Buying property in Germany

289 posts in this topic

1 hour ago, SpiderPig said:

 

 

Nope.. Go and look at your first comment... Twas probably you that turned it into a pandemic related problem to fit your bullshittery!

 

Oh... and I lied about my last comment!      :lol:

Oh look the fool is back!  Hi Fool!  Some time to kill before happy hour?  OK, I will take your advice.  My first post, let's see...

On 2.4.2020, 11:17:05, BradinBayern said:

Here is a good article (in German) about the market right now.  https://www.tagesschau.de/wirtschaft/corona-interview-immobilienmarkt-101.html?utm_source=pocket-newtab 

 

Basically it is saying that the market is too instable at the moment and you should probably wait (to see if you keep your job etc.)  It is frozen anyway since you cannot visit the property, see a notary, etc. 

It is some sort of masochism with you and being proven wrong? 

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18 minutes ago, BradinBayern said:

You don't have to pay until June 2022. 

 

My bad. I had no idea that we don't have to pay our rent. Funny that Himself hasn't mentioned it.

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49 minutes ago, mtbiking said:

 


Perfect, yet another living in a million and a half house paying thousand something per month. Kudos to you. Back in the real world with real numbers no landlord who is not your father in law will rent it for less than €3000 a month. Unless of course the house is much cheaper than your five minute estimate, which is my guess. I couldn’t care less, though, so I won’t further debate the point. If someone has specific questions about property ownership and renting in Munich and surroundings I’ll answer them solely based on my so far quite satisfactory experience in owning and renting out in Munich. 
 

By the way, pay your rent, you actually have to. 
 

 

Yeah, no.  My wife is East German.  My father-in-law only owned a Dacia in Vogtland.  I know of no one paying 3000€ in rent here and yes, the property values are horrendous.  A five minute search on Immonet for this area would give you that info.  But as you mention, it is not worth debating because it is irrelevant.

 

So yes, I have a question - what will happen to rents once all of those Munich start-ups go bust?  What are your satisfactory experiences of renting in Munich during a global pandemic and worldwide economic turndown? 

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1 minute ago, fraufruit said:

 

My bad. I had no idea that we don't have to pay our rent. Funny that Himself hasn't mentioned it.

I said that somewhat sarcastically.  The idea was that the government was trying to protect people from being kicked out because of loss of income during the crisis.  Addidas and other companies decided they just didn't want to pay rent which was kind of a dick move.  Addidas in particular got a bunch of blow-back and decided that they were going to pay.  Yes, you SHOULD pay your rent unless you cannot but this rule just goes to show that we are not living in the same world we were last year.

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One of my definitions of wisdom is admitting we know nothing compared to what we could know and ADMIT it. That is wise because it accepts humility as a strength.

An expert would ( should?) accept the more he/she knows, the less he/ she knows.

True dat!🙏🏻
Not aimed at anyone particular in this thread...

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16 minutes ago, BradinBayern said:

So yes, I have a question - what will happen to rents once all of those Munich start-ups go bust?  What are your satisfactory experiences of renting in Munich during a global pandemic and worldwide economic turndown? 


In 2008 and 2009 it was quite fine as the competition for properties dried up. In the event my rental income falls flat (I’ve actually been in contact with all my tenants and made sure they’re fine and have no income problems, I’d be otherwise willing to help them out) it will hit my income stream and thus fortune building but since we have two safe jobs and we made sure we can live with one salary instead of the two we have plus other income sources I’m changing nothing and waiting it out. If property prices drop significantly I’ll be probably buying.

 

I’m betting though that also this will come to pass and that Munich will remain a great place where people want to live and work.

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Just now, mtbiking said:

 If property prices drop significantly I’ll be probably buying.

So , you think it is a good time to buy now, or are the prices too high?

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9 minutes ago, john g. said:

One of my definitions of wisdom is admitting we know nothing compared to what we could know and ADMIT it. That is wise because it accepts humility as a strength.

An expert would ( should?) accept the more he/she knows, the less he/ she knows.

True dat!🙏🏻
Not aimed at anyone particular in this thread...

 

One of the most well-known slogans in the world of writers,  when it comes to what will sell and what won't, is, "nobody knows anything". I have discovered that it's true.

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8 minutes ago, arunadasi said:

 

One of the most well-known slogans in the world of writers,  when it comes to what will sell and what won't, is, "nobody knows anything". I have discovered that it's true.

What is the point of this post? How should we use this information?

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Actually, Ren- arunadasi is confirming a point I made in its own way- buying property in Berlin as per this thread. - and based on the arguments going on here on this thread - anything to do with the price of ANYTHING - even tomorrow ( let alone in the near-, mid- or long-term future ) is sheer speculation. Even the price of onions.

Who knows?

Even WITHOUT this corona crap, nobody knows.

 

I used to buy Finanzen and all those Finance magazines - the January edition. What did you usually see on the front cover? Smiling besuited faces chucking up euro notes in the air- and inside- interviews with hedge fund types this and that and “ we expect this and that and reckon the dollar will do this and gold that Emerging Markets the other and 5 per cent whatever.”

 

Nobody knows anything! Same here!🙏🏻
Let us all be truthful and accept that!

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12 minutes ago, arunadasi said:

when it comes to what will sell and what won't, is, "nobody knows anything". I have discovered that it's true.

 

Actually, that's not really true.  Just because a person owns a home, doesn't make them a real estate expert anymore than turning your water on for a bath makes you a plumber.  But, there are people who spend their entire career in real estate or plumbing, or dentistry (even though you brush your teeth) or auto repair (even though you filled up today)...It's only when you do a little and think you know a lot that people say things like, "nobody knows anything".

A realtor focusing in high-rise, office commercial real estate who's done hundreds of deals in a particular part of the city knows what will sell and what won't. Give those people credit.  It's not magic...it's hard work.

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 I hope to buy property in Ireland this year. Prices might go down, they may stay stable, I don't know.

I sold a property in Guyana but I have not got the money yet. I have to sign a power of attorney for someone else to complete the sale

for me in Guyana but I can't because all the notaries are shut.

I don't even know if I will get the money. Maybe the purchaser has gone broke due to CV19. Maybe he will die. I just don't know. I may never see it.

I might hang in limbo for 4 years again, just as I did with the last sale, which couldn't be completed.

The truth is: nobody knows anything, and it's stupid to pretend you do.

Three months ago nobody had an inkling of where we would be today. Everyone was complacent in their plans and their projections and "where I see myself in five years time" nonsense. Fact is, we don't know.

 

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We lived and rented in Steglitz in West Berlin from early 1986 to late 1988.  One day in 1987 we got a letter offering us the option to buy our 88 SM unit for the equivalent of $100K.  Being puzzled I mentioned this to my German friend & neighbor who said "Yes.  We got one of those ridiculous letters too.  Now who the hell would pay that kind of money for a unit in West Berlin?  We're living inside a damn walled city.  We won't be buying." Neither did we.  And we still laugh about that exchange.  🤦‍♀️😂

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12 minutes ago, catjones said:

 

Actually, that's not really true.  Just because a person owns a home, doesn't make them a real estate expert anymore than turning your water on for a bath makes you a plumber.  But, there are people who spend their entire career in real estate or plumbing, or dentistry (even though you brush your teeth) or auto repair (even though you filled up today)...It's only when you do a little and think you know a lot that people say things like, "nobody knows anything".

A realtor focusing in high-rise, office commercial real estate who's done hundreds of deals in a particular part of the city knows what will sell and what won't. Give those people credit.  It's not magic...it's hard work.

Ok, lots of hard work and studying and keeping up to date! But my point is - eg, I work in insurance and know more than the average punter on TT about certain aspects. But there are no guarantees. That is the point I should be making.

I am willing to accept that is the truth. 
( I am working on being wise this evening!)

😀😷

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17 minutes ago, BethAnnBitt said:

We lived and rented in Steglitz in West Berlin from early 1986 to late 1988.  One day in 1987 we got a letter offering us the option to buy our 88 SM unit for the equivalent of $100K.  Being puzzled I mentioned this to my German friend & neighbor who said "Yes.  We got one of those ridiculous letters too.  Now who the hell would pay that kind of money for a unit in West Berlin?  We're living inside a damn walled city.  We won't be buying." Neither did we.  And we still laugh about that exchange.  🤦‍♀️😂

This is getting ridiculous.  Everyone seems to be posting irrelevant information.

 

Maybe bethannbit, catjones and arunadesi could start another thread called "information no one cares about".

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29 minutes ago, BethAnnBitt said:

We lived and rented in Steglitz in West Berlin from early 1986 to late 1988.  One day in 1987 we got a letter offering us the option to buy our 88 SM unit for the equivalent of $100K.  Being puzzled I mentioned this to my German friend & neighbor who said "Yes.  We got one of those ridiculous letters too.  Now who the hell would pay that kind of money for a unit in West Berlin?  We're living inside a damn walled city.  We won't be buying." Neither did we.  And we still laugh about that exchange.  🤦‍♀️😂

 

BethAnnBitt,

 

Hmm...I've got a place (rented) near the Bier Pinsel.  Were prices that high in 1987 for places?  

 

S.

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14 minutes ago, RenegadeFurther said:

This is getting ridiculous.  Everyone seems to be posting irrelevant information.

 

Maybe bethannbit, catjones and arunadesi could start another thread called "information no one cares about".

You should be used to it on Tossertown mate.

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8 minutes ago, Shenandoah said:

Hmm...I've got a place (rented) near the Bier Pinsel.  Were prices that high in 1987 for places?  

We lived on Filandastr. Someone bought our unit as we were moving out in December of 1988.  I only know what price was offered to us, not what that person paid.

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41 minutes ago, BethAnnBitt said:

Now who the hell would pay that kind of money for a unit in West Berlin?  We're living inside a damn walled city.  We won't be buying." Neither did we.  And we still laugh about that exchange.  🤦‍♀️😂

 

My parents wouldn't shell out 500 bucks for a share in Whistler Mountain ski resort in 1965 because they asked who in their right mind would drive up a dirt road to go skiing?  

 

They also sold lakefront property on a huge lake in the BC interior around the same time for less than you can get a linear fucking foot today. 

 

Point being: in property you have to have vision, you have to be otherwise stable, hold on for the long term, and sell when you want.  I am very, very happy that I'm no longer a landlord, all the hassles, rising costs for everything and rent control to boot.

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