Buying property in Germany

289 posts in this topic

1 hour ago, AlexTr said:

 

No, it is at least in part the point. But you go on. Apparently, you have an axe to grind and I will not attempt to sway you. Please, tell us more about how owning a €1 million place makes your quality of life better than a €370k place.


If you’re asking me in April 2020 how come a family with small children has a better quality of life in a house with garden than in a two rooms apartment then I wonder if we’re even living on the same planet.

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1 hour ago, mtbiking said:


That’s irrelevant to his point and this discussion, since his €750/month place can be bought for much less than a million euro. Such a place is valued at roughly around €370,000, which at nowadays interest rate is not beyond reach for loads of people. Nobody is forcing anyone to buy a house.

AlexTr eloquently made most of my points already.  But just to add to that - 370,000€ will not get you a lot in my neighborhood, not to mention a house. 

 

Theoretically based on square meters, I could have the same sq m as my apartment if I bought a house at around 500,000€ but that is only based on the price of other much larger houses that have sold.  The fact is that there are NO decent single family detached homes anywhere near me at 100 sq m (which is all I reasonably want and need) and many are 200 sq m and upwards. If there are any homes for sale at all. You cannot live in a "theoretical" house.   I did find one single house for 500,000€  that was somewhat near what I wanted and looked decent but when the home inspector had a look, he said it was a tear down.  Anything listed for anywhere near the 500,000€ range was complete and utter crap including one that was 600,000€ that was only heated by individual woodstoves in each room and had an entire floor that had everything torn out of it. Or another 600,000€ where I could only access the second floor on my knees. None of these were in "move in" condition and all of them would require substantial renovations to even be considered halfway decent.  All of them were much larger than meets my needs.

 

Currently, I am living in a town where I can easily bike to the Chiemsee (yet far enough away from the tourists) and I see the Alps from my living room (about 20 mins by car to the next ski lift).  Work is not far for either me or my wife and the schools are excellent.  The house were I am living is a renovated nice two family house and would easily go for 1,000,000€ based on size and location, both the town where it is located and where in the town it is located..  My landlords are not charging me enough rent (shh, don't tell them), but they are not the only ones in the area.  Why?  I think older people bought their homes much cheaper and don't realize the real value of their property.  If I could buy this house - which is not likely because people don't sell here, they inherit - then I would not increase the quality of my life much because doubling my sq meters when I am already happy with what I have would do nothing for me.  Also, technically, I could rent it out, but I am not really interested in becoming a landlord (thank you, I have a day job).  

 

So if could find me a newly renovated not-too-big single family home within easy driving or biking distance of my job, the Chiemsee, the Alps my wife's job and in a town with excellent schools that is not entire crap for 500,000€, I am all ears.  Until then, I will keep paying rent and will use the 500,000€ to make a killing in the stock market.

 

 

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The West Loop in Chicago is a neighborhood that was, not long ago, where meat and vegetable distributors did business.  Since then, McDonalds and other have moved corporate and regional offices there along with a flock of restaurants.  Below is a map of current construction projects.  It's an indication of committed finances and plans along with high expectations.  The map focuses one just one small section of the city.

Want to buy property?  You should have bought 10 years ago.

https://chicago.curbed.com/maps/west-loop-construction-development

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5 hours ago, catjones said:

You should have bought 10 years ago.

Or maybe wait for a afew months and you´ll have another chance when the virus will have brought the economy on it´s knees for longer than people anticipated. There will be a lot less potential nuyers and a lot more unemployed I guess.

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On 4/28/2020, 8:58:50, jeba said:

Or maybe wait for a afew months and you´ll have another chance when the virus will have brought the economy on it´s knees for longer than people anticipated. There will be a lot less potential nuyers and a lot more unemployed I guess.

 

That's just a kind of wishful thinking.  Almost all of the 58 construction projects listed in the article are commercial/office buildings.  It takes years of planning, approvals and financing before construction begins and by this time next year, they'll be occupied with leases that were written in the planning stage.

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With the rental prices in Munich I will buy something as soon as I have a chance. Renting is a waste of money, imho. 

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On 5/23/2020, 6:47:27, GoldenJoe said:

With the rental prices in Munich ,,, Renting is a waste of money

 

all depends on how long one plans to use/hold the property.  lots of transaction costs associated with buying German property.

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10 minutes ago, DoubleDTown said:

lots of transaction costs associated with buying German property.

Depends on the region and if you do it through an estate agent. We bought ours privately so avoided the horrendous agent fees that they charge buyers here. 

 

Generally when you sell, you take into account what you have spent on the property, the original purchase transaction with the associated fees and set your price accordingly to claw back all costs. If you break even and get all your money back then owning is clearly much more advantageous. Renting is basically just dead/lost money. 

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What a bubble in this city...let see the outcome of Covid crisis in some months what will cause...sorry for the OT but price of apartment in this city are not anymore correlated to salary.

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