Austria: “Short Supply on Real Estate Market”

Published: February 27, 2013; 10:17 · (FriedlNews)

Demand is expected to remain high for residential real estate in 2013. Supply is lingering behind demand particularly in locations where business is strong, Bank Austria reports.

Austria: “Short Supply on Real Estate Market” / Picture: © Flickr

In order to avoid getting lost in the crowd as a potential buyer, there are a few things to consider early on in the search. Bank Austria ImmobilienService demonstrates how interested buyers can gain an advantage.

Request important documents
Interested buyers should focus closely on the property before actually going to inspect it. In most cases there is nothing standing in the way of requesting documents in advance from the intermediary such as annual accounts, operating cost budgets, minutes of recent property-owner meetings, etc. "These will contain important information which can be used to reach a decision", said Ludwig Wiesbauer, managing director of Bank Austria ImmobilienService. "Minutes of property-owner meetings for example can reveal whether repairs or refurbishments are pending which could generate additional cost." It is also important to find out the level of reserves. Inspecting these documents can be a significant help in making a possible purchase decision.

Prioritise what you want
Anyone looking for a property has a rough idea of how it should be bought. But many only start prioritising their own needs much later on. "Properties that really do fulfil all your needs just don't exist", said Wiesbauer. "This is why it is important to be aware early on about what you can most likely do without – and where you do not want to make any concessions at all." The expert advises listing all of the needs and desires for the perfect property and allocating them in categories. "Before going to inspect the property, potential buyers should have studied the sales particulars well and have considered potential questions. This may sound rather bureaucratic, but it will give them a head-start over those who tackle their property search unprepared and largely based on emotional criteria."

Get to know the surrounding area
It is not just the property itself but the surrounding area that must be inspected too. If the neighbourhood is not to your liking or the local infrastructure fails to meet demands, there is no point in visiting the property. "What use is the best home or the best house if I cannot come to like the immediate surroundings", Wiesbauer argues. His advice is to take a good look at the area around the property in advance.

"If you can gather all the background information about the property and its location early on, and know what you want, you will have a head start when inspecting the property: if everything is to your liking, you can go for it immediately", said the expert. According to Wiesbauer, vendors also benefit from potential buyers who are well prepared: "this means that only those with serious intentions come to visit the property, the ones who really do want to buy it."