Buying the ugliest house in the pretty neighbourhood

5 Replies

Hi,

I am struggling with a deal I am interested in. It is a 75m² 3 room apartment in the city center. The location is ideal, newly built objects go for EUR 4.000+ per m². This only costs 1.200,00. The downside is that the building is quite old (1935) and run down. The plaster is coming off in various areas on the outside. I have not inspected the apartment yet but according to the pictures it should be well kept but heating is done via a wood oven (I suppose infrared heating could solve this problem). As far as I have seen there are 8 parties in the building (presumably lower income). I do not know if there is any kind of management looking after the building. The problem is that I alone will not be able to change anything because of the owner community and I am not sure whether the other ones can or want to afford that.

@Christoph Heim , buying one apartment in the ugliest apartment building in the pretty neighbourhood is not the same as what your thread title suggests! Do you get the difference? You'd need to buy the whole building!

Then we can talk Real Estate success! Cheers...

@Brent Coombs you are absolutely right, but that would have made a pretty long title.

Originally posted by @Christoph Heim :

@Brent Coombs you are absolutely right, but that would have made a pretty long title.

Yeah. In general, I wouldn't want to own only 1/8th of that ugliest apartment block.

You've summarized the pros and cons quite well. Now all you have to do is really crunch those numbers! Good luck...

The upside is, all other apartment blocks around it a quite new and sell for top prices as the location almost could not be better....I will inspect it this Saturday and see whether the apartment is well kept and there are no problems with the owner community. Maybe I could manage to buy it bit by bit......

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