Active Duty Military, Purchasing overseas (Germany)
Hello all,
I am very new to the forums and looking for some insight. My wife and I will be moving to Germany on military orders. I have done some research on purchasing property in Germany, and it seems like a completely different process. I would love to hear from someone with first-hand knowledge.
Some questions I have:
1. Is it worth it?
2. Risks that come with purchasing in a foreign country?
3. How does financing work?
Again, I would love to connect with some individuals who have experienced this process before or know a lot about it.
Thank you!
Gary Wright
Most Popular Reply
I'm still active duty and bought a house when I was living in Germany in 2009. The house has since paid for itself and been a great rental property. The process in Germany takes a good 8 weeks to fully close on a property, and you'll want to use a good real estate agent to walk you through all the legal steps. But, with the help, it's not a bad experience. I rented a TLA while I went through the process. I was single at the time, so that made it a lot easier. I was able to find a local bank for financing and the banker had previously lived in the US, so spoke perfect English. Interest rates back then were very low...2-3 percent. Down payment was a full 20 percent, so account for that and the realtor/closing fees were comparable to US. When I left Germany, I arranged for a local tax agency to help prepare my taxes each year, since that is a necessity. I also found an excellent property manager. One other thing you need to get is some additional insurance coverage beyond what is normal for the US. Again, with a good agent, it's not too bad, and it was a great decision in my case. Good luck!