Munich - House Sale

Although properties in Munich are quite expensive, when you sell a house you might find you come away with substantially less money than you expected.

Houses and apartments for sale are not advertised by a large sign out the front of the property, but rather through newspapers, real estate magazines or a real estate agent. Real estate agents' fees are not cheap. They can vary between 1.5% and 3.8% of the value of the property. There are also substantial lawyers' fees of around 1.5% of the property value. These costs can be shared between the buyer and the seller. Make sure that such agreements are written into the contract of sale.

Capital gains tax may also be payable, particularly if the sale occurs within 10 years of acquisition of the property. Capital gains are taxable at the same rate as personal income.

Depending on the conditions of your mortgage, fees may also be payable for repaying a loan early.