Active Duty Military, Purchasing overseas (Germany)

[Gary Wright]

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

  

[DALLAS MIKAELSEN]

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!