OUR OFFER FOR: BUYING A FLAT / CONDOMINIUM
Are you planning to buy a condominium? If so, consider that we at ACCENTRO have been active in the real estate market since 1999, and bring long-term experience to the job that we deploy in the best interest of our clients. Being recommended by satisfied clients is the basis for our success. Whether you buy one as private investment, as part of your pension scheme or for owner-occupancy, condominiums represent crisis-proof and inflation-safe assets. The acquisition of a flat contributes to wealth accumulation and becomes the bedrock of your private retirement planning.
Row ensemble directly on the waterfront in Oranienburg
5 Rooms | Size 167.97 sqm
Neckarstraße 10, 16515 Oranienburg
Reference nr.: 16717664
Your dream will come true! 3-storey new terraced house in Oranienburg
5 Rooms | Size 167.97 sqm
Neckarstraße 12, 16515 Oranienburg
Reference nr.: 16717666
Guidance to Buying a Flat: What to Watch out for in a Condominium
Condominiums are the perfect investment assets, especially in major cities. This is all the more true during times when booming metropolises are running out of residential accommodation while the crowd of high-net-worth prospective buyers keeps getting bigger. But it also means that you should follow a clever and careful approach in order to tap the financial benefits of homeownership. A generously proportioned, thoroughly refurbished condominium with an amazing floor plan is easy to let and will deliver high rates of return, yet it is also likely to have a big price tag. To enable yourself to weigh the pros and cons, it is always recommended to have an experienced estate agent as partner by your side. Below, ACCENTRO will tell you what to watch out for when buying a condominium.
Buying a Flat for Owner-Occupancy or as Income-Producing Property?
Having a condominium in a multi-unit dwelling tends to serve one of two purposes: Either you wish to live in it yourself, or you want to buy it in order the rent it out. In the latter case, you could ideally buy the condominium already occupied by a tenant on an unexpired lease, which would instantly generate rental income for you. But regardless of whether you opt for an income-producing property or for owner-occupying your dream home: Either way, condominiums are always also a sound private investment, and bolster the retirement scheme of many buyers. Moreover, you can always convert a former rental flat to owner-occupancy by claiming right of possession. Buying condominiums will therefore make you flexible and secure as you commit yourself in an asset class very much in demand in many places today.
Buying a Condominium: Location and Size are of the Essence
Prices and rents vary depending on the type and size of a given flat, in some cases considerably so. But the location of a condominium has always been the key factor, and this continues to be true. Fast-growing and sought-after boroughs in major cities tend to attract a flurry of interested parties, which in turn drives up property prices and rents both. Even assets with modest interior fit-out are easy to let in such areas. Conversely, it can be hard to find a tenant even for premium properties in rural regions. So, be sure to study the location when buying condominiums, scrutinising the infrastructure, the transportation access and the shopping venues above all.
Naturally, the sheer size of a flat will also be highly important to prospective buyers and potential occupiers. Sprawling flats are increasingly in demand among high-net-worth tenants, especially young families and couples with double incomes. That being said, smaller condominiums suitable for single-person household can be a rewarding investment also, as long as the square-metre rent justifies the acquisition. Pay close attention to a flat’s layout. Even the floor plan is revealing. But always be sure to view a flat and never ever buy one sight unseen.
Building Fabric and a Condominium’s Condition
A condominium’s state of repair can easily turn into a potential pitfall for the buyer. You should be particularly careful in this regard and obtain an expert opinion before signing the deed. The older the house and the longer it has gone without a refurbishment, the higher the probability that defects will materialise sooner or later and then cause issues. This goes primarily for piping and wiring as well as for heating systems, but naturally also for floors, ceilings, walls as well as doors and windows. If you are looking into property yet to be completed, it is a good idea to get in touch with the contractor. Be sure to study the building specification of new-build flats, too.
Buying a Condominium: Budget and Financing
If you are planning to buy a condominium, putting together a budget not just for the purchase but for the running costs is obviously of enormous significance. Don’t underestimate the importance of a budget and do get professional advice on it, e.g. from an estate agent. Especially the ancillary costs are often overlooked in the financing context. Bear in mind that, aside from your loan payments to the bank, you will regularly have to pay your condominium fee to the property management and the fixed overhead, and this regardless of whether your condominium is occupied or not. It is also an excellent idea to set aside sufficient reserves to cover capital expenditures whenever they become necessary.
Important when Buying Condominiums: the Condominium Owners’ Association
When buying a condominium, you automatically join a so-called condominium owners’ association (COA), meaning the collective of all homeowners in the building. Things controlled by the condominium owners’ association include, without being limited to, the condominium regulations, the amount of the condominium fee and of the maintenance reserve that all owners pay into. These special ancillary costs are used to finance the maintenance of the commonhold property, meaning those parts of the house which, according to the condominium declaration, are subject to shared use.
Moreover, the condominium owners’ association makes decisions regarding capital improvements or repairs that become necessary from time to time. Before you buy a condominium, you should be all means check whether the building’s condominium owners’ association recently resolved to undertake such measures. In the worst case, you may end up paying for the costs even though you were not yet a condominium owner at the time the decision to renovate was made.
How to Buy Preselected Flats through ACCENTRO without Paying an Agent Fee
What we have to offer is a large and varied selection of condominiums in many locations, along with the support you need to find the perfect property for you. Simply enter your personal requirements into our search mask to find the condominium you are looking for: size and price of the flat, number of bedrooms and your preferred location. You may also choose between the options to buy a vacant flat for owner-occupancy or to acquire a tenant-occupied condominium as a private investment. Your search request will return a list of all eligible condominiums, complete with floor plan, images of the property and of the surroundings, facts & figures, as well as a brief description of the neighbourhood. Once you found a condominium that you are interested in, of if you have any question, use our contact form to get in touch with us or simply call or e-mail us.
We at ACCENTRO would love to advise you end to end on your condominium acquisition, and will guide you through the process from the first phone call all the way to the handover of the keys. Not least, buying a condominium from ACCENTRO will cost you no agent fee.