Real estate prices are perceived as less daunting, but the fear of a high financial burden when buying a property remains. This is the result of an Interhyp study of over 1,000 real estate buyers and prospective buyers. Jörg Utecht, Chairman of the Interhyp Group, emphasizes the need to take a close look at the property purchase and calculate the project.
However, the Interhyp study shows that only 37 percent of respondents have calculated their monthly mortgage costs. The study also shows that the willingness to compromise one's own quality of life for higher mortgage rates has decreased. Although the willingness to compromise in terms of location and furnishings has increased, one in three prospective property buyers has postponed or delayed their plans. Unrenovated old buildings are considered unattractive, while energy-efficient new builds and renovated existing properties are preferred.
A third of those surveyed had to use an inheritance or gift to buy a property. Confidence in state subsidies has suffered in the past year. Bureaucratic hurdles and poor conditions were cited as reasons for this. According to Interhyp AG, it can be worthwhile for prospective property buyers to look at unrenovated existing properties. Prices for such properties fell the most from Q2 2022 to Q1 2023, at 9 percent. However, a clear renovation plan is then required.
Sources: presseportal.de/Interhyp AG
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