Watch out when buying a house! Your guide from the first viewing of the property to the purchase contract
The dream of becoming a home owner is often dreamed and not infrequently shattered. Or it can turn into a nightmare over time. Difficulties lurk in a wide variety of areas; it is not only a matter of finding a property that meets one’s own expectations in terms of appearance, location, condition and possible uses. Just in these areas there are seemingly countless things to consider. Thus, experts should always be consulted to assess them. Finally, when a decision is made for a property an at least equally complex flood of legal aspects that need to be clarified follows. For these topics also professional advice saves a lot of money in the long run, but above all time and nerves.
But first things first. What should be considered in principle when choosing a property?
A guide will vary depending on the need (for example, investment or personal use) and the requirements. Ultimately, it should go into as much detail as possible, from the location and furnishings of the house, to the fulfilment of individual housing needs, to the infrastructure, proximity to relatives and the surroundings. Also, the zoning plan, the condition, renovation work and conversion measures should be considered. Very important: the legal aspects, and really ALL aspects. Topics forgotten or often overlooked that can take bitter revenge later on are, for example, non-existent building or usage permits, monument preservation orders (especially in the case of beautiful old buildings with revitalisation plans of the new buyer, this often leads to stressful situations) or even unresolved loan guarantees or other rights of use. A professional property developer assists you with advice, support and experience.
The financial and legal issues involved in the purchase of a property are complex, so it is best to create your own separate checklist just for this purpose. The core topics are the overview and coverage of your own financial needs, all points concerning the purchase contract (notarial support is recommended here as early as possible) and ultimately the structure and process of the capital transfers, land registry issues (keyword: initiating a possible land charge cancellation) as well as various necessary notarisations.
Land acquisition is also an important issue for the Austrian federal government, which points in particular to possible different regulations in the individual federal provinces: “Land transfer law, like regional planning and building law, is a provincial matter in terms of legislation and enforcement. […] Therefore, there can be very different regulations and requirements for the legally compliant use of a property or the acquisition of land in this area for the nine federal provinces of Austria.”
The complexity surrounding the purchase of real estate shows that you should definitely consult an experienced property developer and real estate agent, who not only know “their” locations in terms of building substance, but also knows about the prevailing legal regulations. This includes topics from the nationality of the buyer to the requirements of the Office for the Protection of Historical Monuments. The property developer and real estate agent develop solutions together with you, the prospective buyer, so that your dream home does not become a living nightmare.