Whether you are a first-time home buyer or an experienced home investor, home deals are worth watching carefully. What to pay attention to when buying an apartment.
Are you heading for home sales shortly?
When buying an apartment or property, it is worthwhile to try to find out the condition of the property and the need for repairs accurately, so that the profitability of the investment can be reliably assessed.
If you haven’t considered the return on investment when assessing, for example, a future facade or plumbing renovation of a housing association, your return calculation may go badly wrong when the repair costs are realized.
Assessing future renovation needs – in other words, technical risks – can be challenging, even in a home purchase situation, for a buyer candidate to get a condition assessment of a property. In my experience, there are almost always significant shortcomings in the coverage and reliability of written source data for buildings, even if hundreds of documents are available.
“Repair of facades and balconies” recorded on the property certificate may mean light painting or heavy concrete repair. The cost difference of the alternatives per apartment can be tens of thousands of euros. And if the repairs are done lightly, there is a heavy repair ahead of you anyway.
If you need extra security with home sales, a qualified home health inspector can determine the risks of selling a home or detached house for the safety of the buyer and seller.
Checklist for those considering buying a home:
- Find out what significant repairs the property should have already made based on the year of construction. Also, find out what repairs are coming up during any ownership.
- Know the cost. It is a good idea to know the typical costs of repairs so that their magnitude can be compared to the repairs made in the property and the impact of future repairs on the profitability of the investment can be assessed.
- Check out the building repair history on the property certificate and the maintenance needs report for the next five years. In the absence of information on repairs made or to be made, this often indicates a failure to make repairs. However, you should not rely too much on the input data.Anticipation pays off – successful maintenance of a property requires planning and preparation
All parts of the building become obsolete and fail. Their service life is limited. Once an apartment or property has been acquired, it is especially important to maintain its condition sensibly.
Maintaining the condition of a property has a major impact on the cost of the entire property lifecycle. If corrections are not made proactively, this can lead to significant additional costs. Unfortunately, the condition of the building has often not been monitored, for example by regular condition assessments.
If the water roof leaks, in addition to the roof, moisture damage caused by the water leak must be repaired. It would have made more sense to repair the roof before the leaks started. This is a clear example of an unforeseen correction.
The most important thing is to know the technical condition of the building as a whole and to plan future repairs in such a way that the total costs during the entire life cycle of the building are as low as possible.
The cost of preparation for renovation, as well as the cost of expert studies and design included in it, is typically very small for the total cost of the entire project. Unnecessary adjustments usually pay off in the final bill.
Avoid unnecessary energy consumption
By optimizing the operation of building technology, significant savings in the energy consumption of a building can often be achieved. Here, too, it is worth acquiring expertise, as it typically pays for itself very soon.
The costs of energy consumption can be reduced, for example, by utilizing renewable energy sources or by improving the energy efficiency of a building, for example by improving thermal insulation. Costs and greenhouse gas emissions from a building often follow each other. A clear common factor in these is resource efficiency.
The worst option for the environment is an unnecessarily energy-intensive building with a lot of repair debt, which results in unnecessarily heavy repairs.
When the condition of a building is monitored with the necessary condition assessments and studies, repairs are made promptly and with appropriate methods, and no energy is wasted, the environment also thanks.
You have the opportunity to influence the board of the housing company
And how can the above things be affected? By applying to the board of your housing company!
In a housing company, the Board of Directors, in addition to the property manager, plays a significant role in maintenance planning, although major repairs are decided at the Annual General Meeting. In renovation projects, the Board of Directors and the property manager prepare the matter for the Annual General Meeting and implement the project by the decision of the Annual General Meeting.
If you want your ownership to be maintained in an environmentally friendly and cost-effective manner, feel free to join the board of your housing company.