Berlin with a population of over 3 million persons, doubles as the capital and major urban center of Germany. It lies about 180km south of the Baltic Sea, 190km north of the Czech-German border, 89 km west of Poland, and 177 km east of the former inner-German border. The city is popular for its wonderful attractions, especially for lovers of music, arts, and history. Buying a property in Berlin could be a nice way to be part of its beautiful culture and sceneries. Besides, buying a property in Berlin is open to both Germans and foreigners.
Why Buy A Property In Berlin?
If not to be a part of the beautiful German culture and attractions of Berlin, there are other reasons why buying a property in Berlin could be a beautiful option. Generally, the price of buying a property in Berlin is relatively low compared to other European cities. There was a continuous drop in the price of real estate from 1994 to 2004. This was due to the partition and reunification after the fall of the Berlin wall.
In recent times, there has been a steady rise in the price of properties. Despite the latter, buying a property in Berlin is relatively cheaper compared to other European cities. Other reasons include; capital increase, natural greenery, and the favorable stability of German laws.
Best Way Of Buying A Property In Berlin
Before buying a property in Berlin, it will be of benefit to seek the assistance of a mortgage calculator. Online mortgage calculators such as Hypofriend can assist you to ascertain the loan you are eligible for and your estimated monthly rates. This will help you determine what you can afford.
A sure means of buying a property in Berlin is through the assistance of estate agencies. The following are the processes involved in buying a property in Berlin.
The first step towards buying a property in Berlin is to contact an estate agency and tell them your needs. They in turn build a database tailored to meet your needs.
Meeting and Viewing
The next step is a personal meeting with an agent from the agency to view the potential property. Your feedback is important at this point.
If the property suits your taste, then you sign a reservation agreement. A reservation fee is paid by the potential buyer to show commitment. The reservation agreement lasts for 4-6weeks. During this period the property is taken off the market and reserved for the potential buyer.
Contract Drafting And Cooling Period
After the reservation period elapses, a purchasing contract is drafted. After receiving the contract, a cooling period of 14 days is allowed to consider the conditions of the contract.
Finance for the property has to be arranged for after signing the reservation agreement. If you were to obtain a loan from the bank, then the bank has to consent to the availability of funds, before a notary appointment can be set.
The notary appointment certifies the purchase contract. This date is set at the end of the cooling period. Both the buyer and seller must be present to sign the contract.
Payment and Transfer of Keys
After the notary appointment, the notary informs the potential buyer and his bank that the payment is due. After payments have been confirmed, the land registry will be informed of the completion of processes. Then all documents will be put together declaring new ownership. Once you are recorded as the new owner of the property by the land registry, the keys are handed over to you.
Prices Of Properties In Berlin
Buying a property in Berlin should be done with good price knowledge. You have to know the best part to buy from and be sure your standards are met. Generally, the price for buying a property in Berlin ranges from 1,000euros to over 9,000euros. This is price variance is dependent on the location of the property and whether it is new or old.
When Is The Right Time To Buy?
The right time for buying a property in Berlin is now. Although compared to other European cities the price range is still low, but it has risen considerably in recent times. With an increase in Berlin’s population price of real estate will continue to increase. Therefore, if you want to buy a property, you should do it now.