Purchasing a multifamily home flat by flat / floor by floor

6 posts in this topic

Has anyone purchased the flat they live in? And then purchased more flats or the building itself? I have fallen in love with my neighborhood and building (Altbau, 6 units) and I wouldn't want to actually kick out my neighbors (except the one next to me, as I would extend my flat into his :) but not right away). I'm wondering how I would even being to approach this topic with my landlords. The building is not in great shape but livable, no maintenance is done on it, landlords are quite elderly and own several properties and businesses in town. I can't imagine they make much off of our rent as it's so low, because the building wouldn't command higher rents.

This wouldn't be necessarily an investment opportunity for me, it would be my passion project, something I would happily put resources, time and energy into to restore to the beauty it was, as well as provide housing at the lowest cost I could afford, once the neighbors did decide to leave.

 

Anyone have any cultural tips, where I should start, how to break this project down for my landlords, etc.? It sounds silly maybe but at the moment I'm not worried about financials, since I'd rather get a sense of is this even legally and culturally doable.

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1 minute ago, fraufruit said:

Do your landlords have children/heirs?

 

 

They had a son living in the building over 15 years ago, he didn't seem interested in it according to the neighbor who moved in after him. I should probably take the children/heirs into account though right? I was kind of hoping they wouldn't mind selling one building out of the many they have :) but understand the kid/kids could fight them on that. Also hoping they don't want to put in the work the building will need.

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12 hours ago, RedMidge said:

How long has your neighbour been living there?  Might take a long time to move him out!!!

 

I'd be ok if the moving out process took years. I would want to very carefully plan out what to do with the building and move slowly. Like, if I didn't start renovations and modernizations until 10 years after purchase that would be ok.

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Are the apartments individually owned?

 

If one person owns the entire building I can‘t imagine them selling it piece by piece.

 

And if it‘s owned by one person there might not even be a Teilungserklärung, which I think would need to be done for individual Eigentumswohnungen.

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