Buying instead of renting in Berlin
Are you one of those people who dream of not having to pay rent any more and instead investing the money in your own property? As a newcomer to Berlin, you may be in luck because here it’s still relatively affordable to finance a dream apartment. While in Munich, property prices have exploded to more than € 10,000 per sq m, prices in Berlin start at about € 4,200 per sq m.
Here we list some prominent new construction projects.
An advantage is that when you buy a property directly from the developer, you can often save yourself the 3.57 percent Berlin brokerage commission.
And the financing? The more equity the better! As a minimum, you should be able to cover the so-called sundry purchase costs of 7.5 percent (the rate for Berlin real estate), plus, if necessary, 3.57 percent for the broker. The remaining amount must be financed with a loan. You can choose a bank yourself or hire an independent financial advisor who knows the German financial landscape with its over 400 banks. The advisor can create with you a tailor-made plan for your loan. This includes, for example, the choice of the repayment amount, fixed interest period or special repayment options. If you have never heard of these terms, then it’s high time for a financial advice!
