Most people dream of owning their own apartment. The advantages are obvious: no more monthly rent payments, you can remodel the apartment without having to obtain permission from your landlord, and on top of that, home ownership offers security into old age. If you're toying with the idea, there's a lot to consider. These include the requirements of the property itself, for example in terms of size, location and equipment, as well as the question of mortgage. With sufficient planning, you will always benefit from buying a condominium in the long run, because in today's world, many properties experience steady appreciation in value. In addition, there is always the option of renting out an apartment if you no longer want to live there yourself - this increases your income and represents a lucrative form of retirement provision.
When you buy an apartment, you are therefore the owner of the property and can manage it as you see fit. Condominiums are associated with a building or complex of buildings containing a number of individually owned apartments. The ownership of the other apartments may vary and include both rental and ownership. The size of the apartment as well as the furnishing, age and location of the building are quite different.
The complex can include different types of real estate from a small apartment with only one room, to a 3-room condominium, to an exclusive penthouse with a lot of space. An owned apartment can be used by oneself, but it is also possible to buy it for investment purposes and rent it to other people. If an apartment is part of a property in which several owners have an interest, certain parts of the property are considered common property.
These may include, for example, entrance areas, basement drying rooms, garden and lawn areas, or roof structures. These conditions are regulated in the Wohnungseigentumsgesetz (Condominium Ownership Act). If you want to buy a new condominium, you should familiarize yourself well with this. When selling a condominium, this law is also an important basis when it comes to the question of which co-ownership relationships pass on to the buyer upon purchase.
Many people have a strong desire to own their own apartment. Often the question arises here: condominium or house? If you do not know whether you want to buy a house or a condominium, it is advisable here to carefully weigh the pros and cons and to know exactly your own wishes and ideas, but also the financial possibilities. One of the advantages of condominiums is that they are often located in central districts of larger cities or in adjacent neighborhoods. The central proximity to the city center, which usually goes hand in hand with improved mobility and a greater range of leisure and cultural opportunities, is one of the major advantages of owning an apartment as opposed to a detached house, which is often found in a rather quiet residential area.
Depending on the size, location and furnishing, apartments are also often cheaper to buy, because the price of a condominium per square meter is usually lower than, for example, a detached house. Even if you include the ancillary costs of a condominium, it is often associated with lower costs. In addition, the choice is greater, since there are significantly more apartments than houses, especially in metropolitan areas. For example, if you are looking in Berlin, the option of finding a condominium in Köpenick or Spandau is much greater than the possibility of finding a house for sale. In addition, an owned apartment offers more freedom and security than a rented apartment.
However, the advantages of the apartment can also be interpreted as a disadvantage - depending on what you expect from your own four walls. The apartment usually has less space and offers fewer opportunities for adding new amenities. Those who prefer to live more quietly might also experience the proximity to the city as a disadvantage. In addition, freedom of movement is more limited in owned apartments, because communal usable areas such as the cellar or garden are shared with other residents of the house.
Many owners live in their own home and benefit from the advantages and freedom it gives them. Some buyers also acquire real estate for investment purposes and use it as a income generating property. In this case, the apartment is rented to interested parties with the aim of generating income.
Here it is important to have a good ratio of income to expenses, and the mortgage rates must also be taken into account when calculating the return on investment. The type of use may also change over time. For example, some purchase their own apartment and initially use it themselves, but later move out. The option of buying an apartment at a younger age as an investment property and then occupying it themselves in old age is also popular with many people.
In addition, there is the possibility of using an apartment commercially, for example, to set up a studio or a workshop there. In this case, however, it is important to consider whether other apartment owners may be disturbed by this if there is an increase in customer traffic. It is therefore important to clarify the use in advance in legal detail and, if necessary, to obtain the consent of the other owners in the house.
The capital of Germany is one of the most popular places to live in and has a large supply of apartments for sale. However, demand is also high, so knowing the local real estate market intimately is a critical success factor if you're looking to buy a condo in Spandau, Prenzlauer Berg, Berlin-Mitte or another popular neighborhood.
Berlin is a city that offers a lot of variety in terms of location. Whether close to the city and urban or rural and quiet - all this is possible. Even a condominium on the water is available in Berlin if you know where to look. When looking for a condominium, it is recommended that you hire an accomplished and experienced real estate agent who knows the local market inside out and can filter out a selection from the available offer that fits your requirements and wishes.
If you are interested in buying your own apartment in the German capital and would like to purchase a condominium in Reinickendorf, Friedenau, Charlottenburg or another district, it is worth taking a look at our portfolio. With us you will find a rich selection of apartments for sale in different locations.