Dear All,

I would like to buy a wohnung in Frankfurt. I would like to know couple of things from someone who have already bought Wohung in Frankfurt or other city:-

1. Is House or Appartment is best to buy ? Please share your experience

2. What are things I need to take care of If I buy a Wohnung or House from Owner directly or with Markler ?

3. What does it mean Rendite ??

4. If a Wohnung cost is 350000 then How much does it cost for Notar and what other cost will include ? I want to make sure if there is other cost.

5. Which Bank is giving good interest rate ? Please let me know the Bank name.

6. I am only surfing www.immobilienscout24.de to find Wohnung . Are thereany other site which is comparable to immobilienscout24.de ?

Thanks in advance for your answer

Man, you ask a lot of questions.
1. --> depends on what you would like to have and what are your plans for future. We bought an apartment that we have put to rent and are planning to buy another one for ourselves. We wanted to buy a house but what's the point for us to buy a big house if the kids will be leaving in a couple of years? You end up having a big house, for 2 persons and a bunch of money to return. As said, depends on what you search for and what your actual or future situation will be
2. --> also depends, although with a Markler, you will have to pay the courtage, which can amount in %age on the price of the house.
3. --> http://de.wikipedia.org/wiki/Rendite
4. --> http://www.geldanlagen-ratgeber.de/baufinanzierung/rechner-notarkosten-grundbuchkostenrechner.php
5. --> this you have to search for yourself or make inquiry to every bank you could grand, in our case, we made the inquiry in 6 different banks before choosing one. Take in account that the %age will sometimes depends on how much the house cost and how much you already have.
6. --> Google "wohnungssuche"

And please don't ask me to translate the links that I gave, if you can't read proper German, I will not recommend you to buy a house now because you could get screwed faster than you could say "I got a new house".

D.

Dear Nobody,

Thanks a lot for your answer. Sorry to ask lot of question. You know, big investment once in a life.

I am not that bad in German. What are the things I need to keep my eyes on during the sign of contract ?

I am planning to buy Wohning as I want to be in the city.

Regarding credit, I am planning to talk with interhyp and postbank and sparkasse.

at present in frankfurt a big project is going on near to messe. If you have a car, drive to europallee and you can see a number of wohnungs being built. i heard that there is no maklers involved and direct selling by the builders and they take care of everything. good luck

You have to keep an eye on the Tilgung clause; keep an eye on where the apartment is, what the area would/could be in the coming years because as you said, it's a once in a lifetime investment and in case you would like to sell it in a couple of years for whatever reason, the place it is can either lower the price of the resell or make it higher; you have to agree on putting some money at stake and hire an independent Gutachter in order to be sure that everything is OK with the house/apartment itself before anything because saving that little money for the Gutachter today can cost you a hell lot of money in the future.

A friendly advice from me: if you want to buy a house/apartment, have at least 60% of the cost at hand, give 30% as Einzahlung and keep the other 30% in a bank somewhere for rainy days and don't touch it because you never know what can happen tomorrow, you could get jobless, for whatever reason and no more having the means to pay the mortgage and let me tell you that the bank will be very happy to repossess the good, as they would have already have the Zinsen you payed on it and will resell it to someone else. Remember that, it's like at the roulette: the bank never looses...

Living in the city has always been more expensive than living in the suburb, if you have a car and you can have something in the suburb, I would advise you to go for it, not only the price will be lower but you get the fresh air as a bonus. But that's your choice.

And in case Eigentumswohnungen are being built, the Gutachter is always a recommendation you won't regret.

D.

Dear Mr. Nobody,

Thanks a lot for your answer. Could you please tell me where I will find Gutachter ? Are there any website to find them ?

Thanks in advance
Raman