ᐅ House built in 1992, 295 sqm, is it worth buying?

Created on: 23 Mar 2015 16:06
T
trekki1990
Hello forum,

I registered here to get some advice since I’m still quite inexperienced with this.

Near me, there is a house available,
295 sqm (3,177 sq ft), solid construction, excellent condition, well-maintained, 5 garages, terrace.
Ground floor: 6 rooms, 1 toilet, 1 shower with toilet, kitchenette
Upper floor: 4 rooms, 1 bathroom (shower, toilet, bathtub), kitchen

It is a detached single-family house, set about 100 m (330 ft) back from the street on the property.
From the pictures, it looks like it has single-glazed wooden windows. In addition, ugly and energy-consuming electric storage heaters are installed.
The asking price is €199,000 plus a 5.95% real estate agent’s commission.

The storage heaters definitely need to be removed.
I asked the agent, and he said gas is available at the street but not connected to the house yet :/
That means about 100 m (330 ft) of trenching and pipe laying would be necessary…

From what he said, it seems unlikely the price would be negotiable. But from my point of view, costs of at least around €50,000 will be coming up, right?

What do you think? Unfortunately, I can’t post a link here (not sure why, other forums allow it…) otherwise, you could take a look for yourselves.

Regards, trekki
kivaas26 Mar 2015 16:57
Have you already visited the house? If not, take a building inspector with you during the visit; they can immediately point out any potential issues. Replacing the heating system is initially expensive, but it usually pays off after 10 to 15 years. And if the house has five garages, it’s probably designed to accommodate several apartments? Would you live in one yourself and rent out the other two? If so, you definitely need to talk to the bank, because if you take out a loan for the entire property, the bank has to agree to renting out parts of it.

Whether the purchase is worthwhile depends a lot on the location—and especially on what you can afford. If you’re really as young as your username suggests, are you sure you want and are able to spend the rest of your life in one place (professionally)? Or do you plan to use the property purely as an investment?