House for sale in Marienberg, Germany

Property Description: A two-story residential property located in Marienberg, Germany, with a total living area of 223 m². The property was built in 1900 and is listed as a protected historic building. It has an attached wooden garage of 77 m², with a total of 300 m² of usable space. The property is currently unoccupied and needs significant renovation work due to various defects and wear and tear. It has been vacant since 2005 and is not connected to the water or sewerage systems. The property is in need of a significant amount of work, including but not limited to: • Roof repairs – ongoing leaks and damage • Windows and doors – moisture issues and possible rotting wood • Woodwork – damage to wooden floors, doors, and staircases • Plumbing and electrical work – outdated systems and visual damage • Ventilation and insulation – poor current state and possible mold issues Estimated Costs for Renovation: To bring this property up to a habitable and modern standard, it is estimated that the following expenses would be incurred: * General repairs and renovation costs: 100,000€ * Roof repairs and replacements: 30,000€ * Plumbing and electrical upgrades: 20,000€ * Restoration of exterior woodwork: 20,000€ * Windows and doors replacements: 20,000€ * Basic new appliances (if needed): 10,000€ Total estimated renovation costs: 210,000\~250,000€ Real Estate Investment Potential: As a real estate investment, this property presents a significant opportunity for value addition, considering the potential renovation costs and the desirable location in Marienberg. However, the property needs extensive work and should only be considered by experienced buyers and investors who understand the costs, challenges, and potential rewards involved in a project of this nature. Lifestyle Purchase: For individuals or families looking for a unique and historic property in Marienberg, this property may present an enticing opportunity. The property offers the potential for personalization and creativity, allowing the new owners to add their own distinct style and character to the building. However, the extent of the repairs required and the additional costs associated with renovating the property should be carefully considered before deciding on this purchase. In conclusion, this property presents a significant challenge but also offers potential benefits for experienced investors and lifestyle buyers. The historic nature of the building and its potential for unique customization may appeal to some, while the extensive renovation work required may deter others. Comparing this property with similar investments in the area will help buyers determine potential returns and whether this is the right opportunity for them.