The property market is in a waiting position. Many potential buyers would actually like to buy now, but are hesitant because the purchase price is high and financing is expensive. What is the best way to negotiate when buying a property?
If you have found the right flat or house, you have already taken the most important step towards becoming a property owner. Now the negotiations about the price and the transfer modalities begin. The time factor also plays a role here: when will payment be made, when will the flat be available, what items will be handed over, what alterations are necessary, what renovations need to be carried out?
To begin with, it is advisable to check that the most important key data and documents are correct. Has the living space been stated correctly, i.e. if possible in accordance with the requirements of the German Living Space Ordinance (WoFlV), which has also become established in the privately financed market? What about energy efficiency? Properties with poor energy efficiency have lost the most value in recent months. Prospective buyers can estimate the costs of an energy-efficient refurbishment with the help of an energy consultant.
It also makes sense to check the development. Is the connection to the public road network, the supply of electricity and water as well as drainage ensured? Property buyers should pay attention to how the assumption of development costs is regulated in the purchase contract. Are all constructions, whether completely new or in an existing property, such as a loft conversion or a granny flat, authorised? Ideally, all licences should be available and can be viewed before the purchase.
In order to be able to negotiate successfully, potential buyers should get an overview of the number of interested parties. The more competitors there are, the more difficult - and riskier - price negotiations become. If you are selling through an estate agent, you can expect a larger number of competitors. If you are selling privately, the reasons for the sale can also give an indication of the room for negotiation.
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