Renovation of owner-occupied apartment built in 1965. Worthwhile investment?

Hello everyone,

my husband and I are planning to buy a condominium for our own use. Here are the key details: approx. 100 sqm, 1st floor, 4 rooms, kitchen, bathroom, guest toilet, balcony, cellar, bike cellar, laundry room. The building was built in 1965, with 6 residential units occupied by different owners (all identical apartments). The location is in an established residential area with good local supply and transport connections. So for us, the location and the floor plan of the apartment are top.

The building appears well maintained from the outside, but much is still in its original state (electrical, water supply, heating (although the gas boiler is from 2005), roof). The windows were already replaced a few years ago, external thermal insulation is probably not financially worthwhile. There is a minor moisture problem in the cellar and one wall will need to be sealed soon (there is an expert report). Otherwise, the cellar is dry.

In our apartment, we would like to redo the electrical system and bathrooms, including the corresponding pipes in the bathroom. And, of course, renovate.

However, I have some concerns due to the age of the building – it is now already 50 years old and the bigger issues are slowly coming up.
Does it even make sense to invest in an apartment in such a building? This might be a bit vague, but maybe you have experience and ideas that we should still consider.

The apartment + the aforementioned renovation are affordable – for a new build apartment, you would pay twice as much here (but it wouldn't have such a good floor plan and location, rather other features (elevator, underground parking)). On the other hand, it could be that we have to constantly pay special assessments for renovations in the coming years, which would also make the apartment very expensive.

Are there any experts who can also provide me with renovation costs for the roof, water supply, and electrical system? Would that actually help me? I don’t even know if the roof will need to be renovated tomorrow, in 10 or in 20 years.
Are there any renovation benchmark costs per sqm?
Or should one just put aside X euros every month for the special assessment and be done with it? We simply can’t afford a new build.

Many thanks for your suggestions.

How much is in the [Instandhaltungsrücklage]? If a reasonable amount has been regularly set aside, then there won't need to be any major assessments.

About 15,000 euros. I don't think that's much, but it's also not terribly bad.

With 6 apartments, that still sounds okay. But it also depends on the development. How much is set aside each month per apartment for the reserve fund? How regularly has it been renovated in recent years?
When I bought [the property] back then, I had the last minutes of the owners' meetings given to me beforehand, along with the accounts for the renovations carried out.
If, for example, the 15k comes about because nothing was spent on it in the last 5 years, that would be critical. But if it is regularly maintained and the 15k is basically the buffer, then that is a good value.

That is a very good question - about 200 euros per apartment per year. That is not much now, is it? According to the protocols, repairs were done rather than proactive investments.

That sounds rather low. In our complex (from 1970), it is 100 euros per month per apartment. As a result, the housing allowance is comparatively high, but on the other hand, there have been no additional charges in the last seven years, even though extensive work was carried out in some cases.