What do I need to know when buying property in Germany?

When we asked expats what advice they would give a foreigner before buying a property in Germany, they said...

"1. Make sure you have a basic understanding of German law and regulations related to the real estate market. 2. Obtain legal advice from an experienced lawyer in Germany who is familiar with real estate transactions. 3. Consider the location and nature of the property; considering the environment, accessibility and current value of the property. 4. It may be necessary to provide a down payment (Kaution) of up to three months’ rent when leasing a property in Germany. 5. Make sure that you review the terms and conditions of your German contract (Mietvertrag) carefully before signing. 6. Be aware of the cost of taxes and other fees associated with purchasing property in Germany. 7. Research mortgage options, as German mortgages are different from those in many other countries. 8. Ensure that you the complete the necessary steps for acquiring the required permits to construct any additional amenities you may require for the property," explained one expat living in Germany.

What do I need to know when buying property in Germany?

If you live in Germany, newcomers to Germany would love to hear your answer to this question:

About the Author

Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.

Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.