Assistance when buying an apartment in Munich

3 posts in this topic

Hi,

is there some company assisting foreigners in buying property in Munich? I mean translating the contract, hiring a Gutachter, checking if they are not trying to screw you, explaining the various taxes and fees, etc...

 

I seem to have found some companies providing a much-needed service like this for Berlin, but so far I haven't found anything in Munich.

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There are tax consultants (Steuerberater) who offer this service. But their fee is often paid by the banks from which they recommend you to take a loan. It is possible that they recommend the bank that offers them the best commission. The tax consultant is not obliged to share with you which bank pays her how much. 

 

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If you intend to get a bank loan, then you can use Hypofriend

 

They are mortgage  brokers for expats. They will guide you though the whole process and required documents in English.The bank will pay them a fee if the loan is secured though them. The loan offer I got through them was far better than  any of the 4 offers I got via the Bank "Financial Berater". 

 

You can request for English translator or English translation of the buying contract at the notary. The notary will check the legal requirements and has to make sure you understand what you are buying. 

 

As a general note the following criteria affects the apartment price significantly and you should be aware of: 

- The apartment you are buying is not in land leasing (Erbbaurecht). 

- The current and future maintenance costs "Hausgeld". This information is found in "Eigentümerversammlung" - wrriten form of yearly owners meeting. Depending incoming maintenance projects, you can estimate how much you need to pay in the next 5-10 years. To get a feeling, if your building requires a roof replacement you can expect 20-30k from your pocket. The year in which the building was built is generally a good indicative. 

-  The current apartment does not have a tenant.If the tenant does not want to move after you make the purchase, you need to take legal action which will cost you some money and stress. 

 

The following fees is what you can expect: 

- Purchase tax (3.57%) 

- Notary tax (1.5-2.0 %) 

- Grundbuch (0.75%) 

- Real Estate agent - if you use one (3.5 - 7%) 

- Various insurances (e.g. fire, water, storm ...etc). Depending on case you can expect 100-300/year. 

 

In my case, the bank who provided the loan estimated the real estate based on data provided to them. If the loan you need from them is not below their property estimation, then they might request you to either put more money in advance or pay for the bank real estate agent for the on site property estimation. 

 

 

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