ᐅ Assessment of an Existing Property Using a Checklist

Hello everyone,

Yesterday, we received a tip about an existing property that we might be able to view as early as tomorrow.

Do you have any advice on what we should definitely look out for? Could someone possibly provide us with a kind of checklist or something similar?

At the moment, we don’t know much about the house except that it is in the neighboring town and has a swimming pool and a garage...

Goldi09111 schrieb:

.... a pool .... has...

Reminds me of the past; when a “wow” car was sold, we – young as we were – neglected due diligence 😀

Take a look at it, and if you like it, arrange a second appointment where you can inspect the property with an expert! The expert will then advise you whether to buy it or not, and if so, what renovation costs to expect.

Regards, Bauexperte

You can find checklists online, but it is highly recommended to bring along an architect, expert, or similar professional, as it is difficult for non-experts to identify construction defects or issues that may cause problems during renovation, remodeling, or demolition. However, this can also be done during a second appointment, since the first visit is mainly to determine whether the property is worth considering at all.

Best regards
Dirk Grafe

I will ask the architect we last communicated with regarding the new build.

Thanks to everyone for now; I will probably get back in touch tomorrow after the appointment.

Hello,

we viewed the property today. It is a typical DDR house, model EW65-b, built in 1979, which made a fairly good impression on us as laypersons.

New windows were installed after reunification, a new Buderus gas condensing boiler was put in 2009, and the garden with pool and garage appears to be well maintained. The roof still looks okay to me but may need to be replaced in 10-15 years (although it has already been renovated once since 1979).

We have scheduled a follow-up appointment with an architect for next Friday, as we do not have any technical knowledge about construction ourselves.

Are there any issues or questions you think we should definitely clarify? Is there a general rule of thumb regarding how much price reduction can typically be expected with an existing property?

Here are a few questions we just thought of and would like to have answered:

1.) Gas costs for the last three years (total consumption and costs are sufficient; we do not need copies of the bills)

2.) Electricity costs for the last three years

3.) Are electrical plans available?

4.) Floor plans for each level (currently only the foundation plan is available)

5.) Are there documents proving the subsequent renovations (e.g. new windows, heating system, roof, plumbing, etc.)?

6.) Do you have a current extract from the land registry?

7.) Are there any regulations regarding easements? Who owns the access road?

Does anyone have any tips for us? Does anyone perhaps know the weaknesses of the houses built in the former East Germany (DDR) so that we can ask targeted questions independently of the architect during our next visit?