Life, business, investments, aspirations – Our Wealth Architects are here to connect the dots. When she is not out in the ocean chasing the next big wave, Sanja Obradovic accompanies you through the financing, construction, conversion, purchase, or sale of real estate. In her experience, there are three guiding principles to consider.
We all know that feeling. After months, maybe years, of property hunting “it just feels right”. The sunrays shine through the window and kiss your skin. You take a deep breath and begin your mental journey: Over there, just next to this wall, your (future) children will play with their toys on the beautiful beige carpet you will buy. Finally everything falls into place. But wait – does it?
“Buying a property involves both, emotional and rational decisions. I am here to advise you on the rational factors”, says Sanja Obradovic. The passionate kickboxer, (kite-)surfer and traveller has a background in banking and finance and entered the real estate business due to her passion for architecture and lifestyle. Overall, she has 15 years of experience in guiding clients through property cases. “I like my job because I get to know interesting characters with unique personal circumstances. The better we get to know each other, the more I can help.”
Sanja heads a team in Julius Baer’s mortgages division which develops and services mortgage loans. The overall department provides advice on the financing, purchase, sale, construction or conversion of properties. If you have already signed your loan and realise that your personal situation has changed, the team reviews your current financing structure and proposes solutions to meet the new requirements. And hey, they even accompany you on property inspections. Before you get started, however, make sure to read Sanja’s three do’s and don’ts of a successful property purchase.
Invest time to check every aspect
What type of property best suits your needs? What specific features shall your ideal property have? How much mortgage do you qualify for and how much can you actually afford? Take your financial possibilities into account and don’t forget your personal well-being. Who will help you find a property? Which institute shall guide you through the purchase phase and will support you to find the right financing solution?
What is your long-term goal and how does a property ownership fit those plans? Buying a property is a long-term process that could last a lifetime. With which mortgage provider do you see yourself working on a long-term basis?
Location is key
Visit the property and evaluate important aspects such as its view, mobility, neighbourhood, nuisance, building area reserves, taxes, land use and building regulations, ground characteristics, second-home initiatives – the list is long
Fall in love with a property you cannot afford
Approach your bank at an early stage and obtain advice on the financing modalities.
Overpay for the property
Contact your bank and have the property valued. It is important to be well-prepared when putting in a bidding offer or negotiating a sales price. If the property does not appraise the amount of your offer (the offer is higher than the actual value of the property), the shortfall on your bid will have to be paid out of your pocket. Overpaying a property can also lead to a loss when it is resold.
Rush the bid
Certain market conditions, property owners or real estate agents can put pressure on you to very quickly decide about a property purchase. Never let anyone or anything put pressure on you. Balance the need to make a quick decision with the need to make sure the property will be the right one for you. Do not overlook important flaws or ignore major problems that will be difficult, expensive or impossible to change. Taking time to consider the decision also gives you a chance to conduct research on the property, get the property valued through the bank and then offer an appropriate price.
This portrait is part of the 'Wealth Architects' series in which we introduce you to our employees. All of them have practical tips and tricks in their area of expertise for you.