Just before agreeing to purchase a condominium unit - Questions and doubts

Hello,

my wife and I are currently going back and forth regarding a new-build condominium. Here are the facts:

New-build condominium

[*
Location Teningen/Emmendingen, near Freiburg im Breisgau
[*]8-unit building, no social housing, 5 apartments sold so far
[*]Completion in about 5 months, you can still change everything now (electrical, terrace flooring, tiles, etc...)
[*]114 sqm 4 rooms ground floor + 90 sqm garden
[*]Parking space with power connection for electric cars (requested by me)
[*]Equipment, probably somewhat above standard (solid wood parquet, + underfloor heating with individual room control, large bathroom)
[*]Heating air-water heat pump + gas
[*]Room sizes:
[LIST]
[*]Living room 40.5 sqm
[*]Hall open to living room 10.32 sqm
[*]Bathroom 9.51 sqm
[*]Guest WC 1.84 sqm
[*]Child 1 12.6 sqm
[*]Child 2 10.45 sqm
[*]Parents 17.5 sqm

Price: 46500 + 9000 for the parking space

At the moment we live in a granny flat of my parents, 35 sqm in one room free of charge and were therefore able to save quite a bit. My wife is currently studying to become a teacher and I have been working as an engineer for over 3 years. We have worked out the financing and it works.

Now to the disadvantages: next to the apartment there is a small kindergarten with 2 groups, the kindergarten’s garden is facing northwest behind the neighboring house, our apartment faces south in front of the building. Otherwise it is really quiet and pleasant in the residential area in the afternoon.
At the same time, we could move into a rental apartment instead of buying one now (50 sqm 2 rooms ground floor 630 cold rent, rental prices in the area are around 10-12€/sqm) and keep looking. Possibly prices will drop and we can get something nicer than the condominium or even build, since we feel the apartment is overpriced. However, house prices here for new builds are at least 650k, you can get old ones from the 80s already at about 500k, plot prices are at least 450-500€/sqm outside and about 800-1000€/sqm in Emmendingen.

Overall, we have been searching for a long time and always thought something better would come along, but at the same time the rental search really stressed me out because we have a cat and you appear like a beggar in front of landlords. Here prospective tenants even offered landlords money as a bonus if they got the approval...

Overall, we fear buying something totally overpriced if prices drop drastically in 2-4 years. What do you think about the plan?

Now we come to the disadvantages, next to the apartment is a small kindergarten with 2 groups,

What is the disadvantage now? I go to work during the day and come home when the kindergarten closes/has closed. On weekends there is no kindergarten time anyway. I consider having a kindergarten nearby an advantage.

Overall, we fear buying something totally overpriced when prices drop drastically in 2-4 years.

Don't assume that prices will drop at all. There is no reason for that.

since we have the feeling that the apartment is overpriced. However, house prices here for new builds are at least 650k, you can get old ones from the 80s starting at about 500k, land prices are at least 450-500€/sqm outside and in Emmendingen about 800-1000€/sqm.

It seems you have a different feeling than the market reflects. Otherwise, 2/3 of the apartments would not already be sold.

Hello, is a zero missing in the purchase price? Or does the apartment cost 46,500??? Well, whether the prices come back depends on the economy. If they do, nothing changes (see Lehmann), but it makes a difference whether you live in an 8-unit building or a neighboring apartment.

Thank you very much for your feedback, I must point out that our apartment is the most expensive since we have a garden all around. Yes, a zero is missing sorry... Ours costs 465,000, the apartment next door which has the parking spaces directly next to and behind your apartment costs 441,000.

Thank you very much for your feedback, I have to point out that our apartment is the most expensive because we have a garden all around. Yes, a zero is missing, sorry... Ours costs 465,000, the apartment next door which has the parking spaces directly next to and behind their apartment costs 441,000.

Ground floor and upper floor always cost more, so it's completely normal. You probably also have respect for the number. Ownership costs, especially in your area. I would also get the ownership structure shown to me. In the neighboring 6-family house, there are 2 retired couples upstairs who make life difficult for the other owners, they have changed the house into age-appropriate something. Some are not suitable for such communities.

Hi,

I don't know the situation, but I hear that Freiburg is generally an expensive place. Compared to Berlin, the price is still pretty good, especially for the parking space. Kindergarten wouldn’t be a disadvantage for me either, unless you’re always working from home. In that case, in a new building there shouldn’t be any problems with closed windows. Forget your hope that prices will go down.

Then a small note about the cat. Keeping cats cannot be generally prohibited. So if the rental contract contains a general ban, it is invalid. There must be a factual reason for the prohibition. If nothing is mentioned or it says “Animal keeping is generally prohibited!” keeping small animals, and cats are included, is generally allowed.