House Purchase - Financing and Valuation - Berlin Area

  • Erstellt am 2021-03-12 22:05:25

ngo_nuong

2021-03-14 17:59:15
  • #1
I really did not expect so much feedback! Thank you very much.

So our loan would be around 360K and a second income will come in about 2 years.

Our property is located in West Berlin and the condition or standard is at least comparable to our current apartment. An extension is not planned, as 100 sqm is enough for us.

Fassadendämmung: If facade insulation is not mandatory, I will leave it as it is. I don’t see a big advantage, especially in Berlin with the rather short, warm winters.

Heizungsanlage: The radiators and copper pipes still seem to be in good condition but the system will definitely need replacing in 10 years.

Electricity: The wiring is already 3-wire and still looks good. A few sockets are missing here and there or the kitchen could be extended by 1-2 circuits. But I can take care of that myself; I have renewed the entire electrical system in 2 apartments.

Water pipes are already copper and drainage is PVC -> hopefully they will last the next 10-20 years!

As I said, I hope it will remain limited to manageable and routine repairs and there will be no surprises.

The price... yes, that is really something. We regret not having taken the step earlier. But the Berlin market in the 500-600K segment is really swept clean, especially in the districts we want. Somehow it’s not healthy, but we don’t know a better strategy.

Regarding the insurances, I will probably deal with that a bit more. Are there any special features we should consider?

Regards
 

moHouse

2021-03-14 18:08:46
  • #2
As far as I know, with old stock (if not already done) the new owner only has to insulate the heating pipes in the basement and the top floor ceiling within 2 years. But if the attic is developed, then the roof, I think...

And about the new construction alternative:
wrote that they place special value on a garden. Nowadays, you can forget that in urban areas with new construction...

People often swear by existing buildings when someone calculates the price for new construction (which, as is well known, can also become a bottomless pit).

Now we have someone who relies on existing buildings... and suddenly they get pushed towards real new construction.

But okay. As food for thought and exploring options, certainly useful.

Regarding bank valuation: we have also experienced this here in the Rhineland near Düsseldorf. The banks simply do not keep up with the price development. They take the level from the year before last and deduct another 20% from it. Some people in this forum didn’t believe us and questioned the condition of the property.
 

Grundaus

2021-03-15 09:30:29
  • #3
I don't know what all the people here have against mandatory renovation. There are no regulations at all regarding the electrical system, and maybe only an additional FI is desirable. If the roof was done during insulation, that should probably be enough. You can insulate the basement ceiling yourself for a few euros. The facade and windows are not required or checked either. By whom? The only thing that is required is the heating, which is checked by the chimney sweep. There are millions of houses that are comfortable and affordable to live in without being completely renovated.
 

Myrna_Loy

2021-03-15 09:38:20
  • #4
well, I lived in a 60s house in Berlin during my studies and never froze as much as there every winter. No radiator could compete with the radiant cold from the walls. But when the desire for a house is so great and the offer comes from the environment, the pressure to make it all look good and justify it is of course understandably high. The good thing: if it goes wrong, you can quickly get rid of the property on that market.
 

bra-tak

2021-03-15 09:38:47
  • #5
The fact is, we don't know the property. What we do know is that since the Building Energy Act has been in effect since 2020, there is a duty that under certain circumstances some renovations are mandatory after purchasing a house. We just want to point that out. That everyone may have different expectations regarding the energy and technical standards of the house is another matter.
 

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