Property Guide
We’re here to answer any questions you may have about property
In Munich in particular, almost everyone is talking about property – and yet there are persistent myths and half-truths surrounding property prices, valuations, purchase agreements, financing and letting.
In our property guide, you’ll find well-researched and easy-to-understand information drawn from our experts’ many years of experience and day-to-day advisory practice. Whether you’re buying, selling or bequeathing a property, determining its market value, planning your financing or letting it out in a legally compliant manner: we’ll answer your questions competently and based on facts.
Ralf Heidemann is engaged in a lively conversation with customers in the stylish interior.
- FinanzierungKaufen
Documents required for a mortgage
When assessing a property loan application, the bank requires various documents relating to your personal details, your income, your assets and the property itself. Gathering these documents well in advance makes the process smoother and can save you valuable time. This can be crucial, particularly in a competitive property market such as Munich. - FinanzierungKaufen
How long should the fixed-rate period be?
A longer fixed-rate period offers planning security, whilst a shorter term may offer more favourable terms, depending on market conditions. Which option makes sense depends on your financial situation, the outstanding balance and your personal plans. - FinanzierungKaufen
Plan your follow-up financing in good time
When the fixed-rate period on your mortgage comes to an end, there is often still a balance outstanding. There are various options available to you for refinancing. Which option makes sense and when you should arrange it depends on your personal circumstances and interest rate trends. - FinanzierungAltbau
What is the best way to finance a renovation?
Whether it’s a renovation loan, a mortgage or government funding: the most suitable financing option depends on your income and assets. Whether you intend to live in the property yourself or let it out also plays an important role. - FinanzierungKaufen
Mortgages for the over-60s
There is no statutory age limit for mortgages. The key factors are your financial situation and whether you will still be able to afford the monthly repayments once you retire. - FinanzierungKaufen
How much should the initial repayment be?
The initial repayment schedule determines how quickly you will pay off your mortgage. Careful planning helps to strike a balance between your monthly repayments and the long-term cost of borrowing. - FinanzierungKaufen
Equity for buying a property
The amount of equity that is appropriate depends on your income and financial circumstances. The location and risk profile of the property also play a part. - KaufenFinanzierung
Additional costs when buying a property
In addition to the purchase price, there are other costs involved in buying a property: land transfer tax, notary and land registry fees, estate agent’s commission and, where applicable, financing costs. In Bavaria, buyers should budget for a total of around 9 per cent of the purchase price to cover these costs. - BewertungVerkaufen
How is property valued?
In Germany, there are three standardised methods for valuing property: the comparative value method, the income value method and the cost approach. The aim of the valuation is to determine the market value of the property. - NeubauKaufenAltbauMarktinfos München
New-build or existing property: which is more expensive?
If only the price per square metre of living space is taken into account, new-build properties can be up to 50 per cent more expensive than existing properties. - NeubauKaufen
Buying a new-build property: the advantages
The buyer can often incorporate their own ideas regarding the interior fittings and the layout of the rooms. - NeubauKaufen
Building specifications for a new-build property
When purchasing a new-build property, a building specification is attached to the notarised contract of sale as an integral part thereof. - NeubauKaufen
Do-it-yourself work when buying from a property developer
Most property developers largely rule out the purchaser carrying out any work themselves, as this gives rise to issues regarding the demarcation of liability in relation to warranty claims and claims for the rectification of defects. - Recht & SteuernKaufenVerkaufen
What is a land register?
Land and rights equivalent to land (e.g. hereditary building rights) constitute a defined part of the earth’s surface (Section 905 of the German Civil Code (BGB)) and are registered in the land register. - Recht & SteuernKaufen
What exactly is a ‘life lease’?
The ‘hereditary lease’ is now prohibited by law in Germany. In everyday language, however, the ‘right of hereditary leasehold’ is often referred to as a ‘hereditary lease’. A “hereditary building right” is a right equivalent to a property right, which is recorded in a separate “hereditary building rights register”. - VerkaufenKaufenVermietung
Exclusive agency agreement with a estate agent
Under German estate agency law, an exclusive agency agreement is a contract that defines an exclusive contractual relationship between an estate agent and the client. Under an exclusive agency agreement, the client commits to a single estate agent, who, in return, is obliged to provide a service. - KaufenMarktinfos München
Buying investment property: What to look out for?
The property’s risk profile should be assessed comprehensively as part of a ‘due diligence’ process; in other words, simply looking at the gross yield is certainly not sufficient. - BewertungVerkaufen
How can I value my detached house?
Excellent knowledge of the market is essential for the valuation of detached houses. In Germany, an owner-occupied detached house is generally valued using the asset value method (Sections 35–39 of the ImmoWertV). - BewertungKaufenVerkaufenMarktinfos München
What is meant by the standard land value?
The relevant valuation committee assesses all property sales and uses this data to determine location-specific ‘standard land values’, which are generally published every two years. - Recht & Steuern
Gifting property: costs and valuations
This depends, amongst other things, on the value of the property in conjunction with the tax allowances. It is advisable to seek advice from a tax adviser or chartered accountant, bearing in mind the associated costs. - Vermietung
Renting out a flat: How long does it take?
The time taken to let a property depends largely on the property’s appeal, the chosen rent and the letting strategy. Find out here how RIEDEL Immobilien goes about letting your property and how long the process takes. - Altbau
Historic Building Architecture: Styles and Eras
20th-century architecture was essentially shaped by four architectural styles. The design and concept of each architectural style depend on the technological and structural possibilities of the respective era. - Recht & Steuern
What is a declaration of division?
The declaration of division is governed by Section 8 of the Condominium Act (WEG). The declaration of division can be described as the ‘articles of association’ or ‘constitution’ of a divided property, as it sets out all the essential rights and obligations of the co-owners. - Kaufen
Property viewings: What to look out for?
Before buying a property, the building’s structural condition and building services should be checked thoroughly. In the case of houses, the building must be inspected thoroughly from the outside. Are the façade, windows and doors in good condition? Are any repairs needed?
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