Why is it so hard to buy a flat in Munich?

157 posts in this topic

Thanks @fraufruit

It is in Aschheim. We are living in Trudering for 4 years, so not very far.

 

Yes we have been negotiating and checking all the things with makler and owner for past two weeks. We got  eigentümerversammlung (meeting protocols) for last 2-3 meetings to check that there is nothing major to be renovated.


Got some other documents which were passed to the bank. Bank said that they will order the Gutachter and also the Grundbuchauszug and the Flurkarte.

 

Didn't get chance to talk to other owners yet, but we have to almost finalize it today as Makler is pressing hard to sign the deal.

 

Since it is a big investment we are little confused, if it is right one.

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Of course the Makler is presssing but can't make you do it today unless someone else is interested.

 

Did you have a professional inspection done? That is something that people on TT are always advising.

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No we haven't done it. I thought bank will also do it. DB said that they will order the Gutachter and also the Grundbuchauszug and the Flurkarte and in general the apartment looked well maintained and renovated as owners were living there.

 

 

 

 

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These meeting protocols don't always mean all that. A friend of mine read those of the last 10 years when he bought a maisonette in Fasanarie. No words about major work to be done. Two years later each owner had to pay around €25K for major renovations of the garage. Ouch. He doesn't own a car, but that is not important.

 

Did you also check the monthly service fees?

 

PS- €500K gets you 4 apartments on Cyprus with access to a community pool.

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Thanks @LukeSkywalker

Monthly fee is around 400. DB said that they will send there gutachter who basically verifies most of the things from bank side that if it is worth the price, before bank gives the money. So I thought that will at-least cover some part of inspection.

 

 

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1 hour ago, CryptoAndBeyond said:

In a very good area.

1 hour ago, CryptoAndBeyond said:

It is in Aschheim.

 

When you say "very good area" people think Altstadt/Schwabing.  Aschheim isn't even in Munich.  That's not to say it's a bad area, but 500k for an older 90sqm apartment there seems about right.

 

No one can tell you whether it will be a good investment or not.  Prices have typically gone up but there is no question that prices have never been higher and experts say that Munich is the biggest property bubble risk in Europe, which makes sense as the prices really are out of control here given the wages and the general situation of Munich, which is not some big city like London or Paris  even though whose prices are not that far off those cities.

 

That said, interest rates are super low and you can lock them in here for a long time, so as long as you are happy with the repayments and you intend to stay for a long while, I don't think you have too much to worry about.  If you intend to leave in a couple of years, I would definitely be wary.

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If its from '74 check the following. Was it built with bricks or concrete. In the 70s it was sort of fashion to build modern building with that new state of the art concrete and only later people realised the disadvantage of water seeping through where the concrete plates are set together. Especially in places with flat roofs. Also check whether the facade, the roof and the garage have already been renovated. Ive got an apartment from the 90s where the garage is beeing renovated, facade coming up. Roof fortunately still ok. 

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Do check the neighbours in the building you are planning to buy. There are not many buildings built in that year in Aschheim. They are quite old and are in need of renovations. A lot of owners have rented them or have sold it in anticipation of huge repairs.

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Honestly paying 1500 in Trudering in a good location is better than forking that out in an old building posisbly needing repairs in Aschheim

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Looks ok but is unrenovated from the 70s will come soon since there are new regulation regarding insulation. How about the heating? Have they already changed boiler according to the new regulations? 

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Thanks @Wherearewegoingto

I will check this. May be if some one who is experienced can provide a kind of checklist to check I will shoot everything to makler and owner and also try to check with neighbours.

 

This is how the makler describes the property:

 

Buildings & Energy Pass
Construction year:                        1974
Repair:                                    Groomed
domestic equipments:                    Normal quality
Heating:                                Central heating
Essential energy sources:                gas
energy certificate:                        is available
Energy identity card type:                consumption certificate
Energy consumption identity value:        133 kWh / (m² * a)

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14 hours ago, CryptoAndBeyond said:

any major disadvantage to shell out 500k for a 1974 apartment. 

 

 

I paid 500k for this old house....disadvantage is strangers going in and out all day

Capture.PNG

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Deutsch Bank is sending there Gutachter to the property tomorrow. They said he will be looking at all of the important things of the flat and the completely house and also the position and the neighborhood and can share me the report.

Will it be useful? Does that cover some risk in buying old property?

Or does any one know any good Gutachetr  in Munich in case we want to have private inspection? How much will it cost? Any experience?

 

 

 

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