What do I need to consider when buying an existing property?

If you don't want to build your own home, you can buy an existing property. However, if you're not careful, you could end up with excess costs that you hadn't planned for. What should prospective buyers look out for when making their choice?

There are many reasons for additional costs after purchase, ranging from hidden construction defects to outdated heating systems or moisture damage. Such repairs and renovation work can cost several thousand euros. Especially if you have to take out a loan to buy a house or have not planned a financial buffer, it is hardly possible, if at all, to pay for the renovations and repairs.

Mold, dry rot and moisture damage

Sooner or later, moisture damage leads to the formation of mold or dry rot. This not only causes damage to health, but also makes the masonry unusable. In particularly severe cases of infestation, the house may even be in danger of collapsing. You should therefore pay attention to these things when buying:

• Visible water stains or odors in the corners of the room
• Assessment of walls behind built-in objects, window frames, beams (especially load-bearing elements)

Electrical systems in the house

Power lines should meet current safety requirements. This is not the case with cables that are over 30 years old. The minimum standards for electrical installations in residential buildings are set out in the DIN 18015 to find. Particularly in the case of older existing buildings that have not yet been renovated by the seller, power lines and the like should be carefully inspected. Otherwise, the buyer will have to pay for the Renewal of the installed electronics pay.

Energy consumption, retrofitting obligation and heating system

The first indication of how much energy costs or energy-related renovation work the buyer will have to pay later can be found in the energy performance certificate. Every owner must have this when selling and show it to buyers. If the property, if necessary, does not yet meet the requirements of the Building Energy Act (GEG) retrofitted, the new owner must do so within a certain period of time. Otherwise there is a risk of high fines. If buyers want to save themselves the retrofitting costs, the following should already have been done by the seller:

• Insulate heating pipes/hot water pipes
• Insulate attic and roof
• Replacement of 30-year-old heating systems or heating systems with a central control system with thermostats

An estate agent not only helps you to find a property. They can provide buyers with information on the legal obligation to retrofit and know which measures can increase the value of the property later on. The local estate agent can also help buyers find experts and tradesmen.

Would you like to buy an existing property? We will support you and will also be happy to advise you on what is important when buying. Please contact us.

Notes

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where 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 individual case.

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