feel the same: out of their familiar environment and into a new adventure. Even if for many it is often only a stay abroad that is chosen, others decide to study in a completely different city. What is the best way to become self-employed? Exactly by freeing yourself from your parents and learning to stand on your own two feet. Often it is not only the isolation from one’s parents that makes one move to another city to study, but sometimes the desired course of studies is only offered in another city, so that one is forced to move.

Love

Another reason that is often responsible for a move is love. Many know it, the partner is forced to move to another city because there is a job offer waiting for him. But what is the horror of most partnerships? A long-distance relationship. Very quickly the decision is made and one decides to accompany the partner. The search for a rental apartment or condominium begins and presents most couples with a difficult task. The new life in one of the most popular cities in Germany begins.

New life

Many have had the situation before. Nothing in life goes the way you imagined it would. The job burdens you more and more, old friends turned out to be false friends and in love you are always unlucky. Many then come to the point where they say: A new beginning must come here. Everything that connects one with the old life is replaced, the apartment is terminated, the job is terminated and the contact to old friends and acquaintances is completely broken off. Also for a new beginning one of the most popular cities of Germany is chosen gladly. No matter whether Hamburg or Munich the search for a rented apartment, a condominium or a house is particularly difficult in these cities. It is therefore not uncommon for many people to decide to hire a real estate agent. You will also find out in this article which advantages result from this.

Ranking of the most popular cities:

1. Hamburg
2. Dresden
3. Munich
4. Lübeck
5. Freiburg
6. Berlin
7. Potsdam
8. Trier
9. Weimar
10. Düsseldorf

Tips: Step by step to the condo

You have weighed the pros and cons sufficiently? Your decision has been made and you want to take the plunge and buy a condo? Then you will now learn the exact procedure so that you can prepare yourself sufficiently.

Since spending a sum on a condominium is not just a matter of time, but an important decision for life, it is important that you prepare sufficiently. You should therefore first become aware of how much money you have available and develop a suitable financing plan. It is advisable to contact a professional, because he can inform you about possible risks.

• Draw up financing plan

If the result of this consultation is good enough, you can start looking for a suitable property. Now you can make up your mind: Would you prefer to search privately for a property, or would you rather hire a real estate agent?

• hire a real estate agent
• Find and check real estate
• land register entry, payment & object transfer

Art of the apartment – The differences

New building or old building?

If you are looking for an apartment, you should also consider whether it makes more sense to look for an old building or a new one. Do you know the differences between an old and a new building? It is correct that all buildings whose building permit was issued after 30.06.1953 are new buildings. However, there are many other differences. The special features of old buildings are the high rooms, the imposing facades, large windows and wing doors. New buildings, on the other hand, are characterised by a modern design. We have listed the advantages and disadvantages for you, so that you can quickly decide what is more suitable for you.

New construction – Advantages

If you decide to build a new house, you will benefit from the fact that you will have to pay low ancillary living costs because the thermal insulation is greatly improved. In general, it can be said that the latest technologies are usually used for a new building. If you decide to have a property rebuilt, you have the possibility to incorporate your own wishes into the design.

old building – advantages

You will notice one of the biggest advantages of an old building as soon as you enter such a building. An old building with a beautiful facade can enchant. You enter such an apartment and the ceiling is very high in contrast to new buildings. A high ceiling combined with an imposing chandelier can look like a small castle. Even if you are not interested in making your old building apartment imposing, there are many other possibilities to use an old building apartment. Since the ceiling is so high, most rooms are particularly suitable for special bunk beds.