Buying a home is one of the most important milestones you will ever cross. It doesn’t matter if it is a mansion, family house, apartment, or flat. The sense of ownership that comes with real estate is satisfying. If you live in Berlin, you would be happy to know that purchasing a flat is going to be easier than buying a flat in any other part of Europe as long as you know the steps to take.
Step One: Consult a Professional
Personal research is great when you want to buy a flat in Berlin but it is not a viable substitute for seeking professional help. The first thing that comes to your mind might be a real estate agent, but they aren’t the only professionals you need to consult. You will have to consult a Tax Consultant, Lawyer, and Notary. Each one has a role to play in the process.
Step Two : Set a Budget and Look for a Financing Firm
If you have the money required to purchase a flat upfront, go ahead and do it. Otherwise, you should set up a budget and look for a mortgage firm to help you finance your home. If you are a citizen of another country, you can get up to 50 % of the property value for your home loan. If you already own a house, the loan percentage will depend on the equity on that property.
Step Three : Check Property Listings
You need to make a list of your requirements and match them with property listings in Berlin. How much space do you need? How many bedrooms do you want? What is your preferred view? How much do you have? These are a few questions you should consider when listing your requirements for buying a flat in Berlin. Giving a list of requirements to your real estate agent will help speed up the search. You will only have to check out the flats that meet your requirements.
Step Four : Look for a Notary
When you consult with the professionals, confirm the details you will need for a successful purchase. For example, the Notary fee for buying a house in Berlin ranges between 1 and 2 % of the property value. You will need to pay the notary to stand as a witness during the purchase of your flat. Notarized documents are more authentic than non-notarized ones. Your lawyer, real estate agent and every other professional involved will advise you to notarize all the documents. The Notary typically signs the document on the day you make the payment for your home. This is usually a few days before the final signing.
Step Five: Sign the Contract
After you have chosen a house that meets your specifications, the next step is to sign the contract. At this stage, you will need a lawyer. You and the buyer can either use the same lawyer or you can pay for individual lawyers. The seller’s lawyer will draw up the contract and your lawyer will verify the terms ensuring that there are no loopholes.
Now that you know the steps for buying a flat in Berlin, you can make the first move to be on your way to becoming a real estate owner in Berlin.