Köpa bostadsrätt – tips & misstag att undvika

Buy an apartment – tips & mistakes to avoid

Are you looking for a new place to live? Perhaps you dreaming of buy an apartment in the city? Buying a condominium is a big investment. The purchase may even be the biggest in life. It is therefore wise to use tips for a better deal and at the same time avoid mistakes.

Here you can read about finances, duty of inquiry and bidding. We also offer the good advice of going to many screenings to find the right one. Good luck with the search for your new accommodation and the business as a whole.

Buy an apartment – tips

Avoid buying condominiums in associations with high loans

When you look at a condominium, it is easy to focus only on the starting price. The monthly cost is of course at least as important and another important factor is the association’s loan and commitment periods. It’s a big mistake not to take a closer look at this number.

All condominium associations have loans. Some have large ones while others have smaller ones. In particular, newly formed associations often have quite large loans. Why is it important to look into this, along with loan tenures? There are two reasons.

Firstly, larger loans mean greater costs for the association. These are costs that sooner or later are added to the monthly fee. Secondly, larger loans may mean less scope for investments in the coming years.

It has been very cheap to borrow for many years. Now that interest rates are starting to return to a more normal situation, it may have consequences for many condominium associations. With a look at the association’s finances, you can see how the situation is and get an idea of future costs.

What is the normal brokerage fee for a condominium?

There are brokers who offer their services at a fixed price. Normal levels are otherwise 2–3% of the purchase price. The fee is usually a percentage lower the higher the purchase price.

Go to many screenings

Buying a condominium is a big investment and a big choice in life. It’s a choice you shouldn’t take lightly. It is important that you choose the right accommodation for you and your family and pay a reasonable price. The secret behind the right choice? Go to many screenings!

At a screening, you will receive a lot of useful information. You can of course read up on a condominium via Hemnet or the brokers’ pages, but the physical meeting offers so much more. You can explore the accommodation itself, think about the location and take a look at the surrounding area.

All in all, it gives you a good picture of what a certain condominium can give you and your family. Above all, you discover what you are really looking for in an accommodation.

Several surveys have looked at what we think is most important when looking for and choosing accommodation. Here are the top 5 according to the surveys:

● Floor plan
● Balcony or patio
● Location
● Bright, modern and fresh interior design
● Quiet indoors

When you go to the next viewing, you will have a better picture of what you want to see for the accommodation itself, service in the surroundings, transport, and more. Maybe the next accommodation will fit perfectly, maybe your picture of the perfect accommodation will be a little sharper. The same may apply to the next viewing and the one after that. More views can thus be the way to a more well-thought-out choice.

What kind of insurance should you have for a condominium?

There are special condominium insurances. They provide protection for your belongings and yourself along with liability protection, legal protection and other elements included in home insurance policies.

Set a maximum price

A lot of condominiums in new construction are sold at a fixed price. Otherwise, bidding is more the rule than the exception. In a bidding process, it is always wise to set a maximum price level. It facilitates both tactical thinking in bidding and provides a sharp limit for how much you want to spend, based on finances and wishes.

A loan promise often functions as a kind of ceiling in a bidding process. However, it is not certain that you want to go quite that high with your bids. Therefore, a separate limit is preferable.

Place a larger cash bet

When you are going to buy your condominium with a loan, you must make a cash deposit. It is at least 15% of the purchase price that you pay in cash. Of course, you can place a larger cash bet than that.

If you pay more of the purchase with your own money, the interest cost will automatically be lower. In addition, you may not need to amortize, or alternatively, amortize less. Making a larger cash investment is something that can be smart to do both in the short and long term.

Who actually owns the condominium?

It is always the association that owns the apartment, terraced house or house that functions as a condominium. The tenant has the right to live in the property, but does not technically own it.

Inspect the home carefully

The seller has a certain disclosure obligation. It is supplemented by the buyer’s duty to investigate. At a viewing and before a possible purchase, it is important that you examine the home carefully. This applies to both what you can see and what is hidden.

Twist and turn things, turn on faucets, test windows and doors – make sure you investigate carefully. If you are unsure about something, or if you want a thorough review, there are always inspectors to hire.

Hire homestyling before selling

Finally, we will say something about home styling. If you are going to sell your existing accommodation in connection with buying a new one, it is wise to present the accommodation in the best possible way. You want to present a fresh accommodation that is perceived as attractive to the buyers.

Styling the home for sale is of course something you can do yourself. You can also hire someone who is a professional in home styling. Today, there are actually many people who have this task as a profession. No matter where you live in the country, you should have a fairly easy time finding someone to hire.

A person specializing in home styling knows trends. She or he also knows how to furnish and decorate various rooms in ways that are perceived as attractive, airy and fresh in order to entice speculators to place bids. So: homestyling is not a bad idea!

Summary – Buy an apartment

In this article, we have looked at six important pieces to think about and think through before buying a condominium. It is about both tips and mistakes you should avoid in your search for your new home. Hopefully this little guide can help you find the right accommodation for you, at the right price too.

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    Maria Ljungström

    Maria Ljungström is the founder and writer at Inredningsvis.se. She is an expert in interior design and has worked as a home stylist with a solid background in interior decorating. Maria likes to offer tips on how to make your home beautiful and luxurious affordably. With Inredningsvis, she has participated in several well-known media outlets such as Expressen, DN, and has written for GP Bostad.

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