In the current real estate landscape, condominiums from the 1970s and 1980s are increasingly attracting buyers due to their comparatively lower prices and the decline in new construction activity. However, buyers of such apartments should not only consider the purchase price. The Association of Private Builders (VPB) advises that the amount of the maintenance reserve should also be checked. The reason for this is that unexpected special levies for renovations can otherwise lead to considerable additional costs.
The experts point out that the maintenance reserve, which is often considered low, may not be sufficient to cover the necessary modernizations. One reason for this is the high inflation rates in the construction industry. With an assumed useful life of a maximum of 50 years, extensive refurbishments - from the electrics and sanitary facilities to energy measures - may be necessary, the costs of which far exceed the originally planned reserves.
The VPB therefore recommends having a thorough inspection carried out by independent building experts before buying a home. They can provide a realistic estimate of the expected renovation costs and thus help to minimize financial risks. Buyers should therefore carefully weigh up all aspects, including the potential need for special levies.
© immonewsfeed
