Quote:
Originally Posted by markj
I am currently looking to buy a property in Potsdam, not strictly speaking a financial investment but rather somewhere that I can let for 5yrs or so before living there myself. I am intending to finance the property through re-mortgaging my UK house. I am waiting a for a financial breakdown of potential rentable value, etc from the German estate agent before progressing with an offer. My concern at the moment is the practicalities of making the transaction - do I need to set up a german bank account to conduct the finances (rent receipt, payment to the letting agent and german tax etc) or is there a simpler alternative. I realise that there are companies that provide this service in a package but I would prefer to do it myself if it just means extra time and effort on my part.
I would be grateful for the benefit of anybodys experience.
thanks
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I use a company called Property Source in Berlin (Spandau) to manage most of my N.E. Germany properties, they've been reliable and diligent. They are an Anglo-German outfit so the language is not a problem.
You can do the whole kit and kaboodle yourself if you have the time and energy to wade through the quagmire. I prefer to leave it at all times to the experts - far less chance of an expensive or legal cock-up - your choice, good luck.