House for sale in Viersen, Germany

Property Description This two-story single-family house with a basement and integrated garage in the basement was built around 1910. It has living room extensions and additions, which were likely added in the years 1981/82. The layout includes storage rooms, a boiler room, workshops, and a garage in the basement. On the ground floor, there is a hallway, a bathroom, a bedroom, a kitchen, a dining room, a living room, and two terraces. The upper floor has a bathroom, a storage room, a kitchen, a living room, and in the attic, there is a hallway, two rooms, and a spacious roof terrace. There is no permit for the one-story extension, but there seems to be an indefinite tolerance. Also, the necessary permit is missing for the basement garage, which could not be issued retrospectively. There is significant maintenance and repair backlog, making the entire building urgently in need of renovation. It is estimated that at least €525,000 is needed for renovation and modernization costs to bring the building up to standard. Currently, there are significant moisture damage to the masonry, leading to the formation of stalactites and stalagmites locally, as well as some mold growth. A massive crack between the ground floor and the basement ceiling required the support of the basement ceiling. The electrical installation does not meet current standards, and the water and wastewater installation show damages. This list is not exhaustive. Price Thoughts Considering the extensive renovation and repair work needed for this property, the current asking price of €172,000 seems high. With the estimated renovation costs of at least €525,000, the total investment required to make this property habitable and up to standard is substantial. The property is being auctioned at the local district court with a market value of €172,000. However, buyers may secure a 30% discount on the market value, bringing the price down to €120,400. Additionally, notary fees and agent commissions are waived, making it a potentially attractive option for investors willing to take on the renovation project. It's important for potential buyers to carefully assess the renovation costs and the overall condition of the property before making a decision.