House for sale in Essen, Germany

From a buyer's perspective, this property located in Essen, Germany, offers a significant investment opportunity. The property features 202 m² of living space, along with an additional 109 m² of usable space, including a garage, workshop, and storage rooms. The age of the property, dating back to 1832, adds to its charm and presents an opportunity for a complete renovation, which can potentially result in a higher market value. However, the property's current condition is described as "dringend renovierungsbedürftig," meaning it is in dire need of renovation. This, along with the partial conversion of the attic without the necessary building permits, may pose challenges to potential buyers. The presence of an oil-fired heating system and a Swedenofen may also require some investment for modernization and efficiency. As a lifestyle purchase, this property could be an ideal choice for someone looking for a project and a historic property with charm. However, it may not be suitable for those looking for a move-in-ready home or for investors who want to achieve a quick return on investment through modernization and renting out the property. Considering the current market value of 620,000€ and the estimated potential reduction of 30%, the selling price can be negotiated to 434,000€. With additional savings on notary costs and commission, the property might be an attractive investment opportunity for those with the vision and resources to renovate and modernize.