|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
It is the right time to invest in Berlin property market. As the real estate market here is growing faster, many national and international property developers are showing their interest in Berlin property. The city has become the hottest property investment destination for the last few years. As the statistics have come from various sources, we can easily say that Berlin has outstripped London and Munich in terms of real estate growth.
Many international realtors and national real estate giants are constructing many new commercial and residential structures to meet the increasing demand of new accommodation. German, British, French, Spanish, Russian and Italian realtors have already completed many commercial, residential and industrial projects here. As their preferred areas, they have selected Lichtenberg, Spandau and Marzahn. They are identifying many new sites from these areas.
If you are a new investor interested in developing new projects, you must follow some important investment strategies. If you are an outsider and know nothing of the existing tax rules and real estate laws of the city, you must follow these guidelines for a safe, secure and profitable investment.
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
Given below are the important guidelines:
Examine your investment site
This is the first and the vital step for taking any property investment decision. Here you must justify and judge the proposed project site. To do so, you must critically think about the location and communication system of the place. Your planned area must be well- connected to the important parts of the city. It should not be far from heart of the city. It must be close to main industrial belts, business hubs and special economic zones of the city.
Property size and ongoing market price
This is another important thing to consider before starting a new real estate project. You must know the size of the land. Get it measured and calculated with an experienced engineer. You should know the ongoing market price of that area. Make a comparison of the prices with the other sold areas.
Know the tax laws and investment rules
This is mandatory for a realtor to know the tax laws and property rules of a state or a province. Violation of these is subject to various risks. It is worthy to mention here that the tax and investment laws in Berlin are quite flexible. You can take the full advantage of flexibility.
Buy a Fair property
Buy a property, which has no objection, litigation or dispute. It will give you an extra advantage and confidence.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|