Buying a house or flat is a long-term commitment, so you might as well take the time to find the right property. We explain what mistakes you shouldn't make when buying.

Not defining your borrowing capacity

The first thing you need to know when considering buying a house or flat is your budget. Before you start your search, make an appointment with your bank or with a real estate loan broker and decide how much you can borrow. Compare the rates of several financial institutions... the differences can sometimes be quite large.

Not knowing market prices

The second mistake is to start visiting without knowing the market prices. To do this, make a list of the prices in the area where you want to buy. Take care to compare the selling prices per square metre of living space of houses or flats that meet your criteria. This will give you a price range which you can use as a basis for estimating whether the properties you are going to visit are in line with the usual prices.

Buying without comparing properties

One of the most common mistakes is not taking the time to visit several properties. Even if sales in Luxembourg are completed fairly quickly, this is no reason to make an offer to buy just because the house you visit meets your criteria. Visit several properties, compare the work to be done, the surface area, the neighbourhood... and above all, do not give in to pressure from an owner who tells you that several people are interested. A property investment is a long-term commitment, so take the time to choose carefully.

Falling in love with real estate

Pretty garden with trees, master suite with fitted dressing room, large cathedral living room, swimming pool... there are many features that will make you fall in love with this property. The risk? Forgetting your main criteria and buying for the wrong reasons. Were your main criteria a garage and at least 3 bedrooms? Think about this if you are considering making an offer on a property that does not meet these criteria. Once the charm wears off, it can be hard to come back to reality.

Putting the direct environment in the background

A house can be transformed, but this is often not the case with its surroundings. A small plot of land will always be too small. A street with heavy traffic is unlikely to become quiet, a school as a neighbour ensures that you will be coming and going as early as 7 a.m.... If the house of your dreams is located in an environment that does not suit you, think twice before buying. You will have no control over your surroundings. Does the property offer a nice, unobstructed view of the surrounding countryside? Great, but don't forget to check with the local authority to see if there are any plans to build there.