Similar to an old car, property owners should make the decision if the modernisation repairs are still worth it. Or is it economically more viable not to undertake the repairs? In general, as long as the property is still inhabited, certain maintenance measures are mandatory. This includes water damage causing dry rot and any essential heating repairs. There is also a need for immediate repairs when people are in danger of being injured from such defects like loose roof tiles. Otherwise the owners are liable in the event of damage or injury.
Modernisation is not necessary if the property is to be sold within the next five years!
It is a different situation if the property is in good condition and could do with modernisation if desired. Kitchen and bathroom renovations or installing a more energy-efficient heating system are usually not worthwhile investments. If you would like to sell within the next five years, it would be wiser not to carry out such measures. You would not recover the costs when you sell the property.
Little influence on the assessment of the property!
Location, size and construction year are determining factors when evaluating real estate. Therefore, modernisation measures normally do not contribute to achieving a significantly higher sales price. Often it is the desire of the buyers to choose their own ideas on how to modernise the property before they move in themselves. There is also the possibility that after the sale, the house will be replaced by a new building. Therefore, the investments over the past few years would be completely deleted with great disappointment.
Would you like to know whether structural measures for your property are worth the cost? We are happy to advise you. We know the real estate market very well and are able to assess which expenses are worthwhile. You can be confident that you are not throwing your money out the window.