
What do I need to consider when buying an existing property?
The reasons for additional costs after purchase are manifold and range from hidden construction defects to outdated heating systems or moisture damage. Such repairs and renovation work can cost several thousand dollars. If you have to take out a loan to buy a house or have not planned for a financial buffer, it is difficult or even impossible to pay for renovations and repairs.
Mold, dry rot, and moisture damage
Moisture damage will sooner or later lead to the formation of mold or dry rot. This not only causes health problems, but also renders the masonry unusable. In particularly severe cases, the house may even be at risk of collapse. Therefore, you should pay attention to the following when buying a house:
- Visible water stains or odors in corners of rooms
- Inspection of walls behind built-in fixtures, window frames, beams (especially load-bearing elements)
Electrical systems in the house
Power lines should comply with current safety requirements. This is not the case for lines that are over 30 years old. The minimum standards for electrical systems in residential buildings can be found in DIN 18015. Electrical wiring and other systems should be checked thoroughly, especially in older existing buildings that have not yet been renovated by the seller. Otherwise, the buyer will have to pay for the replacement of the installed electronics later on.
Energy consumption, retrofitting requirements, and heating system
The energy performance certificate provides an initial indication of how much energy costs or energy-related renovation work the buyer will have to pay later. Every owner must have this when selling and show it to the buyer. If the property has not yet been retrofitted in accordance with the requirements of the Building Energy Act (GEG), the new owner must do so within a certain period of time. Otherwise, high fines may be imposed. If buyers want to save themselves the retrofitting costs, the seller should have already done the following:
- Insulate heating pipes/hot water pipes
- Insulate the attic and roof
- Replacement of 30-year-old heating systems or heating systems with central control and thermostats
A real estate agent not only helps you find a property. They can also provide buyers with information on legal retrofitting obligations and know which measures can increase the value of the property in the future. In addition, local real estate agents can assist buyers in finding experts and tradespeople.
Would you like to buy an existing property? We can assist you and advise you on what is important when buying. Contact us.
Notes
For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as this is necessary for the statement.
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
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