The purchase price of a property is only one part of the total cost - anyone planning to buy a house or apartment should also realistically factor in the ancillary purchase costs. These usually amount to 8 to 12 percent of the purchase price - depending on the federal state and the specific design. A precise calculation protects against financial bottlenecks and ensures that the property purchase goes smoothly.
Real estate transfer tax and notary fees
In most federal states, land transfer tax accounts for between 3.5 and 6.5 percent of the purchase price. In addition, there are notary fees for the notarization of the purchase contract and the fees for entry in the land register. Together, these amount to around 1.5 percent. These items are regulated by law - savings are hardly possible here, but delays can be avoided through good preparation.
Broker commission: Who pays what?
If an estate agent is involved, a commission is charged - usually 3 to 7 percent of the purchase price. Since the change in the law in 2020, the buyer and seller usually share the commission for single-family homes and condominiums equally. However, this may differ for investment properties or land. It is important to note that the commission claim arises with the successful conclusion of the purchase contract - and is usually due immediately.
Do not forget additional costs
In addition to the classic ancillary costs, there are often other expenses: Appraisals, financing fees, relocation costs or initial renovation work can put a strain on the financial framework. A reserve for unforeseen expenses should also be factored in. If you have a realistic overview, you can negotiate more confidently - and move into your new home more relaxed later on.
Conclusion
Buying a property is a major investment - and ancillary purchase costs should not be underestimated. If you plan realistically and know all the items, you will make better decisions and ensure financial security when purchasing.
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