Selling an apartment

the guide to selling property

Essential points in the sale of real estate

If you want to sell a residential property, it is advisable to consider the necessary steps in advance. With our knowledge we are at your disposal during the sale.

1. Check your expectations of the sale

Think carefully about the conditions under which you would like to sell the property and who is the buyer. Different characteristics of the property are also important here, as they influence the demand and the purchase price to be achieved. Important criteria that influence the price are

  • the residential area and the district,
  • the size and type of the object as well as
  • the number of rooms available.

These points are included in the publication of the offer and ensure that suitable potential buyers are found.

2. Advice and support during the sale

In the sale of your property, we support you with our extensive industry knowledge and extensive experience. We know through which channels we best market apartments for sale and how we address the right clientele. In addition, we support you in the preparation of an exposé and conduct price negotiations for you.

3. Advice on prices and sales conditions

Anyone wishing to purchase a property is prepared to pay a reasonable price for high quality. We set a fixed price for the sale and discuss it with you beforehand. Here we consider all characteristics of the object.

4. Conclusion of contract

Once a suitable buyer has been found, the contract documents are signed. We compile these in consultation with you and advise you with regard to legally impeccable wording.

A condominium is clearly below the value of a house. However, it is not easier to sell. The real estate agent is a valuable support. Nevertheless, personal initiative is called for. What do I have to keep in mind when selling an apartment? How can I avoid costly mistakes? The sales guidebook clarifies.

Selling an apartment - known when

There is no fixed time. If you want to sell your apartment, you can always do so. However, external influences such as inheritances, relocations or professional reorientations usually take the decision into their own hands. The current real estate market also has a say. If the sales and rental prices are in the upper segment, the time seems favourable. Especially in spring and summer the real estate market shows its dynamic side. A suitable buyer is quickly found. Not for nothing the spring and summer months are considered as ideal sales time.
But not only the time itself is decisive. It also depends on the time span when selling an apartment. The most important criterion is time. If you want to sell your apartment, you need a time scope. The most common mistakes happen under time pressure. Not infrequently, a cramped framework weakens one’s own negotiating position. If a prospective customer feels the time pressure of the salesman, he senses a favorable business: He tries to push down the price.

Preparations - what is to be done before the sale?

A sale of a flat needs to be well prepared. But what does well prepared mean? Many owners are unsure about renovation work in particular. The answer: It all depends. For example, if the property is to appeal to a discerning clientele, an attractive presentation may well be worthwhile. For their dream home, solvent buyers like to dig deeper into their pockets. However, renovation is not absolutely necessary. The work costs unnecessary time and money. At the same time the owner must compensate the expenditures later over a higher selling price again.
Occasionally, however, the property is already satisfied with smaller renovations. The real estate valuation reveals which elements are worth the effort.

Free or rented - what is the difference?

There’s not much difference. The only advantage is that the demand for vacant apartments is higher than for rented ones. Up to 30 % more bring in free real estates. But it is not only demand that drives prices up. Also the so-called tenant protection law is not to be underestimated. Who wants to sell a rented dwelling, cannot terminate the current tenancy without further ado. Only payment arrears or an action for personal needs can prematurely cancel the Tenant Protection Act. The property owner is equally restricted in the event of rent increases. Legal requirements as well as the rent index of the city authority set limits to the financial leeway.

What can a property cost?

A property valuation is complex. With the average price per square metre for condominiums, the analysis is far from complete. The size, location and condition of the apartment also determine the selling price. But there are also other factors to consider when selling an apartment:
  • The year of construction: New and old apartments are noticeably below the selling prices of properties from the 50s, 60s and 70s.
  • The floor: The seller receives up to 20% or 30% less for a ground floor apartment. The reason: the risk of burglary and heating costs are highest on the lowest floor. As a rule of thumb, the higher the floor, the higher the selling price.
  • The external area: With objects without exit possibilities such as garden surfaces or balconies the salesman must count on losses of several hundred euro per square meter.
  • The number of rooms: The trend is towards larger apartments. Particularly in cities, 3- to 5-room apartments are very popular. Since after the war mostly smaller flats with two rooms on average were built, 3 to 5 rooms are a rarity.

Selling an apartment - the first steps

Make an appointment with the broker

It is not uncommon for the layman to lose track when selling an apartment. The complex process is better handled by the experienced hands of a professional real estate agent. But what distinguishes an expert? A good real estate agent knows the regional housing market. At the same time, he has a strong network of potential buyers and financing service providers. But he is not only at the side of the seller. A competent real estate agent also advises prospective buyers. His specialist knowledge is particularly in demand for partition declarations and housing benefit settlements.

Notary visit and land register entry

If a promising prospective buyer has been found for the condominium, the real estate agent must first check his solvency. If the potential buyer proves to be solvent, he negotiates the details of the purchase contract on behalf of the seller.
After successful negotiation, a visit to the notary is due. Every purchase contract must be notarised. After the seller and buyer have signed, the apartment is officially considered sold.
However, the sale is not yet completed with the signature. The entry in the land register is still pending. Afterwards it goes to the payment. The buyer must transfer the agreed amount from his bank to the seller. Only when the sum has arrived, the sale is considered complete.

Costs for real estate agent and notary public

After the visit to the notary, the payments for the real estate agent and the notary are due. Payment is made by invoice. The broker payment, the percentage of the selling price, differs from state to state.

Paying taxes

In addition to notaries and real estate agents, the tax office can also approach the real estate owner when selling an apartment. It always intervenes when the capital acquisition tax is due. If there are less than 10 years between the purchase and sale of the property, the capital acquisition tax can be levied. Solidarity contributions and church tax are also levied. Whether the seller is obliged to pay the capital acquisition tax must be clarified before the sale.
However, there are also exceptions. The seller is exempt from the tax if he has used the apartment for more than three years without renting it out for his own use. Even holiday homes used exclusively for private purposes are not subject to tax.
Who inherits a dwelling, is obligated to the inheritance tax. How high it is depends on the respective tax class and the family relationship. Important: Every heir is entitled to a tax-free amount.

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