A Guide to Buying Property in Germany
Germany is a beautiful country and is highly cultural – there is always something of importance or excitement happening. Germany has a great deal of entertainment including, theme parks, resorts and outdoor adventures such as canoeing and climbing.
Germany has fabulous museums, leisure parks and zoos and is the ideal place for a family vacation. Recently, property purchasing by non German residents has begun to increase and the types of property available range from condos to single family homes and are spread throughout this wonderful country. You can expect to pay less for a home in north Germany and slightly less in the west. South Germany is the most expensive area for property purchasing.
Most properties for sale are listed in newspapers and are not necessarily going to have a for sale sign at the property. Germany is a beautiful and cultural place to live and it is not hard to see why it has become so popular over the years.
The German Property Buying Process
Typically you will be paying a 10 percent deposit. In addition to the commission for the agent, there will also be property transfer tax which is usually about 3.5 percent of the purchase price and is always paid by the purchaser. You will also be looking at paying a notary fee and possibly an interpreter fee depending on how good your German is!
The contracts have to be signed in the presence of a notary which is why you will be paying a fee. It is usually about 1 percent and covers the negotiations, preparation of the contract and entry to the land register etc.
Mortgages in Germany are mostly spread over 10 or 20 years and are relatively low in interest compared to the UK. You are also able to pay interest upfront if you want to which is very helpful if you want to save money incase the interest rate rises unexpectedly.