Sep 6th 2024 The first property of your own

Moving out of the parental home is an exciting milestone in life - it symbolises the beginning of independence and the start of an independent life. However, moving into your first home is not only associated with anticipation, but also with some challenges. To help you master this important step with confidence, we have compiled the most important tips and information for you.
 

• Finding the right flat

The first and perhaps most important step is finding the right flat. Firstly, think about what is important to you: do you want to live in the centre of the city or do you prefer a quieter location on the outskirts? What size should the flat be and how high should the rent be? A realistic budget is crucial here to avoid getting into debt. Set priorities - sometimes you have to make compromises, but a good balance between location, price and amenities is the key to long-term living happiness.
 

• Contracts and finances

Whether you decide to rent or buy your first home, both options require careful planning and a clear financial vision.

If you decide to rent a flat, the tenancy agreement is the key document. Read it thoroughly and understand all the clauses before you sign. Pay particular attention to the notice periods, the amount of ancillary costs and any renovation obligations when you move out. A deposit of two to three months' rent is usually required when you move in. You should include this in your budget.
In addition to the rent, you will also have other monthly expenses such as electricity, water, heating, internet and insurance. It is advisable to include these costs in your financial planning from the outset to avoid any nasty surprises. Make a list of all fixed costs to keep an overview and plan a nest egg for unexpected expenses.

Buying a property is a long-term decision that should be well thought out. First of all, you should clarify your financial budget and check how much equity you can contribute. A realistic financing plan is the be-all and end-all to avoid being overburdened. Bear in mind that there are other costs in addition to the purchase price, such as land transfer tax, notary fees and entry in the land register.
Once you have found the right property, the purchase contract is concluded at the notary's office. The same applies here: take the time to check the contract carefully. It is important that all the agreements discussed are set out in writing and that you are clear about your obligations and rights as the owner.In addition to the monthly loan instalments, you should also plan for the ongoing costs of your property, such as maintenance, property taxes and insurance. A detailed financial plan will help you to keep an eye on these expenses and ensure long-term security.

• Furniture and furnishings: planning is everything

Of course, your first home should also be cosy and practically furnished. Think about what furniture you need before you move in. You don't have to buy everything at once. Start with the most important things such as a bed, a table and chairs. The rest can be added to gradually. It can also make sense to buy second-hand furniture or take items from your old home with you to save costs.

• Mastering everyday life: organisation and independence

With your own home comes a lot of responsibility. This includes shopping, cooking, cleaning and managing your finances. Good organisation helps you to keep an overview and save time. A household plan can help you to organise regular tasks such as cleaning or weekly shopping efficiently. Make sure you have a clear overview of your monthly income and expenditure. A budget book - whether digital or analogue - can help you keep your finances under control.

• Stay positive: every beginning is difficult

Moving into your first home is a big and sometimes stressful step. It's normal if not everything goes perfectly at first. Give yourself time to get used to the new situation and be patient with yourself. Over time, you will learn to develop your own routines and enjoy life to the full.

Moving out of your parents' home and moving into your first flat are exciting steps on the way to a self-determined life. With the right planning and a positive attitude, you can successfully master this transition. Remember that every beginning has its challenges, but also brings with it many wonderful and valuable experiences. Your own home will soon be the place where you can develop and shape new stages of your life.

At Tirol Real Estate, we are happy to help you with any questions you may have about finding a flat and moving into your new home. Together we will find the perfect flat for your start into a new chapter.