Buying a property in Germany.

When talking about the real estate market Germany is considered as an interesting one. If you are looking to buy a property in Berlin or Germany it would be a perfect choice.As its environment and living standards are very high. In some places in Germany house prices have increased.House prices in Berlin increased by a fifth (20.5%) in 2017 which makes it the fastest moving city market in the world.Dataset also says that it will become more overpriced by 15-20%. But in some places of Germany it is very affordable to buy a flat rather than getting it on rent.Property in Germany is a stable as well as reliable investment.

Renting in Germany – living in rented accommodation is very popular in Germany.Munich, Berlin and Frankfurt have maximum rented accommodations. Real estate prices in Berlin are soaring. So, people naturally run towards renting homes. Rented accomodation is very popular in Berlin and homeownership rate is just 15%.

Here we have steps to be followed from finding a house in Germany to buying it.

  • Firstly the one willing to buy property in Germany and live in it then you must investigate.Take your time and decide your preference and locality of the property.Your requirements of windows, roofing,floors,etc.It also has certain legal requirements.For survey purposes you can hire an architect.
  • Once you find a property which matches your criteria you can finalize the mortgage and can sign the contract. You must remember signing the contract isn’t enough, property registration is also a very important process which you must take care of. Usually people contact a notary also known as a middle man who checks all the records ànd ensures that there is no reason why sales cannot go ahead.So when the government is checking the property details he doesn’t find any issue regarding the sale.
  • After this you have to go for the payment process which is given below.
  • Property transfer tax of 3.5–6.5%,notaries fees 1.2–1.5%,registration fees 0.8–1.2%,estate agent’s fees, if shared, of 1.5–3%, plus VAT at 19%.
  • In Germany it is compulsory to pay transfer tax,which is bit higher in certain areas like – Bavaria,Hamburg,Schleswig-Holstein,Berlin,Saarland,Baden-Wurttemberg, Brandenburg, Hesse, Mecklenburg-Pomerania, North Rhine-Westphalia, Rheinland-Pfalz, Saxony-Anhalt and Thuringia.

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