real estate properties

Residential Real Estate Finance: Costs are coming to homeowners
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Send Berlin / Frankfurt am Main, 10.24.2010 19:45 clock (FS)

Before a property is built, bought or renovated, should be future clients of costs should be aware, come in addition to the actual purchase price on it.

These include, for example, include the cost of the notary, land registry entry, the real estate transfer tax, the move and possibly the broker. These transaction costs can easily reach 10% of the purchase price. These come in a new building on land costs and construction costs development costs, building costs and other incidental costs such as insurance during construction and property tax. You may also architectural services, engineering services (structural) or government services (building permits). These have occurred with the major renovation, modernization or expansion of an existing property.

How to get a mortgage financing initially leads to an individual plan, in which the Bank is to advise you. Who would like to take home or apartment itself should have a rule at least 20 to 30% equity. With a purchase or construction price of € 300,000, for example, are the 60,000 To 90.000 €. In addition to the capital savings include building society deposits, an existing building lot, and limited its own activities.

The practice is most common variant of the fixed-rate loan financing in which the interest rate for a period of usually five, ten or 15 years, is committed. The fixed interest rate brings predictability for the future, because the pre-agreed period, the monthly rate remains the same and so predictable. Anyone wishing to use the low interest rates in the long term should choose a fixed-rate period of at least ten years. It is also advisable to agree to a higher initial repayment than 1%. So the developer is not only free of debt faster, but also saves considerable interest costs.

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