real estate tourists.jpg

Do you know what real estate tourists are? These are people who call you about your real estate ad and visit the property without being genuinely interested. These people waste your valuable time. Moreover, they can be very demotivating, because you place in each new prospect the hope that he can buy your house or apartment. Real estate tourists never do.

## Identifying false prospects: not an easy task

There are different reasons why some people may lie to you about their interest in your property. They may simply want to see the interior of your home or to see how other people are settling in. Sometimes they do it to compare your property with theirs. They want to estimate the value of your home. Sometimes, fake buyers are even sincerely interested in buying a property, but don't know if your property would be suitable for them. Experienced real estate agents openly admit that it is sometimes difficult to identify fake buyers. But it's not impossible.

## Tips and Tricks to minimize visit tourism

You can't get inside someone's head, but you can reduce visit tourism by taking the following steps:
- Create a relevant description that limits the number of people interested.
- Publish realistic photos of the property to avoid disappointment.
- Use 360 degree tours. Only people who provide their email address can access them.
- Make phone calls to interested parties to gauge their intentions.
- Offer more tours on weekdays. Real estate tourists prefer to come on weekends as it is their leisure time.

## Selling without stress with a real estate agent

Want to avoid trouble with real estate tourists altogether? Then a real estate agent is the right person to talk to. He or she takes care of the whole selling process, from the estimation of the value to the handover of the property. This way, you save time and trouble, because he carefully selects solvent potential buyers thanks to his long experience.

Advises and tips to minimize real estate tourists!

In the west of Luxembourg, what do you know about the commune of Bertrange.jpg

The city of Bertrange, located only a few kilometers from the heart of Luxembourg City, will appeal to you in many ways. Living in Bertrange means being part of a dynamic community that has preserved its small-town charm while accumulating many valuable resources.

With a total area of 17.39 km2, the municipality of Bertrange is located in the center of Luxembourg, west of the capital. It is located on the outskirts of the country's capital, linking the city itself to the southern part of the country. A dynamic city that is constantly changing and adapting to meet the needs of its growing population thanks to the funding of various construction projects. As of January 1, 2019, the total population was 8,282, of which approximately 54% are not Luxembourgers. Nearly one hundred different nationalities are represented in the municipality of Bertrange, the majority of whom speak French, Portuguese, Italian, Belgian or German. Today, Bertrange is a community that successfully combines the well-known rustic look of our region with an unmistakably sophisticated air.

## A successful community life

Bertrange, a commune in the center of Luxembourg, is a good place to live because of its village atmosphere and its proximity to the city center. The municipality of Bertrange is considered one of the most prosperous and is home to numerous economic and industrial zones, including the Bourmicht zone, which is home to a large number of national and international companies.

In addition to its many restaurants, Bertrange is home to two large shopping centers: City Concorde and Cactus Belle Etoile. In addition to its original structure, City Concorde now offers a large number of unique stores to Bertrange residents. There are many restaurants in Bertrange - about 15 - to meet your gastronomic needs.

## Distinct settings

In addition, the city of Bertrange provides its residents with numerous facilities, such as the Atert cultural and sports center, which can accommodate up to 1500 spectators, and the Arca music school, which offers young people quality musical instruction and helps to keep Bertrange's artistic community alive. There is also a magnificent music hall, with a stage that can be configured for a variety of performances and accommodate more than 100 people. Exhibitions and receptions can also be held at Arca.

But that's not all, Bertrange's charm extends to its wide range of possibilities for rest and relaxation. Renowned for its swimming pools, the Thermes also has a spa where visitors can relax and recharge their batteries. In addition to its fitness center and restaurant, it also hosts a number of classes that you can sign up for.

Bertrange also has a tennis club, petanque courts, 24 playgrounds and soccer and volleyball clubs among its many other sports organizations and facilities.

## On behalf of our future generations

Bertrange, as a city, is home to an elementary school and several day care centers. The "Krank Kanner Doheem" service of Bertrange offers its inhabitants private home care for sick children. This service allows parents to continue working while providing their children with the best possible environment to heal.

## Bertrange and accessibility

The European School of Mamer is located not far from Bertrange, which reinforces the attractiveness of the city. Its location is ideal, as it allows easy access to major highways while being well served by public transportation. Numerous bus lines run through Bertrange, Luxembourg, due to its proximity to the country's capital.

## Living in Bertrange

After reading this, you should have a good idea of what it's like to live in Bertrange, a small village-like community near the city.  

In the west of Luxembourg, what do you know about the commune of Bertrange?

Understanding the syndic of co-ownership before buying in Luxembourg!.jpg

To what extent have you studied the syndic of co-ownership and mastered its function? In Luxembourg, if you buy a building (or even some houses), you automatically become a co-owner in a complex when you make your first real estate purchase. This means that certain things require anticipation. Take a look at the resources below to learn more about the syndic's role in your life.

## The responsibilities of a syndic of co-owners include both representation and management

In order to streamline the administration of a shared property, the syndicate of co-owners steps in as a representative body for all of the owners. You should be familiar with this individual before finalizing the purchase of a property in Luxembourg. This person allocates funds and ensures that decisions that affect the tenants' daily lives are followed (works, internal regulations, etc.).

Real estate investors in Luxembourg would do well to keep in mind that the syndic is appointed by the co-owners at a General Assembly. He does what he can to safeguard the property for all of the owners, and he takes that responsibility seriously (by implementing the necessary work and repairs, if necessary).

_"Efforts are made to safeguard the building and its occupants from deterioration while protecting the rights of individual owners to the greatest extent possible”._

Every day, the syndic of co-owners checks to make sure that everyone is adhering to the co-ownership rules and that the decisions made at the annual general meeting are being strictly adhered to. In addition, he is responsible for overseeing the home's accounting and general administration (mail, etc.).

## Can you explain the role of the syndicate council and how it differs from that of the syndic of co-ownership?

Planning to purchase a home in Luxembourg? Join the building's union council first. This allows you to participate in the daily operations of the business you co-own. That's why you're so valuable to have around when issues arise and need to be seen from your perspective (need for works, definition of common rules, nuisances and well-being of all, etc.).

However, the syndic of co-ownership is an external interlocutor who handles technical matters like budget and accounting management, law compliance checks (in areas like safety), etc. In addition, he is accountable for assisting the co-owners in selecting reliable service providers to complete the required tasks, placing orders, and keeping tabs on the sites.

_"When the co-owners go out to find workers, he's supposed to tag along to make sure they hire the most qualified people for the job”._

The syndic, as a true daily partner of the co-owners, can arrange visits with specific goals in mind and then report back. In the event of an issue, he can also make a claim on any number of appropriate insurance policies (damage to work, multi-risk co-ownership, among others).

## Who has the authority to make choices and carry out duties?

The building's general meeting of co-owners is called whenever major decisions need to be made. All decisions that will have an effect on the occupants are discussed and agreed upon by this group. After that, the syndicate's job is still one of control; he sees to it that all decisions are carried out exactly as planned by the various groups.

Understanding the syndic of co-ownership before buying in Luxembourg!

Améliorez votre dossier avec un plan de financement pour accélérer votre achat !.jpg

Most real estate purchases are financed by a mortgage, which most borrowers pay off over several decades, usually no more than 30 years. Much depends on the specifics of the property and the client's requirements for it. Before you decide on a property, you need to develop a financial strategy that includes an estimate of costs, cash flow and a borrowing goal.

## When calculating your costs, be as specific as possible

Beyond the purchase price of the home, there are several expenses that must be saved before you can proceed with the purchase. While this is the largest expense, it is important to include all other expenses. For example, you will need to pay the notary handling the transaction so that he can collect taxes directly from the tax authorities, recover certain expenses (such as those incurred in requesting specific administrative documents) and pay himself. Insurance premiums, processing fees and other administrative costs may also be incurred.

## Define the extent of your financial support

Obviously, you can consider all your resources, such as savings, inheritance or the amount from the sale of your current home, to meet all these expenses (if you are not a first-time buyer). To fill the gap between now and the time when you can sell your current home, a bridging loan can be a solution. The amount to be put down can be determined by calculating the capital available at the time of purchase.

A typical down payment is between 20% and 30% of the purchase price, depending on the lending institution you work with. If you can't come up with the money yourself, you can always ask a family member to be a guarantor or to mortgage another property you own. It is also possible to try to negotiate with the bank to reduce the amount of money required. With a government guarantee, buying a home is much less difficult.

## If you have to borrow money, calculate your exact repayment capacity

After a review of your financial assets, you must evaluate your monthly income and expenses to arrive at an accurate debt capacity. In other words, this is the maximum amount you can spend each month to repay the loan without experiencing financial difficulties. Financial institutions generally recommend that this "effort rate" not exceed one third of your annual income.

Of course, you should reduce the term of the contract as much as possible if you want to spend less money on interest and loan insurance. The interest you pay on your loan will decrease as you pay it off. However, this decision will result in higher regular payments, so be prepared to provide for your family despite the unexpected. In the event of the insured's death, outstanding balance insurance (UBI) can provide additional protection. If there is an outstanding principal, the beneficiary of the insurance will receive that amount.

## Plan your finances, but don't go it alone

Your capital acquisition strategy will have a better chance of success if it is more specific and well-founded. Don't hesitate to consult with experts before implementing it, as this will help you anticipate all costs and stay under the maximum debt load allowed by banks.

Lending institutions must have a solid foundation to operate and be able to provide a wide range of collateral. Before you start working, make sure you have your latest paychecks, salary certificate and published estimates.  

How can you improve your file to speed up your purchase?

What law applies to money laundering.jpg

If you're looking to buy, sell, or rent a home in Luxembourg, you can expect to be asked some unexpected questions by your realtor. Not only will they question you on your identity, but also on your wealth, income, and line of work. In fact, it's crucial to understand that the AML (anti-money laundering) law strictly governs the collection and use of this data in the context of the fight against money laundering.

## What the legislation in Luxembourg says about combating money laundering

The prevention of money laundering and the financing of terrorism are the subjects of a first law enacted on November 12, 2004. One further law was passed on October 27, 2010, to further fortify the existing legal framework in this area. Last but not least, the law enacted on August 10, 2018, addresses the information that trustees must collect and maintain for the purpose of thwarting money laundering and the financing of terrorism.

_“Money laundering is the process of trying to hide the true origin of money or other valuables”._

All those working in the financial industry need to take preventative measures in a concerted effort to thwart these illicit activities. Not only do banks have to cope with the necessity to take measures, but so do accountants, notaries, gaming operators, and real estate salespeople. Because of this, you may need to provide a variety of paperwork before beginning your real estate project.

## So, what exactly do real estate brokers have to do to comply with the AML law?

For purposes of the AML law, all real estate brokers are required to do client due diligence by asking a series of questions (previously, the work was only done by banks and notaries).

To that end, it is only reasonable to request that you submit a number of records explicating the nature and scope of your project (financial, family, professional, patrimonial).

Included in the required documentation is a government-issued photo ID, a recent utility bill or bank statement showing your current address, and any relevant documentation for your line of work (such as an employment contract or proof of activity for self-employed professionals).

All reports of suspicious transactions in Luxembourg that may include money laundering or terrorist financing are handled by the FIU (Financial Intelligence Unit), an independent and autonomous body.

_“The Financial Intelligence Unit (FIU) is an autonomous organization responsible for handling all reports of potentially fraudulent financial activity”._

For the record, professionals who "suspect or have reasonable grounds to suspect" a money laundering transaction are obligated to decline the transaction and report it immediately to the Financial Intelligence Unit (FIU). Since real estate agents' responsibilities can be called upon at any time, it's only natural that they take safeguards; if they request full documentation, don't panic, and feel free to ask them any queries you have; they'll be happy to provide an explanation.

What law applies to money laundering?

How to buy property a buyer’s manual.jpg

Looking to make a real estate purchase? Where do I even begin, how do I determine my needs, what is a reasonable cost, and what kind of assistance are out there, and on what criteria? Who are the experts you recommend I talk to? How exactly should I go about penning my purchase offer? There are a lot of unknowns that we will clarify for you.

## Setting your criteria before making a real estate purchase is essential

You hope to buy a house or an apartment someday, but you haven't decided what you'd need. We hope that the list of considerations we have helped you create is complete. If you want to maximize the effectiveness of your research efforts, you should prioritize them based on what you really need, rather than what you want.

## How to determine a fair price for a piece of real estate

Reputable government agencies regularly release a plethora of studies. It is crucial to consult them in order to have an accurate understanding of the market values, in this case the apartment prices by municipality, and to avoid going into talks blind. Particularly in today's ever-increasing market!

## How can I get help with purchasing or constructing a home?

There are a number of programs available from the government that can assist you in purchasing your primary residence. You can choose from a number of different programs in Luxembourg, whether you're looking to acquire an existing home, start a construction project, or do either. When do they really pay off, though?

## Who can you consult for advice before making a property investment?

A great deal of planning will go into your real estate venture. What formal procedures must you follow? How much money will we have to spend? Assemble a team of experts who can give you accurate details about your purchase so you can better manage the project.

## After a visit, how do you go about making an offer?

The love bug has bitten you! Your first offer to buy should now be formulated and negotiations should begin. What is your secret? This is an important move that needs to be guided by solid advice.

How to buy property: a buyer’s manual

What aid for buying or building in Luxembourg.jpg

Do you want to own the place where you sleep at night one day? In order to encourage home ownership and housing construction in Luxembourg, the government offers a number of grants and subsidies for these purposes. What programs are currently in effect? When would you use them to your advantage? This article provides a concise summary of all the data you will need to make an informed decision on how to pay for your new possession.

## Government aid for a real estate project

Did you know that the state, specifically the Department of Housing, funds the majority of homebuyer assistance? Some people can benefit from this aid. The application is generally addressed directly to the Housing Aid Department.

### The purchase premium: The Luxembourg down payment assistance program

The financing of important expenses is assured by the purchase (or construction) premium. This program is intended for Luxembourgers interested in buying or building their own home. Its cost can vary from 250 to 9,700 euros. To be eligible, you must meet a number of prerequisites. Area requirements range from 65 to 140 square meters for single-family homes and 45 to 120 square meters for multi-family units. Keep in mind, however, that this tool comes with conditions related to financial stability and family size.

Submit an application for an acquisition bonus:

- If you need financial assistance to pay your rent, the first step is to fill out a housing assistance application.
- Then submit it to the housing assistance department within 12 months of signing the deed.

### Financed by a tax on interest

It is possible that you can benefit from an interest subsidy from the State if you have taken out a mortgage loan to buy or build your main home. Specifically, you can get a 0.50% reduction on your loan rate for each child living in your household, up to a maximum reduction of 3%.

### The program can be used during the construction process, when purchasing a property or during a renovation

This interest subsidy is only available to those who:

- Have at least one child who is fully dependent on them
- Do not have other loan holders
- Are not co-owners, usufructuaries, or owners of other real estate (in Luxembourg or abroad).

Persons applying for housing assistance must do so using the appropriate application form. Then, before the renovation or construction work begins, or the sale of a property is finalized, it must be forwarded to the housing assistance service.

### Interest Subsidy

The interest subsidy is also used for the interest subsidy. The program offers an interest rebate of between 0.575 and 2.45% on loans up to €175,000. The financial situation and stability of the beneficiary are taken into account in determining this rate.

It is important to take into account the characteristics of the surface for this type of aid:

- Apartments must have an area between 45 and 120 square meters, while houses must have an area between 65 and 140 square meters.
- This surface requirement does not apply to the purchase of a house built before September 10, 1944.
- Applications for both the construction bonus and the purchase bonus can be submitted at the same time.

Only people who have saved money with the intention of building or buying a residence in Luxembourg can participate in this program. It is possible to award it at the same time as a construction premium or an acquisition premium. The bonus is conditional on the beneficiary maintaining a certain savings account with an initial deposit of €100 for a minimum of three years.

What aid for buying or building in Luxembourg?

Home Staging, an effective way to sell better in Luxembourg.jpg

Are you having trouble selling your house in Luxembourg? What if the visits don't work out or, worse, no one wants to see it? It could use a little facelift to bring out all its charm. Home staging or home coaching can help you save money while improving the appearance of your home.

## Improve the value of your home with home staging

It is difficult for many visitors to imagine themselves living in the home they are visiting. The lack of transparency slows down their approach and can even deter them from making an offer to buy.

If you want to increase the chances of selling your property, take our home staging tips to heart. In recent years, many people have taken up home staging, and some have even made a career out of it.

The main objective of home staging is to create an atmosphere of calm and ease. It is advisable to get rid of as many individual touches as possible, such as intrusive decorations, portraits or unusually styled furniture. Most of the time, it is not even necessary to replace them, as it is partly to get rid of the clutter and make things more impressive. However, it can be helpful to incorporate a plant or some small, classic decorations to make the space feel more inviting.

In any case, home staging does not require a large financial investment. A lighter coat of paint on the walls or new flooring are two suggestions that come up from time to time. Most of the time, however, we accept incremental improvements that make a big difference.

## With home coaching, refine your approach to selling

Coming from the field of house staging, home coaching offers sellers a broader support system to speed up the sale. This is a great option for people who would like to invest in real estate but simply don't have the time or energy to do it on their own.

If you need this type of assistance, your "Home Coach", who specializes in real estate sales, will help you with everything from beautifying your home to choosing the best advertising networks for your listing.

You can have a smooth selling experience with this person while moving your project forward in an efficient and profitable manner.

## Attractive images that attract more visitors

More than half of a real estate searcher's time spent online is spent viewing visuals. That's why they are so essential to any listing! Taking pictures of your Luxembourg home or apartment at the right time of day, especially when the weather is nice for maximum light, will help increase its market value.

Use a high quality camera with the right resolution and sharp rendering. Finally, consult a home staging expert for advice on how to enhance your space... Changing a single piece of furniture can have a profound effect on the mood of a room.

Home Staging, an effective way to sell better in Luxembourg

3 tips to move into a studio in the center of Luxembourg.jpg

Are you starting a new phase in your life by attending a different school, moving out of state to find a job, or moving to be with your spouse? To avoid falling into the red, you need to practice careful financial management. Learn how to save money on everything from renting a studio apartment in the heart of Luxembourg City with these handy tips!

## Preserve your purchasing power by planning for all your living expenses

If the rent in Luxembourg is too high for your monthly budget, you can always go hunting for a more reasonably priced place to live. Look for "empty" housing, i.e. rented without furniture, if you can afford it. These units are a more economical option than fully furnished apartments.

If you are looking for a studio apartment in the center of Luxembourg and are only interested in the cheapest rents, you may end up in a decades-old building. Reduce the amount of money you spend on heating by developing a few helpful routines, such as opening windows and doors at regular intervals to let in fresh air and closing them to conserve heat.

## Be careful when choosing your home insurance

The landlord of your downtown Luxembourg studio will probably ask you for proof of insurance before you sign the lease. You should budget for this every month, again.

If you are renting in Luxembourg without the help of an agency, you should still take precautions to protect yourself from the most serious threats (water damage and fire, for example). Don't hesitate to shop around to find the best deal for this expense by comparing offers from different providers.

Think twice before buying if you need to protect expensive electronics and delicate furniture. If you want more protection in case something goes wrong, it may be worth spending a little more.

## Now is the time to start saving for the future

You may be considering renting a small studio apartment in Luxembourg City today. In a few years, however, you'll almost certainly begin to consider your financial assets, such as the possibility of replacing your monthly rent payments with a mortgage payment that will actually put your money to good use.

Start cutting back immediately. If you have quick reflexes, make smart purchases, and minimize unnecessary waste, you can dramatically reduce your water and electric bills (buy used, resell excess, reuse unused items, etc.).

By doing this, you can save money each month that you don't spend. You can either put this money in a down payment on a house or use it as a down payment on a rental property in Luxembourg.

Blog and real estate advices

Be the first to receive the latest housing news and advice