Buying a small apartment in Berlin

Hi,

Long time lurker, first time poster

I'm visiting Berlin this week to view apartments to buy, as I'm planning to move to the city later this year. My budget is approx. 50,000 Euros, and I'm concentrating on the Prenzlauer Berg area. I only need a small apartment - I'm more concerned about being in a nice location than having lots of space!

So... I wondering?

1. Is Prenzlauer Berg a good choice, and a realistic one given the budget? Is it a nice area for shopping, eating out, transport etc.?

2. Would I be better off somewhere bigger and cheaper in Wedding or similar, or maybe further out? (Yes, I know this contradicts my first paragraph!).

3. What are the likely running costs, taxes, service charge etc. for an apartment per month? I won't be moving out until the summer, and, as the property will be vacant for a few months, it would be good to know what its likely to cost.

If anyone can help with the above questions I'd be very grateful.

Cheers,
Milan.

Hi Milan - have you looked on the Immobilien Scout site http://www.immobilienscout24.de/de/finden/wohnen/index.jsp, you'd find lots of apartments to buy listed on there. Prenz Berg is a nice area but 50.000 seems a tight budget for there. Have you considered Friedrichshain? The Immobilien site will tell you the Hausgeld of the apartments listed for an idea of the running costs per month.
Also loads of useful info on here and I have seen topics on good areas to live and running costs somewhere!

Is your budget 50,000 for your total investment? Or a down payment?
I'd say it's tough here but the return has great potential if you invest here (pberg)...it's really central and a lot of high end stuff is moving in here.

Thanks for the replies.

My visit to Berlin proved to be somewhat frustrating unfortunately. The estate agents I met were preocuppied with idea of selling me tenented property, even though I had clearly requested vacant properties. I'll be going back soon - can anyone recommend any estate agents that I could arrange to meet? Surely it can't be that hard to find someone who is keen to sell me property, despite my fairly limited budget!

> Have you considered Friedrichshain?

I hadn't, no, but having seen the area over the past few days it's somewhere I'd very happily consider.

> Is your budget 50,000 for your total investment? Or a down payment?

I have (approximately) 50,000 to spend as a total investment.

I'm looking at some properties near Weichselstrasse when I return to Berlin in a couple of weeks. Anyone have any feedback on what the area is like?

Hi, does anyone have any info on mortgages in Germany/Berlin. I would like to buy an apartment and have about 25% to put down as a deposit. Is this a realistic LTV and who can I approach?

Thanks

I was under the impression that you needed a minimum deposit of 40% to obtain a mortgage - anyone care to clarify?

This might help (although it's a Munich thread): Buying an apartment without a large down payment.

Well, I have recently purchased an apartment in Frankfurt and its 100% financed by bank (i.e ZERO downpayment but, you must remember that you need approx. 10% of the apartment as Nebenkosten which is Makler, Notar, PropertyTax, Basic Furniture, Insurance, Shifting expenses etc.). I have heard some nbanks are fiancing upto 105% of the apartment cost also (even for non-EU members with limited visa).

My daughter is currently renting in Berlin but is looking to purchase a one bedroom apartment in Kreuzberg. The trouble she is having is finding an un-tenanted apartment. I have read all the discussion forums on this site regarding investors buying properties and I now feel even more nervous about the whole process. I would appreciate any advice re Estate Agents and important considerations when buying apartments.