Buying instead of renting in Frankfurt
Are you one of those people who dreams of no longer paying rent and instead investing the money in your own property? With property prices at over € 6,000 per sq m, as a newcomer to Frankfurt, you’ll have to dig deeper into your pockets than in other cities to get your dream home. In addition, there is the relatively high land transfer tax of 6.0 % compared to the rest of Germany.
Here we list some prominent new construction projects.
An advantage is that when you buy a property directly from the developer, you can often save yourself the brokerage commission (in Hesse 2.98 %.).
And the financing? The more equity the better! As a minimum, you should be able to cover the so-called sundry purchase costs of 8,0 percent (the rate for real estate in Hessen), plus, if necessary, 2.98 percent for the broker. The remaining amount must be financed with a loan. You can choose a bank yourself or hire an independent financial advisor who knows the German financial landscape with its over 400 banks. The advisor can create with you a tailor-made plan for your loan. This includes, for example, the choice of the repayment amount, fixed interest period or special repayment options. If you have never heard of these terms, then it’s high time for a financial advice!
