Service charges when selling an apartment: checklist

The sale of an apartment is associated with various costs, which may vary depending on the country and region.

Before we take a closer look at the individual fees, here is an overview of the most important cost items:

1. Brokerage fees
2. Notary fees
3. Real estate transfer tax
4. Costs for the valuation
5. Costs for the most important documents

In most cases, owners decide not to sell their apartment privately and instead hire an agent to sell the apartment. As a result, brokerage fees also usually make up a large portion of the additional costs. Let’s take a closer look at them.

Brokerage fees for marketing & sale

When you hire a real estate agent to sell your home, you usually have to pay a broker’s commission. This commission varies depending on the agent and can range from 3% to 7% of the sale price. Brokerage fees usually include the cost of marketing the property, conducting viewings, assisting in negotiating the purchase price, and preparing the purchase contract.

Between 3% and 7% of the purchase price

Notary costs in the settlement

When selling an apartment, it is a legal requirement that the transaction be handled by a notary. Therefore, here too, you cannot avoid notary fees. The notary fees consist of various fees that are based on the purchase price of the property and are set by law. They amount to 1.5 – 2% of the purchase price. These include, for example, the basic fee, which is based on the value of the property, and the fees for drawing up deeds and certificates.

Between 1.5 and 2% of the purchase price

In most cases, the buyer pays the notary costs.

Real estate transfer tax: payable by the buyer

The sale of an apartment also incurs land transfer tax. This is also paid by the buyer. The amount of the real estate transfer tax varies depending on the federal state and is between 3.5% and 6.5% of the purchase price. It is calculated on the basis of the purchase price and must be paid to the tax office within a few weeks of the purchase.

Between 3.5% and 6.5% of the purchase price

You can find out everything else about taxes here:

• Apartment sale taxes

Costs for real estate valuation

Whether it’s a maisonette or a micro apartment – before you sell your apartment, you first need to know how much the property is worth. For this purpose, the apartment is inspected by a certified appraiser for condition and possible defects, and a value appraisal is prepared. This forms the basis for the subsequent purchase price. The costs for an appraisal can range from a few hundred to several thousand euros, depending on the scope and type of the appraisal.

Fees for the most important documents

For the sale of an apartment you also need several documents, which you not only have to hand over to the new owner, but which you also need, for example, for the purchase contract and the sales transaction. These include, for example, the energy certificate, an extract from the land register, and the development plan. You can get the consumption-oriented energy certificate for less than 100 euros, for the demand-oriented certificate you should expect several hundred euros. You should also not forget the extract from the land register. This costs 10 euros uncertified and 20 euros certified.

Some costs for obtaining sales documents at a glance:

• Consumption-oriented energy certificate: under 100 euros
• Demand-oriented energy certificate: over 100 euros
• Uncertified extract from the land register: 10 Euro
• Certified extract from the land register: 20 Euro

Optional: Renovation & modernization costs

In order to increase the value of the property and the purchase price, some owners decide to renovate and modernize their apartment shortly before selling it. The cost of this depends on the extent of the renovation work, the materials used and the size of the apartment.

Conclusion: Calculate costs in advance

In summary, the sale of an apartment involves various costs that should be calculated precisely in advance. Precise planning and preparation can help to avoid unpleasant surprises and unnecessary costs. It is therefore advisable to obtain comprehensive information in advance and to prepare an accurate cost overview.

Lukinski Real Estate Tools – App #1

It all started with this app or idea at Christmas, two months later the app (v.1.0) is ready and in the App Store!

The idea: Real estate app for beginners

There are thousands of apps for nutrition, thousands for sports, millions for gaming, and only a handful of real estate apps, mainly for apartment hunting.

Then at Christmas I had the idea: I build very simple real estate and financial calculators for beginners. The Lukinski Immo Tools App. Example: You can explain a repayment plan (interest, repayment, loan installment, unscheduled repayment) in a complex way in guidebooks with a thousand words or just show it. My teacher in business school used to say: “Don’t bring fish to the ‘poor’, give them a fishing rod”, a simple quote from the south of Bavaria, but containing a lot of truth. “Learning by doing” would also be apt. See our Real Estate Munich.

15+ small calculators for equity, savings plan (reserves), amortization schedule, incidental purchase costs by state, real estate transfer tax, realtor costs and much more!

The real estate app for beginners with the goal:

1. Build equity
2. Find cheap property
3. Buy real estate (as an investment)

New functions of the real estate app

In the coming weeks and months, I will refine the calculators and build new calculators, also for owners. Already now you can find in the app also the co-ownership calculator (purchase of a condominium > part of an owners association) or also living space calculation, functional area and much more, all according to DIN 277 and WolfV.

Download from App Store

Here you can find the free real estate app in the stores:

Free of charge in the App Store!

You can also find out more about the app and the calculators here:

• Lukinski Immo Tools App

Lukinski Villas App: Vacation Property & Investment – App #2

Vacation property or investment (live and rent or rent only), in the Lukinski Villas app you can now find a selection of gems in Ibiza, Marbella, Los Angeles, Miami (and more places).

On my travels, especially in the Spanish-speaking world, I make more and more contacts. Some of them lead to the real gems: Villas in Ibiza, Marbella, Los Angeles (and other hotspots). With the Lukinski Villas App you can discover a few of these gems, as a vacation property or as an investment (live in and rent out or just rent out).

Download from App Store

You can find the free Villas app in the stores here:

Free of charge in the App Store!

You can also find out more about the app and the Villas here:

• Lukinski Villas App

Real Estate Experience App: Learn Investment – App #3

How do you learn to “buy a property”? The best way is with the Immobilien-Erfahrung.de app. 30 steps, constructed by our expert, to the first property.

In addition, in the app you will find the entire wiki with over a thousand technical terms, explained simply and understandably.

Download from App Store

Here you can find the free real estate app in the stores:

Free of charge in the App Store!

You can also find out more about the app and how to become an investor here:

• Real Estate Experience App

FIV Magazine App: Fashion & Real Estate Magazine – App #4

Already over 25 issues of FIV Magazine, my little media baby of the 90s, my “little Vogue”. All issues are now available for free with all covers, interviews in the FIV Magazine App.

Download from App Store

Here you can find the free real estate app in the stores:

Free of charge in the App Store!

You can find out more about the app and the magazine here:

• FIV Magazine App

Buying real estate for beginners: New now!

For the first property, house or apartment, as an investment or for owner-occupiers, here we now collect knowledge and tools (formulas, etc.) for real estate beginners. In fact, we receive many emails, the questions become more and more, hence the idea to create a new project that specializes exclusively on the subject:

• Buy property – Immobilien-Erfahrung.de

Of course, with a focus on real estate as an investment (for rental, further sale), after all, you want to earn money with real estate! The first condo, the second condo, the third and fourth. Learn the basics here, with tips, experiences and mistakes. That way, you’ll be optimally prepared to buy your first property! You can find the entire guide now on Immobilien-Erfahrung.de.

After the cover (link to page), I’ll still introduce you to the steps involved in buying a condo or house.

PS: The book cover by me is just to clarify, it’s a lot of knowledge! I wish you much success in buying your first condo(s) or house(s)!

Let’s take a look at the contents together, in a brief overview.

Criteria of the property: goals?

Step number 1: We define your personal goals. Simply put:

• Real estate for own use and / or
• Real estate as an investment
• Real estate as a capital investment (with sufficient creditworthiness)

So before it goes into the real estate search process, think about your goals as a real estate investor. Are you simply concerned with self-interest or do you want the famous “financial freedom”, “never work again” and “live off real estate”, in other words “live very well”.

Retirement provision Self-interest – Stop!

It’s interesting that many get a property for their own use and then assume “I’ll never have to pay rent again!”

Many people make the mistake of thinking that if I buy a property for my own use, I’ll be set for my old age and live rent-free! A fatal mistake, because operating costs are always incurred. If the property is later 20, 30 or even 40 years old, there will also be many repairs, renovations and modernizations.

Therefore you think also with the goal “only” own use, about a second real estate, as capital investment!

At least to pay the operating costs in old age, as well as repairs and for a monthly, small return from the rent, the by then, already paid off property.

In addition to self-interest vs capital investment, it’s about examining your own financial situation. The big question:

How much real estate can you afford?

But you also get to know parameters, e.g. the location.

The perfect segue to your property search criteria.

Location, apartment type and condition

The following is about finding the right location for your real estate investment. There are different types of camps.

What are the 3 types of location for real estate?

You know the saying of all real estate agents and investors: “Location, location, location”. They are right, because location is a big parameter in your (later) profitability calculation.

In 99.9% of the cases we speak of A, B and C position.

A-location: Investment property

A-location in real estate means:

• Price: Very high purchase prices / prices per square metre
• Purchase of investment property (speculation on future)
• Locations like Munich

B-location: Yield property

B-location in real estate means:

• Price: High / “average” purchase prices
• Purchase of income property (cash flow from rental)
• Locations like Wiesbaden

C-location: risk property

C-location in real estate means:

• Small towns / municipalities in structurally weak regions
• Demographic, stagnant or declining development

Choice of location and proximity of the property(ies)

Ideally, you are looking for / buying a property in a location that is not too far away from your “life”. You yourself live in Hanover, but your family lives in Munich? Then sometimes locations that are on the way can also come into question. Practical for viewings and also the later work on and with the property.

On the way are, here in the example, good cities in B-location (more profitable than Hannover, Munich itself), like:

• Kassel
• Nuremberg
• Ingolstadt
• Göttingen
• Würzburg
• Erfurt
• Jena
• Bamberg

Here’s how your site selection works as a real estate newbie, simply put.

That is, the choice of location refers again to the preparation in step 1. A property that is hundreds of kilometers away and visits are associated with great effort, is not recommended as the first property.

What type of property fits your location, financial situation and demographics? As a real estate investor, there are many different types of apartments and houses available to you. The question is, what type of property best fits your personal goals that you defined in Step 1?

Equity: Financing? Credit rating?

We’ve already discussed the question, “how much property can I afford?”. Typically, the bank requires about 15% equity, depending on your credit rating, bank and contact person (+/- 5%). However, with good credit, you can manage to finance with 0% equity.

Creditworthiness, i.e. credit rating and available equity, are an important issue for real estate beginners, because who can pay cash for a property?

At the same time, opinions differ here: owner-occupiers should provide as much capital as possible. Investors, on the other hand, should try to provide as little equity as possible for the financing, ideally 0%.

Why and why, learn for free, on Immobilien-Erfahrung.de!

• Buy property

Find an apartment: Brokers, portals, …?

You have defined your goals, checked the location and found optimal regions and locations for you. You have checked your credit rating, the financing and maybe even a previous financing confirmation for amount XY.

Tip! With a prior confirmation of financing from your bank, you will get good, profitable properties much faster.

This means that the bank confirms in advance: We would finance Mr or Mrs XY a property worth XY.

Most people look for a property first and then go to their bank. This takes a lot of time and sometimes the seller quickly finds another person, especially in a real estate market like Germany, who buys the property and can provide the appropriate financing immediately.

After that, there are various ways and means to get real estate.

• Classified ads
• Classifieds on Ebay
• Real estate portals the ImmobilienScout24, Immonet and others
• Contact private network, “who knows someone who knows someone?”
• Real estate agent, also for accesses, real estate portal publication
• …

Learn more about property search and the options available to you as a prospective buyer now at Immobilien-Erfahrung.de.

Valuing a condominium: purchase price?

You have found a property in your predicted location, at a good price for you, perfect! But is there anything you can do about the price? In general:

Is the property, whether an apartment or a house, worth the money?

Remember this:

An offer price (e.g. real estate portal) is not a sales price.

Advantage for you!

At least if you know how to argue for a lower selling price, with meaningful facts. The biggest factor in the reduction of the purchase price is, of course, the substance of the property. But how do you value a property? What aspects are included in a property valuation? What do you have to consider when it comes to common property, living room, bathroom, kitchen, roof truss,…

A sound property valuation has the most effective impact when it comes to the purchase price design. You cannot find better arguments than clear facts.

You will also learn how to “value” a property from the first glance at the offer. More precisely, you calculate the profitability of the property when rented. This value (rental yield) gives an insight, through only 2 factors: purchase price and annual rent.

Tip for future real estate investors!

There are two things you will constantly need and hear: Rental yield, or more accurately gross rental yield, and the purchase price factor. Both help to quickly evaluate real estate listings. Learn more about the difference here and get to know my recommendation for you, as a real estate beginner:

• Rental yield vs purchase price factor

Purchase process, notary, land register, handover of keys?

Last but not least comes the purchase transaction. Everything from the notary, to the preliminary purchase agreement, the purchase contract, land registration, handover of keys and of course all the costs that you, as a real estate buyer, have to transfer to the various agencies.

In addition to the purchase price, there are also the ancillary purchase costs. The ancillary purchase costs, whether house or condominium, consist in most cases of:

• Notary fees
• Costs for the land register entry
• Brokerage costs
• Real estate transfer tax

For real estate buyers, important in the first step, the land transfer tax. The land transfer tax varies depending on the federal state, it is currently between 3.5% and 6.5% of the purchase price.

When the seller, the notary, if necessary the estate agent, as well as the tax office (land transfer tax) have been paid, the entry in the land register can be made.

Congratulations, you are the owner of your first property!

Learn this process in detail, with insider tips, checklists and much more. Best of all, all free of charge.

First apartment / first house: Learn for free

My thought behind the website? The entire buying process, on one page, in detail, with tips and insider tips. Not just one page with the typical 1, 2, 3 processes.

Learn completely free, 24 hours, 7 days a week online. With important calculations, of course, calculations and formulas, as well as their calculation methods, checklists but also valuable experience and mistakes.

If you have any additional questions, you can always write to me and my team on the website. We will then include these additional questions in our Q&A and.

This means that with every question you ask, our platform gets better! From the preparation on the real estate purchase, over the purchase price negotiation, up to the subsequent renting, if you buy your real estate as an investment.

• Real Estate Experience.com