House for sale in Koln, Germany

Property Description: Detached multi-family house with three separate apartments, two stories, with a basement and converted attic. The living space varies between 58 and 91 sqm, totaling 240 sqm of living space. In addition, the house has a loggia, a patio, and a garage. Built in 1968, the heating and hot water supply are currently provided by a non-functional Buderus oil central heating system. Originally constructed as a two-family house, the addition of the converted attic now allows for use as a three-family house. The attic conversion lacks a building permit, and there are general maintenance and modernization issues, including construction defects and damage. A viewing was only possible in the basement and attic, as well as the staircase and exterior areas. Thoughts on Price: The property is being auctioned off by the local district court with a market value of 810,000.00 EUR. There is a possibility to secure a 30% discount on the market value, bringing the price down to 567,000.00 EUR. Additionally, notary fees and agency commissions are waived. This property presents a potential opportunity for investment and renovation, given the issues with maintenance and modernization. It's important for potential buyers to consider the costs of renovation and repairs when determining the overall value of the property.