ᐅ Is the house price reasonable?

Created on: 1 Sep 2015 11:19
S
schuckie
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:

  • 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
Jochen1043 Sep 2015 14:51
Invest some money and hire an expert. They can provide you with much, much better guidance for this decision than any forum post here.
Also, keep in mind that, for example, you should have the kitchen excluded when calculating the building value for property tax purposes.
Y
ypg
3 Sep 2015 19:00
schuckie schrieb:
That will be difficult, as there are hardly any building plots available, and if you find any, they tend to be quite expensive.

And that’s exactly why people also consider looking at existing properties.

Check real estate listings in your area for comparable properties to understand their value on your local market.
Your gut feeling should decide whether you would like to live there.
Even with a new build, compromises have to be made: some accept less living space, others the design, and some the technical features.

I didn’t get the impression of any gold rush mentality here.

Best regards, Yvonne
S
schuckie
3 Sep 2015 19:14
There is no gold rush excitement either, as I know the owners.
The initial property listing valuation on Immoscout states 367,000€
Y
ypg
3 Sep 2015 20:51
schuckie schrieb:
There is no gold rush hype, because I know the owners.
Immoscout initial valuation says €367,000

I did not suggest that you should make an appraisal, but rather that you should check what else is available. If everything else is €100,000 more expensive or at this price everything is 20 years older, you can decide for yourself whether this is a good deal on the market.
M
merlin83
3 Sep 2015 21:16
Without being a professional, I can say with great confidence that buying a house in this price range without an expert inspection would be highly negligent. The financial risk is simply too significant for your budget.
B
Bieber0815
3 Sep 2015 21:42
Without having read the entire thread, is there already a bank involved in the purchase process (assuming the buyer will finance part of the price)? What does the bank say about the asking price?