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SELLING A CONDOMINIUM: ADVANTAGES AND DISADVANTAGES OF THE YEAR OF CONSTRUCTION
Many factors play a role in valuing a property. The year of construction has a major influence, as features and many details are closely linked to it. A professional estate agent can almost always estimate the approximate year of construction of a property from its features.
RENOVATED PERIOD APARTMENTS ACHIEVE HIGH PURCHASE PRICES
The younger a property, the higher the purchase price; the older the year of construction, the lower the price. But there are exceptions – above all classic period apartments built up to around the end of the 1920s. These properties are usually distinguished by an inner-city location. Excellently renovated and well-equipped period buildings can certainly achieve prices equal to or even higher than those of new buildings.
PROPERTIES BUILT UP TO THE 1960S
This category includes the rather plain post-war buildings erected up to the early or late 1960s. At that time the priority was to create living space. Hardly any money was invested in unusual, elaborate architecture or luxury fittings. For properties from the post-war period, thermal insulation and energy-saving measures are of interest to every buyer. If an energy-efficiency renovation has already been carried out, this should be particularly emphasised, as it is a positive feature that was not the rule for properties from this period.
PROPERTIES BUILT UP TO THE 1970S
Apartments and houses from the 1970s have functional, practical floor plans and better fittings. At that time houses were mainly built with flat roofs. Most buyers fear leaks, so the question of renovating or renewing the flat roof always comes up. Today flat roofs are very popular and leaks are no longer a problem, thanks to today's state of the art.
In the 1970s, high-rise buildings with 12 or more floors were built, especially in larger cities. These were very popular. Apartments on higher floors in particular offer residents a great view and often the much sought-after view of the mountains, for example in Munich.
Demand for condominiums in high-rise buildings is currently very good. Some developers also realise high-rise projects if they obtain permission. New buildings are often fitted with panoramic windows so that the view can be enjoyed to the full.
For these properties, too, the maintenance measures already carried out, thermal insulation and energy consumption – in connection with any backlog of repairs and the existing reserves – play a very important role for the buyer.
PROPERTIES BUILT IN THE 1980S AND 1990S
In properties from the 1980s and 1990s, architecture improved further and they have an overall modern, contemporary character. More and more often you find beautiful parquet flooring instead of carpet. The room layout is more generous.
Properties from this period are in high demand among buyers, as the building fabric is usually of very good quality, the floor plans are modern and, owing to the year of construction, there is usually no major backlog of repairs. Thermal insulation is also much better.
PROPERTIES BUILT FROM 2000
Properties built from the year 2000 onwards are in great demand. They feature large floor-to-ceiling windows that allow light-flooded living. Very often you find open-plan layouts, with the living room connected to the dining area and the kitchen.
Many buyers value a large terrace or a large balcony with space for garden furniture. Underfloor heating is no exception and energy efficiency is a priority.
Properties built from 2000 are often still described as as good as new. The future owner knows that the strict requirements for thermal insulation are met and that no major investment is to be expected in the near future.
THE RIGHT BUYER FOR EVERY PROPERTY
Properties from every year of construction have their target group. Not every prospective buyer attaches importance to a condominium of a more recent year of construction. However, it is important that the property is well kept and that ongoing maintenance has been carried out.
If there is a larger backlog of repairs (e.g. roof renovation, window replacement, heating), there should be a sufficient maintenance reserve. If this is not the case and the future owner has to expect a larger investment, this naturally affects the purchase price of the property.