22.Jun.2008 - 15:34 hrs
My husband and I would like to purchase a residence in GAP area. Our idea is to buy or build a multi family dwelling and then rent out the larger portions, keeping a small apartment for ourselves--we would use this when we visit and eventually we would relocate permanently (in several years when we retire).
Does anyone know the costs of building a 3-family house versus purchasing an existing residence?
23.Jun.2008 - 12:57 hrs
I don't want to burst your bubble, but Garmisch is one of the most expensive housing markets in all of germany. If you want to buy property and build on it you have to expect at least 700€ to 900 € per squaremeter (roughly 9,5 sqaurefeet). Construction and building styleare very diffrent from the US.
Over here most of the houses are solid brick and concrete constructions with a giant roof truss and roof tiles on top... so not your cheapo wood frame and plywood construction. Depending on the size I would go for somewhere around 350.000€ to 650.000€ construction costs. Also you have to filter in about 3% Grundsteuer and 1% Notary costs additional to the prize of your land. If you use a realtor another 3,57% realtors fee are in place.
If you buy a used house they start around 340.000€ for a single family dwelling with about 120 squaremeters living area and maybe 500 squaremeters of land. For a 3 family house expect to dish out at least 600.000€ and don't be astonished if most stuff goes around 750.000€ to over 1.000.000€.
24.Jun.2008 - 00:51 hrs
That's about what we are expecting. Maybe we are better off to look in one of the smaller surrounding towns like Farchant? We like Fussen too.
I guess we are resolved to the idea that it will be very expensive compared to our cost of living in the US so that is why we want a multi family unit, so that we can have tenants.
Thank you for your insight, much appreciated.
4.Jul.2008 - 13:43 hrs
Hi, I agree with taxi driver having bought here last year. GAP is expensive compared to other parts of germany but the good news is that as its a tourist town you should be able to get good occupancy rates for the rental bits of your house all year round. Property here doesn't seem to go down as there is a shortage of land. In fact there is a local wealth tax of 1% per year for owners with more than one properties here. On the upside GAP is hosting the 2011 World Cup Downhill and as you are probably aware Munich is making a bid for the 2018 Winter Olympics. (skiing events to be in GAP) Both a boost to the local economy.
The nearby vilages such as Farchant and Grainau are cheaper BUT less popular as holiday bases. There is a tendancy for folks to buy there first (due to price) then they "drift" into GAP proper for all the facilities. It's where tourists want to be and as usual its all about location, location, location. We also looked at Fussen - but apart from the castle attraction we discounted it as its not as " cosmopolitan" as GAP. Don't forget there are lots of Americans in GAP all year round too as there is the large Eidelweiss forces R+R hotel here. (one of only 4 such facilities around the world ).
Its a great place to live. If you are serious my advice is to do your research - maybe make a trip, and then decide which way to go. There is always a chance that you can find the right property on the market without having to build. Good luck!
4.Jul.2008 - 21:32 hrs
Thank you for the information. We vacation every year in GAP but we are just now planning the relocation/vacation rental idea. I really appreciate your thoughts & insights!
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