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Anyone who buys a house or apartment should not only count on the purchase price from the purchase contract. You have to calculate about 4.5% additional costs - for real estate transfer tax, notary and court costs, processing and estimation fees. Brokers also charge up to 7% commission. How you can save with the help of small details:
For a reliable cost estimate, it is also important to know whether repairs or renovation work are about to take place. Because as a homeowner you also pay for the maintenance of the house on a pro rata basis - check the condition of the common property (roof, facade). Feel free to ask for access to all the planning documents for the property, and inquire with the Federal Association of Independent Experts or the Association of Private Builders for a building specialist in your area. You should plan at least 80 to 100 euros per hour for him. But it does useful things when it comes to assessing the structure of the building. In addition, create a checklist of the work that needs to be carried out in your apartment - exterior plaster, bathroom and toilet, flooring and electrical installations, windows, shutters, doors, wallpaper, gardens, heating, water pipes, insulation and soundproofing measures. Get a quote from a tradesman for larger positions - usually free of charge. Check which work you can do yourself. Your own work relieves your budget - but do not overestimate your time and skills! You shouldn't expect more than 20 hours a week.
How much equity do you have? Savings banks and building societies recommend at least 20 to 30 percent. What monthly installments can you afford? To do this, generously subtract your total monthly expenses from your net salary and leave scope for an additional financial cushion of a monthly income. The representative of your savings bank or building society will draw up a financing plan for you and show you which government grants or tax reliefs you are entitled to.
If relatives or friends lend you money, you should write down the conditions. Your company may grant you a home loan: ask if you have to pay back the money if you quit.
You must apply for subsidies and building loans from the federal states before you sign the purchase contract. Submit your documents at the beginning of the year; the funds are often already allocated in April. Ask your community which authority you need to contact.
It guarantees you a consistently low interest rate and is repaid relatively quickly. If the building society contract has not yet been allocated, you can bridge the waiting period with an intermediate loan.
Compare multiple offers. Inquire about the APR, the additional costs not included. Secure the right to repay early. Set the interest rate on home loans for at least five years. You take an incalculable risk if you agree that the interest will always be adjusted to the current market interest rate.
Ask your tax advisor whether it is tax-worthwhile for you to set up a study or to rent a separate apartment.