House for sale in Hamburg, Germany

From a buyer's perspective, this property is a freestanding two-family house with approximately 286 square meters of living space, spread over two floors. The house was built in 1909 and is listed as part of a protected building ensemble. The property is located in Hamburg, Germany (20348), and the asking price is €680,000. Here's an estimate of its potential for real estate investment and lifestyle purchase: Real estate investment potential: The property requires considerable improvement and renovation, which presents an opportunity for the buyer to create their custom living space while potentially increasing the property's value. With an estimated near-market value of €680,000, and taking advantage of the suggested 30% discount, the buyer would pay €476,000 for the property. Additionally, notary costs and estate agent commission are not mentioned, so make sure to factor those in. This property's location in a protected building ensemble could potentially restrict future renovations or extensions. The property's proximity to the waterfront and its place in a stunning area of Hamburg might attract buyers interested in its charm and potential rental income. However, the property is located in a flood risk area, which could increase insurance premiums. Lifestyle purchase: The property offers attractive features for those looking for a spacious family home. It has two separate living spaces, which can house two families or be used for dual income generation with rentals. It features multiple bedrooms, bathrooms, and living areas, creating plenty of space for privacy and personalization. The property's location in a heritage-protected area provides a peaceful, perhaps idyllic setting. However, the property's condition requires considerable upfront investment. Buyers will need to consider if their budget can accommodate not only the property's purchase price but also the potential renovation costs. The flood risk might also be a deal-breaker for some potential buyers, particularly those with young children or those who prefer a location with lower flood risks. In conclusion, this property presents a significant financial investment and may require it's buyers to be prepared for potential challenges. However, for the right buyer, the potential rewards in lifestyle and investment could be substantial.