Story No. 3 · Berlin · Single, around €140k
A bigger apartment in Berlin, and a bigger monthly gap to plan for.
Single, around 140.000 € a year. At that income the tax effect of a rented apartment is large, and so is the loan a bank will write. The whiteboard calculation with Karim was about the other side of that: how much of the monthly gap before tax benefits is comfortable, and for how long.
Sven then sourced a 67 m² apartment in Berlin with a rent that steps up every three years, 100 % financed at 4,5 % fixed for ten years. The stress tests below are the ones that decided it: leaving Germany, a lower rent, and a rate jump after the fixed period.
The people on this deal
Two people carried it from the first call to the notary.
Financemate expert
Karim Beltaji
Co-Founder
Spent years in finance before building the company he wished had existed for internationals like him.
On this deal
Walked the numbers in the whiteboard calculation and through every scenario before the buyer signed.
Property partner
Sven
Real estate partner
More than 20 years in real estate and an active property investor himself. Sources and evaluates off-market projects for the Financemate network and supports buyers through to the notary and the bank.
On this deal
Sourced the apartment, took care of the financing, and stays on as investment mentor till the notary.
The goals
The brief, before any listing was opened.
What the buyer wanted going in. Every scenario below was tested against it.
- 01
A larger apartment in Berlin
67 m² at 564.000 €, 100 % financed, 45.120 € of own capital for the purchase costs.
- 02
Know the monthly gap and carry it comfortably
About 790 € a month before tax benefits in 2027, positive after; both were on the whiteboard first.
- 03
Plan for leaving Germany, a lower rent, a rate jump
All three were run as scenarios below before signing.
- 04
Sell tax-free after ten years, or hold longer
A sale in 2036 and a 15-year hold at a higher rate were both calculated.
The deal
What was bought, and on what terms
Berlin, 67 m². Bought for 564.000 €, financed 100 % at 4,5 % fixed 10 y, against a 140.000 € income, with 45.120 € of the buyer’s own money.
Rent 27,50 € / m²·Repayment 1 %·AfA 5 % degressive·Appreciation 3 %·Income growth 0 %
Own capital covers the purchase costs only: 6 % transfer tax, 1,5 % notary and land registry, 0,5 % financing costs. Berlin, single filing.
- Worst month before tax benefits
- −790 €
- In 2027, narrowing every year as rent rises
- After tax benefits, first full year
- +249 € / month
- The apartment carries itself from year one
- Total wealth if sold in 2036
- 265.669 €
- 5,89× own capital · 19,4 % annualized
Projection from the assumptions above. Rent steps up about 2 % every three years, the salary stays flat, the building is depreciated at 5 % degressively, and the apartment is sold after the 10-year holding period, so the gain is tax-free.
What we stress-tested
Click a column to see its charts- Total wealth at sale
- 265.669 €sold 2036
- Own capital multiple
- 5,89×19,4 % a year · 10 years
- Cashflow before tax benefits
- −80.770 €over the hold
- Cashflow after tax benefits
- +8.558 €over the hold
- Tax benefits over the hold
- +89.328 €10 years
Base case, year by year
Cashflow before tax benefits
per month · rent minus loan and costs
−80.770 €
Cashflow after tax benefits
per month · including the tax refund
+8.558 €
Tax impact
per year · income tax saved
+89.328 €
2026 is a part year. The purchase closed in Dec 2026, so that single month of ownership carries a full calendar year of tax effect, and the first bar sits far above the years that follow.
The same three charts every client sees for their own property in the Financemate scenario planner.