There are unnecessary costs for the purchase of an old building
Regardless of whether you are interested in a new property or an old building, requires some exams and tours in advance. Especially old buildings, often sold privately, reveal retrospectively becoming renovations that exceed the cost range very quickly. Basics to buying a house, and a deepening on the topic of old buildings.
Building or buying, both involves risks
There are some things to look out for. Regardless of whether this is just the neat new building or the beautiful old building, which is offered so apparently cheap in the popular portals. Disadvantageous problems can be avoided in the approach, if you pay attention to your planning of the property itself points, such as motives for just that object. Many arguments and facts that undoubtedly speak for a property, demonstrably facilitate the planning . Thus, not a few purchases are made only because the object like because of individual components, or because of the low price. Not a big issue, but there are rules to follow, because you invest here often a large part of your money, or in addition financially an immense liability and regular burden, so that mistakes often several times, and then rain down in full force on the punished property owners
For a landmark decision, whether to buy or not , you should therefore know all areas of the home. As it always turns out, this is one of the most serious mistakes that do not often cause the whole project to fail. Therefore, an additional burden is enough for financings that are tightly calculated, and the loan is about to be terminated because payments are no longer complied with. After all, you can not afford to take your time to correct errors - damage to the structure or the structure of the building slowly but surely passes on to other areas that may also affect statics.
In practice, this then looks like that bought more old buildings as real estate to be rebuilt. Understandable, this is usually cheaper for the first time, than at the same time to have a comparable object raised by suitable experts. Please note, however, that old properties must be maintained. In order to keep the value stable, or to continuously increase it for special objects, regular maintenance, modernization and refurbishment work is required. These are often no small cost points, because simply exchange is just not possible here.
What to look for
First, make it clear that a property is not any object that can be exchanged or alternatively sold at the same price , It is therefore always a longer-term endeavor, and with big financings it is also a time of hardship and effort - if you can not do that, it is an unforeseen cost and damage that was not visible before. Therefore, you should not stand under pressure, even in the currently very favorable interest phase.
Even if you think that you are artisanly skilled, you are not in the privileged position of holistically evaluating a property and to judge. Here, the expert or an expert rightly has an overriding role, since the expenses for this are very manageable compared to later surprises, and thus well invested. For a first, superficial assessment, therefore, note the following points and note remarks and insights in order to be able to address sellers specifically.
Is this a half-timbered house, massive house or prefabricated house? Depending on the type and structure of the property determines the technically possible remaining useful life. So how long you can live in this property in terms of construction, the substance and the technical equipment. This also has an impact on the determination of the mortgage lending value , as banks want to know very well which unscheduled burdens are to be expected. Often enough an exclusion criterion for financially limited funding, and therefore it is advisable to visit the object in detail. Take, if financially reasonable, here also an expert at hand. In addition, you will get the construction file, which provides information about all essentials.
How much, where and at what time was the seller prepared and what major refurbishment work is required? The care of the object is important, because otherwise creates a barrel without soil. Comparable to a used car purchase, where the one who has a better chance of selling, who maintains a checkbook and can disclose all the necessary facts. If necessary, you must provide the bank with documentation of the condition of the asset in a suitable manner. An important point in the determination of the object value , because this is where the use of external third parties usually pays off. Collect logs from a homeowners association (at MFH) and collect invoices and receipts (in picture form) for completed work. Especially with condominiums, the conversation with residents of the house can provide information, because they should know what costs have arisen.
If work on the roof or the facade is necessary, how does the renovation on the static of the house or what construction defects available? Especially work on the roof are expensive measures that are often carried out at EWH even without your consent . The reserve should therefore make a reasonable amount, because as with a financing are also unpredictable events such as unemployment, or concrete storm damage and the like, unpleasant things. As a rule, brokers act on the sellers to provide proper documentation. Otherwise, you should specifically include such points in the purchase contract in order to be able to recourse later.
Calculate conservatively in order to bear any additional costs for the removal of damages. Note the building, in which things like the roof, a basement or extensions have to be documented and approved. Violations, on the other hand, can have disastrous consequences that you are primarily responsible for doing.
Were you aware of any legal regulations regarding living space and what is the insulation of the house? Energy costs today represent a large part of the regular burdens and are therefore a starting point enough to make targeted investments here.
Does the cutting of the property allow suitable furnishing and are pipes laid so that sanitary facilities can be easily exchanged? Individual tastes should not be allowed here, as the supply of the individual rooms through pipes and power lines is essential for the usability of the property itself. Pay attention to test records of the heating system, their condition and possible repairs to localize, and to calculate calculational. Regular maintenance as well as evidence of this is a good indication to keep operating costs in line with the future. Conclusions
For the reasons stated above,
should be used, which are available from trade associations or even from Real estate associations take place, which know local regulations and comparable objects. An expert pays off in any case, since you are also secured in the case, obvious things should have been wrong or not documented. Incidentally, more and more banks are making appraisals about whether or not financing is being offered. Only if you assess the value of the property correctly and conscientiously, and become aware of the expenses for ancillary work, a calculation is worthwhile. Artikelbild: © Leszek Glasner / Shutterstock