Houses for Sale in Munich

Understanding additional costs is crucial for budgeting your property purchase.

When purchasing property in Munich, expect additional costs amounting to 10%-12% of the property's purchase price. The real estate agent commission, usually 7.14% (including VAT), is typically shared between the buyer and seller. While not required, hiring a property surveyor (Gutachter) for a valuation and inspection before buying a home in Munich can help identify potential issues. Fees typically range from €1,000 to €2,500, depending on the property's size and complexity. The property transfer tax in Munich is 3.5% of the purchase price. A notary must oversee the property transaction, ensuring all legal steps are correctly followed. Both parties must be present at the notary appointment, or representation via power of attorney is allowed. After the contract is signed, the land registry (Grundbuch) records the new owner, a process that can take several weeks. Notary and registry fees are typically 1.5%-3% of the purchase price.

German banks typically finance up to 80% of the property value, with fixed interest rates available for 5 to 20 years. Foreign buyers may face additional requirements but can secure financing through banks experienced in international transactions.

After purchasing a property in Munich, homeowners should be prepared for several ongoing expenses. The property tax (Grundsteuer) is an annual charge based on the property's assessed value, typically ranging from 0.25% to 0.35%, depending on the location. Utilities such as electricity, water, gas, and waste collection represent recurring costs that vary based on the property's size and individual usage. Additionally, home insurance is essential to protect the property against potential risks such as fire, water damage, or theft.