Hello everyone,
We are currently considering a prefabricated house from Bien-Zenker. It was built at the end of 2013, so it’s almost new. A family with five children lived in it for one year. The marriage broke up and the house is now being sold. Some interior work was done by the owners themselves, which is visible in places (bathroom grout is poorly done).
The details are as follows:
The purchase price is €390,000 plus realtor fees. The walls all need repainting as they’re quite marked by the children. Some baseboards need repair. The garden still needs to be landscaped.
What do you think? Is the price reasonable?
Thank you very much.
Best regards,
Timo
We are currently considering a prefabricated house from Bien-Zenker. It was built at the end of 2013, so it’s almost new. A family with five children lived in it for one year. The marriage broke up and the house is now being sold. Some interior work was done by the owners themselves, which is visible in places (bathroom grout is poorly done).
The details are as follows:
- Living area 180 m² (1,938 sq ft) over two floors
- Ground floor includes a utility room, open kitchen/living/dining area, bathroom, guest room
- Upstairs there are 4 bedrooms and a bathroom
- KfW 70 energy standard with district heating, controlled ventilation system Lunos with heat recovery
- Plot size 475 m² (5,110 sq ft), price was 250 € per m²
- No basement
- The house is very simple, gable roof, no balcony, knee wall 1.60 m (5.25 ft)
- Detached garage 7.50 m (24.6 ft) long
- Driveway and parking spaces paved
- Terrace slabs are laid
- The garden is undeveloped, no fence, lawn, plants, etc.
- 2 bathrooms: downstairs with shower, upstairs with shower and bathtub, standard quality
- Large kitchen with Bosch appliances
- Flooring is laminate
- 3 solar panels on the roof
The purchase price is €390,000 plus realtor fees. The walls all need repainting as they’re quite marked by the children. Some baseboards need repair. The garden still needs to be landscaped.
What do you think? Is the price reasonable?
Thank you very much.
Best regards,
Timo
bernie schrieb:
So if the plot alone is worth about 130,000 euros, I don’t find the offer too expensive at all, but rather good value for 180 square meters (about 1,940 square feet) of living space.You have to consider that we will have around 15,000 euros in additional costs like landscaping, painting, etc. By now, with a bit of negotiation, we have reached 375,000 euros.
D
Doc.Schnaggls2 Sep 2015 14:01Hello,
Overall, I also consider the asking price to be quite fair.
However, I would still, or especially for that reason, strongly recommend involving an independent expert or certified appraiser who can inspect the house with you, check for possible defects, and provide an estimate of a reasonable price.
This is, if in doubt, money well spent that can protect you from unpleasant surprises.
That said, for a one-year-old house from Bien-Zenker, I would not expect major flaws—I would rather focus my attention on the owner’s finishing work.
Best regards,
Dirk
Overall, I also consider the asking price to be quite fair.
However, I would still, or especially for that reason, strongly recommend involving an independent expert or certified appraiser who can inspect the house with you, check for possible defects, and provide an estimate of a reasonable price.
This is, if in doubt, money well spent that can protect you from unpleasant surprises.
That said, for a one-year-old house from Bien-Zenker, I would not expect major flaws—I would rather focus my attention on the owner’s finishing work.
Best regards,
Dirk
Hello Schuckie,
The plot will not increase in price by 12% in 1.5 years, unless something major happens in the area. So, get the current land value map and compare it with 2013; it should be about the same value.
Based solely on your descriptions and without a site visit, it’s hard to assess the price. However, I’m a bit concerned about your statement that everything was built simply – in that case, in my opinion, the price does not fit and should be lower. But considering the (market) situation, it might still be justified.
Roughly from a distance, keeping the “simple construction” in mind and based on your size details, I would estimate it around €330-350K (approx. $350-370K). That means, as a buyer, I would try to negotiate around €340K (approx. $360K), or the location and layout would need to be very advantageous for me.
Your current final price including additional costs (12%) and garden/painting work etc. (€20,000 / approx. $21,000) comes to around €445K (approx. $470K) – if you buy for €340K (approx. $360K), the all-in final price would be about €400K (approx. $420K) … just something to consider.
During a walkthrough with an architect, they will also evaluate any owner-performed work, as doc.schnaggls describes. It might be well done, but that is rarely the case, and this is a point where the price can be adjusted.
Best regards,
Dirk Grafe
The plot will not increase in price by 12% in 1.5 years, unless something major happens in the area. So, get the current land value map and compare it with 2013; it should be about the same value.
Based solely on your descriptions and without a site visit, it’s hard to assess the price. However, I’m a bit concerned about your statement that everything was built simply – in that case, in my opinion, the price does not fit and should be lower. But considering the (market) situation, it might still be justified.
Roughly from a distance, keeping the “simple construction” in mind and based on your size details, I would estimate it around €330-350K (approx. $350-370K). That means, as a buyer, I would try to negotiate around €340K (approx. $360K), or the location and layout would need to be very advantageous for me.
Your current final price including additional costs (12%) and garden/painting work etc. (€20,000 / approx. $21,000) comes to around €445K (approx. $470K) – if you buy for €340K (approx. $360K), the all-in final price would be about €400K (approx. $420K) … just something to consider.
During a walkthrough with an architect, they will also evaluate any owner-performed work, as doc.schnaggls describes. It might be well done, but that is rarely the case, and this is a point where the price can be adjusted.
Best regards,
Dirk Grafe
Hi Dirk, thanks for your assessment.
Right now, I’m expecting the following situation:
Purchase price €370,000 (about $400,000) – no more is possible – I think a margin of €50,000 (about $54,000) is a bit optimistic. They paid €125,000 (about $135,000) for the plot of land, including a district heating connection costing €7,500 (about $8,000). The land costs were quite reasonable since the city subsidized it. By now, you have to pay at least €280 per square meter (about $26 per square foot) in even small towns around here.
House: €370,000
Broker fee: 3.57% €7,259
Property transfer tax: 5% €18,500
Notary fees: 2% €7,400
Additional costs: €33,159
Total house cost: €403,159
And then the €20,000 (about $21,500) for cosmetic repairs would bring it up to €423,000 (about $455,000).
Right now, I’m expecting the following situation:
Purchase price €370,000 (about $400,000) – no more is possible – I think a margin of €50,000 (about $54,000) is a bit optimistic. They paid €125,000 (about $135,000) for the plot of land, including a district heating connection costing €7,500 (about $8,000). The land costs were quite reasonable since the city subsidized it. By now, you have to pay at least €280 per square meter (about $26 per square foot) in even small towns around here.
House: €370,000
Broker fee: 3.57% €7,259
Property transfer tax: 5% €18,500
Notary fees: 2% €7,400
Additional costs: €33,159
Total house cost: €403,159
And then the €20,000 (about $21,500) for cosmetic repairs would bring it up to €423,000 (about $455,000).
D
Doc.Schnaggls2 Sep 2015 14:33Hello schuckie,
where is the time pressure coming from?
Is it from your side or from the seller’s side?
Personally, I see time pressure in a real estate purchase as a bad "advisor."
For what is probably the biggest investment of your life, you should take enough time for thorough considerations and assessments of the property you desire...
Regards,
Dirk
where is the time pressure coming from?
Is it from your side or from the seller’s side?
Personally, I see time pressure in a real estate purchase as a bad "advisor."
For what is probably the biggest investment of your life, you should take enough time for thorough considerations and assessments of the property you desire...
Regards,
Dirk
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