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Purchasing Residential Property

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Purchasing Residential Property

Sources for building plots and flat offers

Freehold flats or plots of land are often advertised in newspapers and on the internet. One can also enquire directly with the building contractor to find out about projects that may be ready for use in the near future or whether there are any unoccupied flats on the market.

Estate agents or the property department at a bank/savings bank are also a possibility when searching for suitable property. However, one must take into consideration that agents will charge a commission for the part they play in finding such property.

In addition, information can be found in numerous property exchanges and is also provided by housing associations.

Costs

It is important to note that apart from the purchase price, there are also other expenses such as notary charges or fees for the entry of the owner to the land register.

Further information and a checklist for the total amount required for the purchase and building of property can be found under www.baufoerderer.de.

Financing

It is possible to finance the purchase of property with either a normal bank loan or with the help of a subsidising programme if certain requirements are fulfilled. A list of the most important programmes mainly applicable for building but also for purchasing one’s own property can be found under the menu item “Dienstleisungen” (Services) “Wohnungsbauförderung (Eigenheimförderung) “Public Subsidising of New Housing” (Public Subsidising for Own Homes)”.

By means of the state programme for the development of own homes, the Saxony-Anhalt State Investment Bank is offering very attractive conditions – this is an incentive especially for young families who would like to remain connected to their home area by building or purchasing their own property.
An even larger category of people have the possibility of making use of the IB-KfW-Home-Ownership-Programme, which is provided together with the KfW Förderbank. This system is not tied to income limits, household sizes or certain areas of support.

Insurances

There are a string of insurances for owners of flats and houses.

The following insurances are important for home owners:

  • Buildings Insurance
  • Household Contents Insurance
  • Liability Insurance
  • Legal Costs Insurance

The following additional insurances can be taken out by landlords:

  • Flat Liability Insurance
  • Loss of Rent Insurance
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