How To Successfully Buy Your First Apartment

Buying your first apartment is a unique experience—exciting, challenging, and often nerve-wracking. You learn an incredible amount, make mistakes, and quickly realize that things don’t always go as planned. My first property purchase was a true rollercoaster ride, and in this article, I’ll share the lessons I learned along the way so you can avoid common pitfalls!

I Started With the “Why”

After four years of living in a shared apartment with friends, I had a sudden realization: I had spent €16,000 ($17,311) on rent—a staggering sum for my 24-year-old self. Knowing how real estate had benefited my parents and grandparents, I quickly made the decision to buy an apartment. Here’s why:

Rent prices continue to rise, while a mortgage has a fixed monthly rate.
I could rent out the apartment if I ever decided to move.
Owning property seemed like a smart long-term investment.

The idea of owning an apartment wasn’t new to me – I had seen my parents invest in real estate, and I knew that renting long-term wasn’t the smartest financial move (especially in this inflation-driven time). But the book that truly shifted my mindset was Rich Dad Poor Dad. If you haven’t read it yet, I highly recommend it. It completely changed how I think about money, assets, and long-term wealth. One of the biggest takeaways? „The rich don’t work for money; they make money work for them.“ That quote stuck with me, and it was a major reason why I decided to stop renting and start building equity.
To save money for my purchase, I moved back in with my parents for two years. That’s when my apartment-buying journey began.

1. Finding the Right Apartment

Most people start by searching online. I did, too—but I actually found my apartment through a newspaper ad, thanks to a brilliant idea from my mom.

Why a Newspaper Ad Works:

Many older sellers aren’t familiar with online platforms and prefer traditional methods.
Some sellers don’t want to publicly list their properties.
You can access hidden opportunities that never hit the market.
A local phone number signals that you’re a genuine buyer, not an investor.

Surprisingly, I received three offers the very next day—one of which turned out to be the apartment I eventually bought.

My real estate ad in a newspaper (not the original, edited to translate in english) — My Newspaper Ad (not the original, edited to translate in english)

My real estate ad in a newspaper (the original in german) — My Newspaper Ad (not the original, edited to translate in english)

Looking back, I wish I had viewed more properties before making my decision.
I love my apartment, but I had too little experience to properly compare options. Luckily, I ended up making a great investment!

2. The Viewing: Key Things to Check

Before my first viewing, I already had a strategy: I didn’t want a brand-new or move-in-ready apartment. Instead, I looked for a property that others might overlook—one that needed work. Why? Lower Purchase Price! Fixer-uppers are often much cheaper than renovated properties or new builds. They require effort, but I was ready for the challenge.

My Checklist:

Condition: What needs renovation? What are the estimated costs? Does the apartment have potential?
Macro Location: How is the city developing? Is there demand for rentals? (important for future renting)
Micro Location: What’s the neighborhood like? How is public transport, shopping, and job access?
Costs: What are the maintenance fees, reserves, and energy costs?

A viewing isn’t just a quick walk-through—it’s your chance to evaluate whether the purchase is worth it. Take your time and ask all the necessary questions!

Sunlight in my apartment. Renovation process.

3. Sorting Out the Financing

Once I chose an apartment, I tackled the most crucial part: financing. To understand my options, I consulted three different banks—and I highly recommend you do the same. Every bank offers different conditions, and even a small 0.1% difference in interest rates can add up over time.

What I Learned:

You don’t have to go with your main bank—you can compare offers from any lender.
Most banks expect 20% equity, but 100% financing is possible in some cases.
In my case, I even secured 120% financing—covering both the purchase price and renovation costs. I only paid for closing costs myself.

Pro Tip: Banks want your business, so negotiate! They make money from your loan, so use that to your advantage by comparing offers.

However, even after securing financing, the process dragged on for months. I viewed the apartment in February 2024 but didn’t officially purchase it until November 2024 due to missing documents from the seller. During this time, interest rates dropped significantly, but my bank insisted on keeping my original, higher rate. So, I switched banks—and it paid off!

0.5% lower interest rate
No required bank account (at that bank) (unlike my first bank’s offer)
Access to grants that my first bank didn’t offer
No energy certificate needed (which had previously delayed the process for months)

At first, I felt guilty about switching banks after giving a verbal agreement. But I learned a crucial lesson: Banks see you as a business deal—so you should do the same!

One of the most crucial steps in my apartment-buying journey was securing the right mortgage. At first, I thought I had to go with my regular bank, but I quickly realized that comparing multiple lenders could save me thousands of euros over time.

4. Negotiating the Purchase Price

One of the most important steps is negotiation. Many buyers fall in love with a property and overpay—don’t make that mistake!

Tips for a Successful Negotiation:

Compare multiple properties to avoid emotional attachment.
Gather reasons for a price reduction: Are there flaws? Is renovation needed?

My Deal: Initially listed at €150.000 ($162,292), I negotiated it down to €105,000 ($113,605).
Bonus: The seller had mistakenly sent paperwork for a larger apartment (he had many apartments in that same building). When I discovered my unit was actually 52m² (approx. 560 sq ft) instead of 60m² (approx. 645 sq ft), I renegotiated the price down to €95.000 ($102,785).

Important: If you only realize that the square footage is incorrect after signing the notary contract, you can’t renegotiate—so always verify measurements beforehand!

5. Notary Appointment & Contract Review

The purchase contract is the most important document in the buying process. I carefully reviewed mine and checked the following:

Apartment details (size, location, features).
Special usage rights (parking, garden access).
Maintenance reserves & obligations.
Payment deadlines & handover date.

I once heard of someone accidentally buying the wrong apartment—so double-check everything!

After signing, I was thrilled and immediately started renovations. Normally, you should wait until you’re officially listed as the owner in the land registry, but my process took so long that I decided to get started anyway. By the end of the year, the ownership transfer was complete—and I was ready to fully dive into my renovation project!

Key Takeaways: My Biggest Lessons

Buying your first apartment is challenging but absolutely doable with the right preparation. The most valuable lesson I learned? Flexibility and knowledge are your best assets. While I gained insight from my parents, my biggest learning moments came from hands-on experience.

If you’re thinking about buying your first apartment, my two biggest recommendations would be:
1. Read Rich Dad Poor Dad and The Richest Man in Babylon – it will completely change your perspective on money.
2. Compare financing options – don’t settle for the first offer!

I’d love to hear your experiences – have you already bought your first property or are you still considering it? Let’s chat in the comments!

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How To Successfully Buy Your First Apartment

I Started With the “Why”