Hey I recently bought an appartment.
I actually wanted to buy a house because I had already been renting an appartment for 2 years and a house would be a good next step, but that was only possible on the countryside while we wanted to be close to a city. Not in the city, too much ghetto, but in the suburbs, spatious and quieter.
Anyway, back to reality, an appartment in the suburbs it was. After 26 viewings we found an appartment not far from home, in the same appartment complex we rented in before! Not coincidentally, it was the only place in the suburbs which was close to my work, had parking spaces, a small front garden, not at a busy road, a local supermarket etc, so the perfectionist in me was waiting for such an appartment on the market.
After the viewing, we had a week to bid.
The bidding process here is in favor of the seller. Bids are not transparant and you can only bid once. So as a buyer, you have to come up with a number you are confortable with, meaning:
- It is high enough so you don't feel sorry for yourself if someone else's bid is accepted.
- It is low enough so you don't blame yourself when your bid is accepted and you see the difference with the 2e highest bidder (the bidding log book is released after the deal is finished).
When asking the seller's real estate agent about this method, his explanation was that if bids were transparant and you can place multiple, people's emotions would get involved outbidden the other above their financial capabilities, which in the end places a burden at the seller because the buyer couldn't get a mortgage and he has to look for a new buyer.
I didn't buy his explanation. Luckily things are changing here, new online real estators with transparent bids, but unfortunately not for this perfect appartment.
Back to business, we came up with a number, 230k euro, 11k above the asking price which was 219k. At this moment I haven't seen the bid log book, which is a good thing I think. Although 5% overbid is below the average 8% in this neighborhood, the appartment needs renovation so I do not expect much bidders. Still we overbid because you know, this was the perfect appartment. Not just location but also the appartment itself. 2e floor, great appartment arrangement. 1e floor ks loud because everyone passes by you and there is the entrance door, not to mention people looking into your appartment from outside. Appartment map is also important, kitchen has to be close to entrance so you dont have to drag your heavy groceries bag far. My fingers are getting tired. Not used to this much mobile phone typing. I can create more posts about this. Mortgage with the bank, choosing insurances, family donations and the notary, appartment map arrangement. Let me know!