Buying your own home: Politicians can provide this help

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Financing a house has become more difficult in times of rising interest rates. picture alliance / Jochen Tack | Jochen Tack

It is difficult for anyone who currently wants to buy a house or condominium financed by credit. Real estate interest rates have risen rapidly in recent months.

SPD General Secretary Kevin Kühnert has now brought help for buyers into play. A project that is already included in the coalition agreement of the traffic light parties.

In addition, there are other parameters that politicians could use to support home builders and buyers.

The real estate market is currently in turmoil. Above all, rising interest rates are currently making it impossible for many people to finance a house or condominium. Experts assume that a third of the people between 25 and 40 who could afford a house a year ago can no longer afford it. Therefore, politicians are discussing how to support people in building houses.

SPD General Secretary Kevin Kühnert said this week that he would support state aid that can be used to replace equity. Because often the monthly loan installments are not the problem for many interested buyers, but the lack of equity. Several tens of thousands of euros are often due in one fell swoop.

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The traffic light coalition had agreed on such a project in the coalition agreement. It says: “We want to lower the hurdles to buying property with equity-replacing loans.”

The Ministry of Construction says that funds from the climate and transformation fund are planned for this. How big the sum is and who can take advantage of such help is still open. It seems possible that the help for interested buyers, for example from the state development bank KfW, can be bundled.

Notary and brokerage fees could decrease

The real estate transfer tax should also be reduced. Depending on the federal state, it is up to 6.5 percent of the purchase price and is reflected in the necessary equity. Finance Minister Christian Lindner (FDP) has already initiated a reform. But since the federal states collect the tax and have done good business with it thanks to the real estate boom in recent years, it only has a limited influence.

Another point are the additional purchase costs such as brokerage and notary fees. They usually amount to 3.57 percent or around one percent of the purchase price. There are voices in the coalition that these costs should be reduced – but no concrete plans yet.

Inside the traffic light, people are also skeptical about what the building minister, Klara Geywitz, is really doing for home builders. From the ranks of the FDP it is said that so far the SPD has rarely been seen as a pioneer on the subject in negotiations.

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