Old houses are safe
Buying and renovating an old house - does that make sense?
The Germans are a nation of homeowners. In rural areas in particular, it is quite normal for a family to own their own house. Often it is passed on to the following generations, with the result that it there are a lot of old properties in Germanyt. For this reason, when these are for sale, they are usually in need of renovation. Is it even worth buying a house like this, or is it better to buy or even build a new property? Yes, it can be worthwhile if you pay attention to a few aspects. Under certain circumstances, a house in need of renovation can be quite profitable.
Assess the value of the old property precisely
Assessing the value of an old property is anything but easy. Even if the house is in top condition at first glance, on closer inspection it can turn out that the beautiful appearance is unfortunately deceptive. For this reason, you should by no means be satisfied with a single on-site visit. Put the house through its paces. As a non-specialist, you will hardly be able to assess the situation correctly. You should therefore consult an expert or appraiser at least once and have them estimate the value of the property and the costs incurred for the renovation.
Especially with old houses it is often the case that they were previously built in an optimal location, but this has deteriorated due to changes in the environment. You should check on site whether there is no noise from a street or proximity to the motorway and whether the infrastructure that is standard today, such as B. a good connection to the road network, access to public transport, medical care, schools etc. is given.
Some providers offer the opportunity to search for houses in need of renovation online. The year of construction and the validity of the energy certificate can often be found in the precise description of the property. (e.g. on: https://www.findmyhome.at)
You should definitely check this at the house
- Are all the necessary connections available and do they meet the current standards? Refurbishment can be expensive, especially for heating, sewer and water connections, because the entire system usually has to be replaced.
- Is the foundation solid?
- Are the walls dry, has there ever been water damage or does groundwater enter the basement?
- Are the walls and windows sufficiently insulated and was asbestos used for them?
- Is the roof airtight and if so, when will it likely need to be replaced?
- Are the balconies stable?
- Are there cracks in the walls?
- Are there any traces of mold?
When is it worth buying and renovating a house?
Basically, buying an old house is only worthwhile if the renovation still costs less than a new building. Some houses are so dilapidated that they have to be completely demolished and rebuilt. If you do not necessarily insist on a permanent location, you should carefully consider such financial expenditure. The demolition and disposal of the old walls will not only take a lot of money, but also a lot of time, so that the construction of the new home will be delayed.
In order to find out whether the renovation is worthwhile, you should definitely seek advice from a specialist. As a layman, you can hardly really estimate how many euros the preparation will actually swallow. Appraisers, on the other hand, know exactly where they can track down defects in the house, and they also have the necessary tools to uncover them clearly, such as B. Measuring devices that can be used to display the moisture and density of the walls. Do not rely on your knowledge as a hobby craftsman, after all, in the worst case it is about a lot of money. The more precise the assessment of the condition, the better you can calculate. If the appraiser classifies the value as lower than the stated purchase price, you should definitely insist on a price reduction. (more on this at: https://www.sueddeutsche.de)
Even if the cost of an expert opinion may seem very high, you should definitely take it upon yourself. It is always an advantage: Either because you can be sure that the purchase price is reasonable and you have an approximate idea of the expenses that you will have to face, or because you are negotiating a better purchase price or, in case of doubt, refrain from buying and take steps save high expenses.
Quickly to your own home - and then move in immediately
A great advantage of having a house that has already been built is that you can usually move in much sooner than if a new building were to be built. Despite the need for renovation, some houses are in such good shape that you could move in immediately after buying them. This can be especially useful for families with small children a big reason to buy because the construction time always takes a lot of time and, above all, a lot of nerves, which often has a negative effect on family life.
A lot of arithmetic awaits you in order to determine whether it is worth buying and renovating an aging house. Take into account:
- the purchase price
- the incidental costs, such as fees for the notary, the lawyer, the broker, the entry in the land register
- the additional interest if you finance the house with the help of a loan, which is usually the case
- the ancillary costs that are incurred during the renovation, although you can not yet live in the house and of course
- the money you need to spend effectively
Lend a hand when renovating and save money
Even if you do not have any technical training yourself, it can be worthwhile to help with the renovation yourself. Even if you only give the professionals a hand, you are an important workforce and you are helping to ensure that the renovation can take place faster. In well-preserved houses, isolated renovation work is often sufficientto make the house habitable again or to get it in good shape. In such cases it is certainly a good and comparatively still inexpensive decision. (more also at https://www.selbst.de)
A look at the land register makes sense
Before you buy a house and start renovating, you need to make sure that everything is going well in the truest sense of the word. To do this, get an insight into the land register. There you can find out whether there is a claim to the house from a third party or whether it is financially burdened. Also check whether the description of the house corresponds to the facts. You can still be prosecuted for illegal additions, even if you go to the account of the previous owner.
Beware of monument protection
Especially in farmhouses or houses in historically significant areas, such as B. old towns, caution is advised when buying a house. Many of these properties are listed, which is why they can only be renovated to a limited extent and in many cases not be converted at all. Before buying an old house, make sure that it is not a listed building. You can obtain this information from the responsible municipality. (also: https://www.test.de/Kaufvertrag-Immobilien-Den-Notar-ordnahm-ausfragen-4427977-0/)
It cannot be said in general whether it is worth buying and renovating a property that is many years old. Such a judgment always depends on the situation. In order to make a decision for yourself, you have to calculate very carefully whether the purchase will still be cheaper for you after the renovation than if you had started a new building. In addition, you have to consider with a "used" house that Maintenance work is to be expected earlier than with a new property. But you can usually move in earlier and save yourself a lot of work and often anger. Who knows, maybe someone has already built your dream home and it's now for sale. Don't rule out the purchase and renovation, there could be a bargain waiting for you.
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