How to make it despite a poor energy class – Extremnews – The slightly different news

Often, owners do not have the money to renovate the property before selling it, and they have no choice but to offer the house in its current condition. There is no point in concealing defects such as poor insulation or dilapidated pipes. Buyers who are looking for properties that need to be renovated know exactly why they are getting involved. If you are honest and the house is positioned accordingly, you can still get a good price. Here you can read what to look out for when selling a house that needs renovation.

Initial situation: This is why so many properties in need of renovation are currently for sale

The reason why the supply of properties in need of renovation has increased significantly recently is the introduction of strict legal requirements regarding the energy efficiency of properties, such as the Building Energy Act (GEG). Older houses in particular often no longer meet the new standards; however, the corresponding renovations quickly cost between 200,000 and 300,000 euros – sums that many property owners cannot afford. As a result, they are forced to sell their aging houses.

At the same time, banks know that when selling older properties, realistic assessments of the need for renovation are not always made. That is why they often only finance such houses with a surcharge or charge higher interest rates. As a result, interest in such properties continues to decline and they remain on the market for an above-average length of time.

Setting the selling price: That’s why a realistic assessment is so important

In order for properties in need of renovation to find a new owner, it is essential to set a realistic sales price. This must include a forecast of the upcoming renovation costs based on concrete measures. The more detailed such an assessment is, the more certain potential customers are that they will not have to expect any unpleasant surprises.

But it’s not just inaccurate information about the renovation needs of a property that has a negative impact on the intention to sell; exaggerated statements also put off potential buyers. If the costs estimated for modernization measures, together with the purchase price, exceed a prospective buyer’s budget, they will not consider the house any further. To ensure the best possible sales chances, it is therefore absolutely necessary that the value of the property and upcoming renovations are assessed as realistically as possible and disclosed transparently.

Procedure: How to achieve reasonable prices for properties in need of renovation

In order to achieve such an assessment, the broker needs extensive knowledge of the size, upcoming modernization measures and the associated costs. Alternatively, this can be done by a broad network that has the relevant know-how.

Such a network includes building contractors and tradesmen. If necessary, these can quickly provide precise estimates of the costs of renovation measures. The estate agent should also contact an energy consultant to professionally assess the condition of properties and their need for renovation. In addition, an energy consultant is always informed about current funding opportunities and the corresponding requirements.

Experts or architects should be called in especially if the property has defects. These are then recorded before the sale in order to rule out later complaints from the outset.

Source: PRIMODEUS Immobilien GmbH (ots)