Although the construction project is on the rise again, the majority of prospective homeowners still decide to purchase an existing property. Often, however, they do not only acquire land and buildings, but also parts of the inventory. A very typical example is the kitchen, which is adopted by most buyers.
In this context, there is a new trend. An increasing number of notaries are warning their customers that there is a possibility of separately identifying the inventory and its price in the purchase contract. Thus, at the end of a sales contract is concluded, covering both the property and the associated inventory. This happens for a financial reason: If the inventory is reported separately and a fair market value is used, the tax office does not charge any property transfer tax. With a kitchen, which is estimated, for example, with a value of 15,000 euros, makes this financially quite noticeable.
What sounds very attractive at first, however, can be difficult in practice – but not with the tax office, but rather with real estate financing. Many banks use only the property value as collateral. If the kitchen is shown as an inventory in the notarised purchase contract, no consideration will be made within the scope of the mortgage lending. This in turn means that the lending outflow increases and, depending on this effect, a mortgage lending limit is exceeded. Under certain circumstances, then a higher loan interest is due – and depending on the interest premium, loan amount and term risk additional costs that are not to be taken lightly.
Identify the inventory in the purchase contract
Home and apartment buyers should therefore check whether it is worthwhile also with regard to the real estate financing to identify the inventory in the purchase contract. It sometimes happened that buyers were well advised to forego this tax trick because it would have cost them a lot of money in the long run.