You can't go wrong if you plan to live here. Buying an apartment in Berlin is a good deal. Are you new to the Berlin real estate market? Do you desire to purchase in the city but don't know how to begin the process? You have come to the right place.

This guide walks you, step by step, through how to buy an apartment in Berlin. You will also discover some of the cheapest neighborhoods in Berlin. Keep reading.

How to Purchase a Property in Berlin ?

Purchasing an apartment in Berlin is simple. Thanks to its government's legislation. Below are four steps you need to follow to secure a great housing deal in Berlin.

Step 1: Find an apartment to buy

So where can you find good apartments to purchase in Berlin? The most common way to do this is to head toward the regular real estate platforms in Germany. A less competitive approach is the digital landscape.

Another way to find real estate deals is through real estate project developers. There are several websites where developers list different projects across Berlin.

Step 2: Understand the fees, legal issues, and taxes

To buy an apartment in Berlin, you need the service of a tax consultant. You must have a clear understanding of any tax issues related to the property you intend to purchase.

Also, there can be extra fees after buying a property. Some are around 15% of the purchase price. Agent fees (approximately 3.57%); notary costs (1 to 2%); property transfer tax (6%); and land registry office fee (0.5%) are among the fees.

Further, German law took steps to prevent speculation as well as a quick increase in the prices of real estate. That's to your advantage. There is also a hefty tax in place when a property is to be resold. This occurs if you neglect certain conditions. It means you must live in your home for two years before deciding to resell it. If you don't live in the apartment, then you will wait forwill have to years before you can resell it.

Step 3: Ask for the necessary documents from the owner

After finding the property you desire to purchase in Berlin, you need to request certain documents from the owner of the apartment. Don't just see the deal and put out your money. You need to examine the bigger picture of your commitment to the spot.

To begin with, ask for the following documents:

• Teilungserklärung (declaration of division) - This is the document that shows what belongs to the property as well as what belongs to the joint property - such as the stairs.

• Wirtschaftspläne (economic planning) - This document depicts what has been chosen by the owner(s) of the apartment in terms of finances. It provides every detail about the various costs and their development over time. Make sure to find "Rücklage" in the document, which is the reserve of cash in the common spending plan of the apartment. Also, look for the word "Hausgeld" which is the month-to-month expenses.

• Grundriss (the ground view) - This is the document that shows you the layout of the apartment.

• Energie Ausweis (assessment of energy consumption) - This document gives insights concerning the energy efficiency of the apartment.

Step 4: Maximize your chances for success

Now inform your bank and broker about your wish. After accepting to buy the property from the seller, act fast on your decision. Inform the bank you'll be working with. Let them know about the deal you found. Simply send your bank an alert regarding the new apartment you want to secure. Examine the procedure with them.

You must now provide a financing confirmation. Your broker (or bank) will give you a document referred to as a "Finanzierungsnachweis" or "Finanzierungsbestätigung." The document states that you can obtain a mortgage for a specific amount based on your current financial situation. That also provides additional assurance to the apartment's seller that the transaction will go smoothly if you decide to do business with them.

In Which Neighborhoods to Buy in Berlin

Are you searching for central apartments in Berlin? Most interested areas to buy are obviously the central districts. Below are a few of them.

Mitte

This neighbourhood is the historical centre of the city and where are located main landmarks of the city such as Potsadmer Platz, Alexanderplatz and Brandenburg Tor. The prices of apartments in Berlin Mitte start around 8000€ per sqm and go as high as 15000 euros for most central parts in new property development.

Prenzlauer Berg

Prenzlauer Berg is the most sought-after district of East-Berlin. It is very popular for its village-like atmosphere, called "Kiez" in German. It is a very pleasant areas with countless bars, restaurants, terraces, squares, parks, and street markets. It is very live around hotspots such as Helmholtzplatz and Kollwitzplatz. The price of period apartments start around 400.000€ for a one bedroom ready to move-in apartment.

Friedrichshain-Kreuzberg

This area is quite popular with young people and concentrates most of Berlin's iconic start-ups such as Zalando, Lieferando, Delivery Hero, Hello Fresh as well as Amazon's center for Germany. There are several property development around East Side Gallery such as The Franz where the sale price of a one bedroom apartment costs around 500.000€. Period properties area generally sold for 7000 to 9000 euros per square meter.

Charlottenburg

Charlottenburg is the most reputed west-Berlin area particularly known for its legendary high-street the Kurfürstendamm. It has several nice walking live areas such as Wilmersdorfer strasse, Kantstrasse and Savigny Platz, as well as the historical Charlottenburg Palace. The prices of apartments for sale in Charlottenburg vary a lot in view of the location. Next to the castle, one can buy a 2-room apartment for 350-400.000€ where in hotspots such as Ku'Damm and Savigny Platz the price can be twice.

Conclusion

Buying a property in Berlin is appealing both in terms of investment and of quality of life. There is absolutely no restriction for foreigners to acquire properties. With the steps given above, you can purchase an apartment in some of the most sought-after neighborhoods in Berlin. Finally, you can also find apartments for sale in the centre of Berlin through a reputed real estate agency.