How much credit when buying a house

No strenuous landlord, attractive return and good provision – many arguments are decisive for the desire to own your own home. But if you buy a property, you have to consider far more than just the purchase price: The incidental acquisition costs for a notarial, real estate brokerage and the real estate transfer tax, which has risen steadily in recent years, must be taken into account.

In the case of conversions or developments at the place of residence, the client may incur additional expenses. One should therefore not only count on the prescribed additional costs of up to 15 percentage points of the purchase price. Even more: Even after the purchase contract, the new house still incurs additional costs. When buying a house, we present all additional costs and point out potential savings.

If you do not have the confidence to purchase a property through private contacts, you will need to factor in brokerage fees for a real estate agent as an additional cost when buying a home. Unlike renting real estate, there is no legal obligation to sell real estate, whether the seller or the buyer pays the commission. The brokerage commission for the brokerage of a property sale is therefore paid in regional terms either exclusively by the seller (“internal commission”) or by the purchaser (“external commission”) or divided between the two.

However, the broker usually sets its fee

However, the broker usually sets its fee

The amount of the brokerage commission is calculated on the basis of the purchase price of the property. Depending on the country, these amounts to between 3.57 and 7.14 percentage points of the purchase price. When buying a house, these additional costs can hardly be saved, unless you are looking for a private person.

Now there are other inevitable additional costs for the home buyer: the notary and property costs. These depend on the size of the purchase price. These additional costs cannot be negotiated or saved. In the case of loan financing, a mortgage is also entered in the cadastre. For a calculation, one should estimate this component at an additional cost together with approx. 1.5%, under certain circumstances up to 2% of the purchase price.

One of the biggest laws after buying a house comes from the tax office: the land register extract. Here, property buyers have to pay 3.5 percentage points of the sales price to the tax office as a real estate transfer tax. In Thuringia, North Rhine-Westphalia, Schleswig-Holstein, Brandenburg, Thuringia, and the Saarland, most property buyers have to pay 6.5. The purchase of existing real estate can save real estate tax and thus incidental acquisition costs by separating movable (e.g. built-in wardrobes, fire pit, sauna) and immovable parts of a property in the sales contract.

Because the tax object is only the real estate itself – in an inseparable connection with the in-house portfolio. Brokers, notaries, and property transfer tax are the classic features of ancillary acquisition costs when buying a house. In addition, there are other expenses and fees that should be taken into account: The financing costs are high, a renovation can use up additional capital (and sometimes nerves), development costs can make purchasing more expensive for the client, and the move-in ultimately needs to be reimbursed.

The bank can calculate and calculate and calculate how high the ancillary financing costs, such as interest surcharges or custody account fees, are from the purchaser. The so-called effective interest rate then provides information about the cost of the financing offer. This is made up of the actual credit costs including the incidental acquisition costs: the number of interest payments. The effective interest must be stated for each offer.

This can drive up credit costs

This can drive up credit costs

In this case, it is important. According to the Price Indication Ordinance (PangV), however, credit institutions are required to present all fees for a loan in a comprehensible manner. Careful research and negotiation can, therefore, save additional financing costs. Anyone who has to or wants to carry out expensive renovation or renovation work on a property before using the building must include the renovation costs as additional costs in their home purchase financing.

The builder can save money because there are no additional acquisition costs for the conversion costs. When purchasing an existing property, the purchaser generally does not expect any development costs as supplementary costs. If this happens, the community has four more years to pay the expenses. Thus, it can happen that the house owner unexpectedly incurs additional expenses in the five-digit range, even though it is an old property.

Therefore, the purchaser should receive the notifications valid for the property. If the development costs are still open, the interested party can negotiate a discount on the sales price or agree that the seller bears these additional costs. The notary can change the house purchase contract accordingly. If the client bears the expenses alone, he must maintain his financing.

It is customary in Hamburg that the customer pays the brokerage commission. Now, however, the ancillary operational costs for the new house come into play, the so-called operational costs. In addition to the monthly loan rate for financing real estate financing, there are also regular fees and consumption costs. The house owner bears the various additional costs directly to the municipality and the companies.

The house monies are above the additional costs for the rental costs since not all additional costs can be passed on to the residents. In any case, the future homeowner should get an overview of the acquisition costs of the property in question before buying. At this point, the landlord can benefit from the investment in energy modernization by saving on running costs.

The seller or broker gives the future owner access to the relevant documents. Because operating costs and real estate financing must be looked after permanently. In the appendix you will find an overview of the current acquisition costs for your own house or apartment: In addition to the real estate loan, it is also possible to set up a conventional installment loan with the associated interest for the acquisition costs of the house.

The rate of interest on an installment loan

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It is high compared to mortgage lending, and these lenders also want to pay off over the years. It is therefore recommended to pay the incidental acquisition costs from the capital and to save them. The house bank is required to keep the full loan amount available when the contract is concluded.

If the construction or purchase of a property is delayed, the purchaser may be charged additional costs when buying the property, since the institutions charge interest for the provision of the property as compensation for this period. If the loan is paid out in several stages, the partial amounts are also subject to additional interest. By negotiating a long-term interest-free period with the house bank, further financing costs can be saved.

Especially for new building owners, care should be taken to reduce any additional costs, since when buying a house they do not need the purchase price in one fell swoop, but rather settle the construction phase for the construction phase. To save further burdens, the borrower should negotiate these incidental acquisition costs with the lender before the contract is concluded and, if necessary, conclude several special repayment options.