Vacant apartments for around $50.000 USD

[magicmajenta]

I was just wondering if there were a lot of apartments for sale in Berlin or the rest of Germany for that matter that are in the $50,000 USD/34,500 Euro range. I have found a few online on real estate sights but many of them are tenanted. I found a lot of the Blue Homes sight but am not sure if they are tenanted or vacant.

Well anyway, I just wanted to know if you showed up in Germany in person and had "boots on the ground" so to speak, would you find a lot of vacant apartments in that price range that are perhaps not listed online. Again it could be anywhere in Germany including Berlin. Thanks.

 

[Harrison SI]

Vacant Apartments

Previously vacant apartments cost more in Berlin because if you wanted to live there yourself you had no problems evicting tenants or on the flip side if you bought it to let out you might be able to increase the rent for any new tenants. The rental system is well regulated there & you can just raise the rent for no reason at all. Adding a bike rack or video entry may allow you to add 1 euro per sq mt per month, but you need to check the mietespiegal which regulates rental prices for your area/street.
regards
Adam

 

[magicmajenta]

So you're saying my best route would be to just get an apartment that's tenanted then it won't be that hard to kick the current tenants out? I guess that was my worry all along if I bought a tenanted property. I wasn't sure if I could easily kick the current tenants out.

 

[kap-C]

Hi magimajenta - what would be the purpose of your investment? Do you want to use the apartment yourself?

 

[magicmajenta]

Hi magimajenta - what would be the purpose of your investment? Do you want to use the apartment yourself?

Yes I do. Just want to know if there are apartments that are vacant to use up that price. Not picky could be anywhere in Germany.

 

[kap-C]

Yes I do. Just want to know if there are apartments that are vacant to use up that price. Not picky could be anywhere in Germany.

If you are not picky you should be well able to find apartments in that price bracket - both vacant and tenanted. You should look in what used to constitute former East Germany, including the Eastern part of Berlin. The Greater Berlin area (State of Brandenburg) may also be of interest to you, say within 1 hour of Berlin. Prices are lower than in the city itself and using public transport the capital is easily accessible.

Rostock and Stralsund (Baltic Sea! and the Mecklenburg Lake Region),Leipzig, Dresden and Plauen, which has also been discussed in this forum, are also attractive options.

Generally, there is a strong outward migration from the former East to the western conurbations, which has caused high vacancy rates in most towns and cities in the eastern part of Germany. This is the reason why properties in that part of Germany are extremely cheap. Obviously, properties in the price range you are looking at will not be situated in prime locations. This means that you may have difficulties selling the apartment at a later stage. Also, rents will be rather low, if you should eventually decide to let.

Make sure to view the actual apartment you are intending to buy and make sure that the apartment that you are shown is the apartment you are buying. Unfortunately there are a few people around selling what has been termed Schrottimmobilien (junk properties). Beware!

Bear in mind that you will have to make monthly payments to the management company for your apartment (Wohngeld). The Wohngeld covers ancillary costs, such as heating, waste disposal etc., payments into a repair fund (for the overall building) and property management fees.

It is true that you can give notice to existing tenants if you want to use an apartment, that you own, yourself. However, I personally would prefer to buy a vacant apartment. There are good reasons why intending owner-occupiers favour vacant apartments and why, consequently, vacant apartments are more expensive than let ones in some places. You could end up in an awkward legal battle with your tenants - which may cost them nothing and which may cost you several thousand Euro. If you should eventually decide that you do not want to use the apartment yourself after all, they may be able to claim compensation from you. Beware!

Happy Hunting!

 

[magicmajenta]

If you are not picky you should be well able to find apartments in that price bracket - both vacant and tenanted. You should look in what used to constitute former East Germany, including the Eastern part of Berlin. The Greater Berlin area (State of Brandenburg) may also be of interest to you, say within 1 hour of Berlin. Prices are lower than in the city itself and using public transport the capital is easily accessible.

Rostock and Stralsund (Baltic Sea! and the Mecklenburg Lake Region),Leipzig, Dresden and Plauen, which has also been discussed in this forum, are also attractive options.

Generally, there is a strong outward migration from the former East to the western conurbations, which has caused high vacancy rates in most towns and cities in the eastern part of Germany. This is the reason why properties in that part of Germany are extremely cheap. Obviously, properties in the price range you are looking at will not be situated in prime locations. This means that you may have difficulties selling the apartment at a later stage. Also, rents will be rather low, if you should eventually decide to let.

Make sure to view the actual apartment you are intending to buy and make sure that the apartment that you are shown is the apartment you are buying. Unfortunately there are a few people around selling what has been termed Schrottimmobilien (junk properties). Beware!

Bear in mind that you will have to make monthly payments to the management company for your apartment (Wohngeld). The Wohngeld covers ancillary costs, such as heating, waste disposal etc., payments into a repair fund (for the overall building) and property management fees.

It is true that you can give notice to existing tenants if you want to use an apartment, that you own, yourself. However, I personally would prefer to buy a vacant apartment. There are good reasons why intending owner-occupiers favour vacant apartments and why, consequently, vacant apartments are more expensive than let ones in some places. You could end up in an awkward legal battle with your tenants - which may cost them nothing and which may cost you several thousand Euro. If you should eventually decide that you do not want to use the apartment yourself after all, they may be able to claim compensation from you. Beware!

Happy Hunting!

Thanks. Nice to know. And yes I prefer a vacant apartment so I won't have problems with tenants.