Living in and flip in Berlin, Germany
Hi Everybody,
My name is Ake and I looking for some mentorship in Berlin real estate market. In a year time, I am planning to purchase an apartment in Berlin and work full-time in an architecture office. However, staying in Berlin is not my priority and the goal is the investment I am making. The goal is to buy an apartment (preferably in a poor (cosmetic) condition) , refurbish it during my stay in there, get some external help if needed (I don't mind spending time in a messy environment) and sell it for profit.
Ive done some research regarding the current state of Berlin's real estate market and found out that this approach might save me some money in Capital gains tax, because I would live in the house I am selling. However, I also know that Berlin is famous for its rented space and that most of property is rented rather than owned.
The question is, if this approach makes sense in current Berlin market? Or is Berlin not the right city for that? Or may be there are other way of approaching this goal? Is my capital gains tax correct? Or did I make a mistake.
Would be great to hear from some professionals. In fact, if there is anyone in Berlin now, would be great to meet for a chat!
Reagrads,
Ake