The most important things when buying real estate
There are many different factors to take into account, but here we will highlight the most important ones for different properties.
Apartment
Many factors are important when buying an apartment, but the most important is location. It determines both the long-term growth potential of the value and the day-to-day amenities (transport, shops, schools, security, etc.). Even an apartment with a great layout and good technical condition will be difficult to sell or rent if the surrounding area is not well-organised or convenient to live in.
The house
When buying a house, the most important aspect is the overall technical condition of the building, including the utilities (water, sewerage, electricity, heating, etc.), the condition of the roof and the foundations. If the building needs major repairs (e.g. roof, insulation, utilities), this can be a very costly and time-consuming process which can significantly increase the total purchase cost.
Land
The most important thing is to be clear about the purpose of use and the development/use options (including restrictions) here, as defined by the legislation and the local municipality. If your plan is to build, it is critical to make sure that the land has an appropriate built-up status or the possibility to change its use. Even a prime location will be of little value if you cannot realise your intentions on it.