Yep...
I will soon go to the bank with a specific used property and see what the folks come up with.
I will report.
They will most likely come up with the "actual" value for you. Unfortunately, there is often a significant gap between theory and reality. For us, it was about 25%. The gap then has to be closed, which usually happens with equity. But you have to be willing to do that or critically question it.
For us, the numbers looked like this, for example:
- Existing property sale price 399,000 euros
- Possible negotiation room down to 370,000 euros
- Additional purchase costs in NRW about 12% 44,000 euros
- Investment (conversions, renovation, refurbishment) necessary about 100,000 euros
Valuations by various banks between 280,000 and 330,000 euros
You can calculate the rest yourself. And with the knowledge of buying a 20-year-old property with all the risks and upcoming investments (windows, heating, roof,...)
We don't even need to talk about energy saving, energy consumption index 136 kwh.
If interested, I can send you the property link via PM, it is still for sale.