House for sale in Remscheid, Germany

From a buyer's perspective, this property description presents a mixed bag of opportunities and challenges. The property, located in Remscheid, offers seven apartments and one office space, spread over three floors plus a basement, with an attached attic. With a total living area of 401 square meters and a utilization area of 69 square meters, this property offers a decent living and office space combination. Additionally, the property features a terrace and an ideal outdoor area for recreation. However, the property has several drawbacks that need to be addressed. The building's overall condition is neglected, with the basement rooms, yard area, and attic reportedly filled with trash. Moreover, four out of seven heating systems are either partially or completely non-functional. The electrical installations and sanitary fittings are also outfitted with old-fashioned equipment, making it necessary for a significant renovation to bring the property up to modern standards. In terms of a real estate investment, the property's current condition means that the purchase price of 301,000 Euros needs to be adjusted to account for the necessary repairs and renovations. A 30% discount on the verkehrswert (approximately 210,700 Euros) is suggested, which includes notary costs and commission fees. This suggests the potential for high returns on investment once the renovations are completed. As for the lifestyle benefits, owning this property would grant a spacious and versatile living space, with a mix of residential and commercial areas suitable for a variety of individuals or families. The terrace and the well-positioned outdoor area provide ideal leisure opportunities. However, the state of the property and the needed renovation work may impact the overall satisfaction of living in this property. In conclusion, this property presents a promising investment opportunity for those with experience and a passion for property renovation. However, it may not be the best choice for those looking for a move-in-ready property or seeking a lifestyle upgrade without the need for significant home improvement projects.