Underground garages | Lukinski

Apartment building for sale in Frankfurt: apartment building & apartment building

L_kinski — Fri, 11 Aug 2023 12:25:28 +0000

Are you planning to sell your apartment building in Frankfurt am Main? The real estate market in Frankfurt offers both opportunities and challenges for sellers. Fully rented or vacant, a well-thought-out sales process is crucial to achieving the best possible price. Your guide to selling an apartment building.

Selling an apartment building in Frankfurt am Main: step by step

Let’s start with the basic question: How much is your apartment building in Frankfurt actually worth? Find out everything about the individual steps of the sales process, from the valuation to handing over the keys.

Determine the value of your apartment building

The value of your property depends on various factors, including the location, the size of the apartments and the condition of the building. A realistic selling price is crucial to attracting potential buyers and successfuly completing the sale.

How to value an apartment building

The valuation of an apartment building is carried out using various methods such as the comparative value method, the asset value method and the income capitalization method. A thorough valuation, taking into account all relevant factors, is essential in order to correctly assess the value of the property.

As a rule, at least two of these methods are combined to determine a realistic market value.

Selling in Frankfurt: What to look out for?

There are some important aspects to consider when selling your apartment building in Frankfurt am Main:

Location and property prices: Demand for real estate in Frankfurt is high, which has an impact on land prices. The location of the apartment building therefore plays a decisive role.
Documents: Make sure you have prepared all relevant documents such as floor plans, land register excerpts and tenant lists to make the sales process run smoothly.
Good contacts or an estate agent: An experienced estate agent can help you approach potential buyers and organize the sales process efficiently.

Location and property prices: The buyer target group in Frankfurt

Frankfurt am Main is an international financial center with a high demand for living space. Regardless of the district: Sachsenhausen-North, Sachsenhausen-South, Nordend-West, Westend-South, Westend-North, Nordend-East, Bornheim, Bockenheim, Ostend or Rödelheim. The target buyer group is often investors who are looking for long-term returns and are prepared to pay corresponding prices.

You need to appeal to potential buyers who want to make long-term investments and are not just looking for short-term returns.

Documents: Floor plans, land register excerpt, tenant lists, etc.

Before you start the sales process, make sure you have prepared all the necessary documents for the property sale. This includes, among other things:

Land register extract
Parcel map
Building plans and building permits
Refurbishment status
Tenancy agreements and tenant list
Operating cost statements
Energy certificate
Status report or expert opinion

Good contacts or a good broker

As the real estate market in Frankfurt is very dynamic, it is advisable to use an experienced estate agent. An estate agent has the necessary contacts and can help you approach potential buyers and speed up the sales process.

Taxes when selling in Frankfurt: What do you need to consider?

When selling your apartment building in Frankfurt, you need to consider various tax aspects:

Speculation tax: Check the speculation period to enable tax-free sales.
The 3-object rule in Frankfurt.
Differences between asset deals and share deals and their impact on taxation.

Speculation tax: selling tax-free?

The speculation period is generally 10 years for rented properties. If you sell within this period, you must pay tax on the profits. After the period has expired, the sale is tax-free.

Further details on the 3-property rule and asset deals vs. share deals can be found in our article here.

Real estate & tax coaching

Do you need further support with the sale of your apartment building in Frankfurt? We offer real estate and tax coaching by experts and investors. Contact us for more information:

Also discover our resources for real estate beginners:

Real estate beginners

Selling an underground car park: Valuation, process, sale + checklist

L_kinski — Wed, 05 Jan 2022 17:39:17 +0000

Selling underground parking – valuation, process, sale and broker, what becomes important when selling your underground parking? Who buys an underground car park? For those selling for the first time (example inheritance), however, what often matters most is: How much is an underground car park worth? My small guide for a first insight into the sales process (from 18 steps) and in advance still substantially more roughly: What becomes important with the evaluation. Everything as a first, small insight into the later sale. Tip. You “only” want to sell a single parking space? Then read more here: Selling an underground parking space. For sellers of underground garages, here everything important, from valuation procedures to the topic of taxes.

Selling underground parking: value, broker and procedure

Let’s start with one of the most important questions for first-time sellers: What is my underground garage worth? After the 3 central factors, you will find all the steps of the real estate sale, which are also relevant for you and the sale of your underground car park, from documents, to the broker question, to the purchase contract and handover.

Let’s start with the 3 most important value factors:

Location (city, district and street)
Condition of the underground parking
Short-term, long-term tenants / vacancies

Location: city, street and fluctuation

The better the location of your underground parking garage, the easier it will be to rent out the parking spaces to long-term and / or short-term parkers at a later date. In order to keep the vacancy rate as low as possible, the first step in the valuation is to take a look at the location.

Situation in the valuation (current and perspective):

Macro perspective – In which city do you sell?
Mesoperspective – Which district?
Micro perspective – Which street and house number?

Regardless of whether it’s a small town, medium-sized city or metropolitan area, there are more and more cars in city centers every year. The higher the fluctuation and the fewer the competing offers at the location, the better – also for the investors’ return.

The next step is for buyers (important to know their perspective) to evaluate the condition of your underground parking garage.

Condition of your underground parking

Very few investors want to undertake an extensive underground garage renovation. Of course, there is a certain percentage who want to buy very, very cheaply and are therefore looking for old or poorly maintained properties. The condition plays the central role in the evaluation of your underground car park, in addition to the location.

For a concrete evaluation, it is necessary to determine the actual state and the target state.

Typical shortcomings of the first decades are:

Underground garage floor
Floor coatings
Concrete repair
Crack sealing
Waterproofing the ceilings
…

Sometimes it is also redevelopment backlog, for example, due to disputes about redevelopment of the owners’ association.

Important in advance, it is only an example:

The maintenance costs for parking garages fluctuate massively depending on the condition

Very old underground parking: 40+ years old

Here’s an example, a really old underground garage, with about 100 parking spaces:

Let’s say the underground parking garage is now 40, 50 years old and really at the end of its rope and getting on in years. Conversion and renovation costs are therefore unavoidable for the new underground garage owner.

Per parking space of the underground garage you can count in something with ~ 6,000 euros (as a total project), with 100 parking spaces size.

The retrofitting of an underground parking garage floor alone would cost about 1.4 million euros. To this must be added the renovation of the concrete, round about 1.1 million euros.

Next, we take a look at the waterproofing of the underground parking garage ceiling. For the new insulation against dripping water, you can expect another 0.5 million euros (source: DZ Online). The items will be smaller, but in total not insignificant. In addition, smoke extraction, ventilation or even the renewal of the electrical installation, also to be able to take increasing markets, such as the increasing electric cars in the inner cities and residential areas.

Short-term, long-term tenants / vacancies

In addition to short-term tenants on site, the assessment also looks at long-term tenants and vacancies. In the end, the evaluation is therefore based on short-term/long-term tenants and the possible future potential (refurbishment, development, marketing) of the parking garage.

Long-term leases are of course the ideal case and vacancies the opposite. So that the valuation is realistic and so that later interested parties have an overview, information from your tenants is collected. In addition, there are many smaller parameters, in good A-locations, for example, also the commercial space rental for advertising (driveway, parking areas and facades).

Thus you have 3 central factors of the value determination:

Location (city, district and street)
Condition of the underground parking
Short-term, long-term tenants / vacancies

Step by step: checklist sale

Sales of underground garages are much more specialized than the simple sale of a parking space, parking lot or a single garage. Many underground garages are also not sold through real estate portals, but through personal networks, often by good and experienced real estate agents.

Nevertheless, it is important to know for the sale so that you can prepare well and also find an experienced real estate agent.

Preparation: broker, documents and valuation

The most important things about preparing real estate and sale.

Sales phase: networking and negotiation

The second phase is about marketing your property to find buyers and investors with sufficient creditworthiness.

Sales processing: complete transfer

From the purchase contract to the handover.

Partial ownership underground parking: Single parking space?

Lastly, on the smallest unit: Can you sell an underground parking space individually? The individual sale of underground parking spaces is possible. However, it depends on whether it is subject to special ownership or a special right of use. The difference is, if you have a parking space with its own land register sheet (special property), the sale is simple. In the case of a special right of use that belongs to a condominium, the special right of use can only be sold to another co-owner.

Here you can find more about the individual sale of parking spaces in an underground garage:

Sell pitch

Location, location, location! Real estate market

Parking spaces are scarce in many hotspots in Germany. That’s why the first piece of good news is that you can sell your parking garage at a realistic price. Because last year alone, there were 2.92 million new passenger car registrations. According to the Federal Motor Transport Authority ( KBA ), the vehicle population in Germany increased by a full 1.1 million vehicles compared to the previous year’s reporting date to approximately 66.9 million vehicles registered in Germany, a full +1.6%.

66.9 million registered vehicles in Germany

With the right buyer and investor network, typically through experienced brokers with successful deals, you will have your underground parking garage sold relatively quickly.

Here’s another special look at general real estate sales in the larger cities:

Parents old, sell property (house/apartment)? Tips for children and grandchildren + 2 alternatives

L_kinski — Sun, 02 Jan 2022 13:57:25 +0000

Selling property – The house is getting too big, the second floor is hardly used and maintenance costs are also a burden. Perhaps the condominium is also on the fourth, fifth floor – without an elevator. Here are tips for children and grandchildren! What to do when mom and dad, grandma or grandpa get older? Especially in old age, from 70 years, 75 years, at the latest with 80 years, the question arises, what to do with the own property? Today I want to explain 3 possibilities to all children and grandchildren: 1) the direct sale of the property, but also two alternatives, the 2) partial sale and the 3) real estate pension.

Selling property for parents, grandparents and loved ones

As a child, you worry about mom and dad; as a grandchild, you worry about grandma and grandpa. Retirement savings don’t last forever, and neither do the savings. At some point, the property becomes too big, and at the same time the savings become less and less. At the latest now, a solution must be found for your loved ones!

What to do when you need to sell?

Prevention is better than aftercare: options

Before it is about expressions of grief, it is about good solutions. People grow old and at some point, life has to be organized appropriately. For many, this means selling the house and moving into an age-appropriate condominium. Accordingly, close people have to make decisions. This includes living wills, in case your loved ones are no longer able to make their own decisions at some point. But it is just as much a part of thinking about your own property.

One thing is also Important: First and foremost, do not think about your own inheritance, but about the family!

Let’s take a look at the 3 options for your understanding: Sale of the property, partial sale and real estate annuity! Tip, you will find further links to all three topics, with detailed explanations. What to do when someone gets old? Here are three alternatives!

Options in the sale of real estate:

Real estate annuity – selling with lifelong right to live
Partial sale – Proportionate, with option for total sale
Sale – Complete sale of the property

In addition, for owners: an extra tip on the subject of bequeathing correctly.

Real estate pension: sale with extra “pension” – Option 1

Your first option is the real estate pension. The real estate annuity is especially interesting for people who have already reached a higher age, usually from 70, 75 years. Should you prefer a solution in which your relatives can stay in their own property until the end of their life (!) without any complications, then the life annuity is an option you should consider.

Life annuity means that the property is sold in its entirety, but the owner retains a full right of residence and use until death. These privileges are secured by the usufructuary right. In addition, the seller receives a small, monthly extra “pension”. Another advantage, they no longer have to worry about maintenance costs in the future. This is the responsibility of the new owner. All in all, a comfortable solution, especially in old age.

Real estate pension simply explained:

Direct, complete sale
Lifetime right of residence and use
Small, monthly “extra pension” for former owner
No maintenance costs

Partial sale: Proportionate, with possibility of total sale – option 2

The second option for your loved one, if you want them to be able to continue living in their property, whether it’s a condo or a house, is to partially sell a property.

A partial sale works like this, you sell the part of a property, usually between 10% and 50% pro rata, to a finance company. For this sold part, the financial company charges a so-called “usage fee”. The user fee is paid in return for the fact that sole residential rights and rights of use are still granted. This means that the finance company merely becomes the partial owner. The advantage: you get the sale price relatively uncomplicated, without a major credit check, as with loans from the bank. The disadvantage: the user fee is relatively high, e.g. compared to a mortgage loan.

Partial sale summarized:

You sell a part of your property (usually 10-50%)
Partial purchase house: Yes
Partial purchase apartment: Yes
Partial purchase of land: Yes
Financial company becomes part owner
You remain the sole user of the property
You pay monthly usage fee
Total sales in X years (optional)

Read more about the advantages and disadvantages here:

Partial sale property

Complete real estate sale – option 3

Your third option, if you need to find a solution, is the complete sale of condominium, house, apartment building. For the regular process, the question often arises, sell privately or sell with broker? Especially the emotional situations, such as deciding on the future of their own parents or grandparents, it is recommended to work with an experienced broker. After all, it is about all the advertisements, communication with interested parties, selection according to serious, unseriös, the subsequent credit checks, arrangement of viewing appointments and many more. Of course, also a big factor, the previous real estate valuation.

Selling real estate: Procedure and steps

To give you an initial overview of how such a sales process works, explained here in 18 simple steps, categorized into 3 phases.

Preparation: prepare property and sale

Sales phase: market property and find buyers

Sales processing: purchase contract until handover

These 3 options are primarily available to you.

These were the most important tips for selling with and for your loved ones!

Whether a condominium in a prime A-location or a…

… Condominium in 60/70 prefabricated building:

Extra tip: Bequeath / inherit correctly

Here are a few extra tips for you.

Sale with usufruct

If you are considering a direct, outright sale of your parent’s, grandparent’s or loved one’s property, be sure to take a look at usufructuary rights. Usufructuary right simply means “lifetime, sole right of occupancy.” So, it means that your loved ones hold the sole right to use the property, even after the sale. The same applies in other cases, such as an anticipated inheritance (link above: Inheritance).

Advantage: The usufruct right brings you the advantage that your relatives are not dependent at any time, on the goodwill or the consent of the seller.

Inheritance in advance: Taxes & Co.

Tip. Before it is too late, talk to your parents and grandparents about the inheritance early on. After all, an early inheritance can save you quite a bit, especially on taxes. Learn more about early inheritance here:

Bequeath correctly

For heirs:

Inherit correctly

Inheriting correctly also often means preventing disputes among children.

Take care!

Living in Nordend (Frankfurt): Real estate as an investment – Prices per square meter for apartments, houses & land

Laura — Fri, 11 Jun 2021 10:48:42 +0000

Living in Nordend – The district in the north of Frankfurt convinces not only with its prime location and its multitude of architectural treasures, but above all with its romantic charm characterized by the many mansions of past times and trendy cafés. Also not far away: the up-and-coming Westend. Would you like to invest in a property in Nordend as a capital investment? Find out everything you need to know about living in Frankfurt-Nordend, the most expensive streets and most popular corners, as well as an overview of all prices per square metre – Welcome to Nordend! Back to overview: Living in Frankfurt.

Living in Nordend: Elegant district with royal flair

The Nordend is one of the hippest and most desirable districts of Frankfurt. In hardly any other quarter is the population density as high as here. That the Nordend has always been popular, shows us also a look at the history of the residential area. As early as the Middle Ages, there were numerous royal Roman courts here, followed later by pompous estates in the style of the Neo-Renaissance and later Classicism. This inspires not only families with children, young couples and professionals, but also investors and entrepreneurs.

Welcome to Frankfurt: International metropolis in Hesse

Frankfurt is considered one of the most impressive cities in Germany. Modern skyscrapers adorn the skyline of the city center, the banking district, home to many major German and European banks, offers plenty of job opportunities and the multitude of exclusive boutiques and culinary delights from all over the world inspire not only long-established Frankfurt residents, but also newcomers from all over Europe. The economic strength of the city, as well as its prime location, make Frankfurt one of the most important and international metropolises in Germany.

Nordend-West: Map & Location

The north end of Frankfurt can be divided into west and east. However, this division is only of a statistical nature. While the Friedberger Straße formally forms the border between the two districts, both East and West are summarized as one large Nordend.

Here map and location of the Nordend-West:

Nordend-East: Map & Location

Nordend-Ost borders on Ostend as well as on the city centre and Bornheim.

Sights, Monuments & Co.

The Nordend is multifaceted: well-kept green spaces such as the Güntherburgpark and Wasserpark invite you to take a walk, the Chinese Garden spreads a true holiday feeling and with the local mini-golf course and the theatre ‘Theatrallalla’, entertainment is always provided.

Here are some of the top sights of Frankfurt-Nordend:

Günthersburgpark
Chinese garden
Bethmann Park
Miniature Golf
Theatrallalla
Water park
Luther Church

Sightseeing: A tour of the Nordend

The Nordend is not only home to exotic parks and diverse entertainment culture, it is also where the most diverse cityscapes meet. While elegant villas and old apartments from the Wilhelminian period line the streets, architectural treasures from the modern era can be found here and there. Hip cafés, exclusive boutiques and fine restaurants also add to the flair of the Nordend.

Chinese Garden: Oasis of peace in the heart of Frankfurt

Modernised old buildings and modern apartments

Berger Straße: The longest shopping street in Frankfurt at a glance

Real estate & prices per square metre in Nordend

While new-build apartments are in high demand (and therefore also high property prices) in the west of the Nordend, existing apartments are more popular in the east of the district. Would you like to buy a house or a villa? Here the prices are the same for west and east. For new construction, you have to reckon with about 3,570 euros per square meter here. In principle, the better the location and infrastructure, and the more varied the cultural offerings in the area, the more expensive the square metre. In addition: If the property has recently undergone renovation or refurbishment, including workmen, architect & co, you should expect a higher selling price.

All prices per square metre at a glance:

Buy a house (existing): 3,300 €/m²
Buy a house (new construction): 3,570 €/m²
Buy apartment (existing): 7,400 – 9,600 €/m²
Buy an apartment (new building): 4,300 – 9,400 €/m²

Conclusion: Living in Nordend

Living and living in Frankfurt – that’s what many people want. Whether it’s a modernised apartment in an old building, an exclusive villa or a lucrative apartment building as an investment, everyone feels at home in Nordend. The district is safe, the location is first class and the elegant cityscape not only offers architectural diversity, but also makes up the charm of the district. Not to mention the many romantic cafés and culinary delights! If you would like to buy an apartment here, then you must be prepared for somewhat higher prices per square metre. These are particularly popular here.

Frankfurt am Main: Real estate in the financial metropolis

Frankfurt is definitely the most impressive German city. If you stand in the Frankfurt city center, you drive in here, the skyscrapers are something very impressive. This makes the city seem twice as big as Berlin, three times as big as Munich and four times as big as Cologne. The attractive location directly on the Main and in the centre of Central Europe continues to attract people from all over Germany and the world to the city. Frankfurt a.M. is known for its unique skyline, skyscrapers and a thriving financial market. But the city offers so much more. Museums, green spaces, the opera, art halls. Culture as far as the eye can see.

Real estate in Frankfurt

With its opera, theatres and museum mile, Frankfurt has everything that high culture needs. In addition, a decent gastronomy scene, which in terms of internationality has no comparison in the world. There are beautiful parks in the city, as well as the zoo and the Palmengarten, so that you don’t have to leave the city for a short rest. The banks of the Main River invite you to stroll along, in addition to the chic shopping galeries. The skyscrapers are also an attraction in themselves. And if you visit one of the numerous festivals in the summer, it’s hard to get away from the view of the skyline.

Real Estate Frankfurt

Living in Frankfurt am Main: Popular districts & residential areas

With a population of less than one million, the metropolis in the Rhine-Main region is known worldwide and home to Germany’s second largest airport. No wonder, after all, Frankfurt is considered an attractive place to live. While the up-and-coming Gallus convinces with its hip flair and excellent location, the Westend and Nordend inspire with their elegant charm paired with historical flair. Find out everything about Frankfurt’s most popular districts, their locations and prices per square metre here. To the overview: Living in Frankfurt am Main

Sell, buy and live in Frankfurt am Main

Whether modern Nordend, up-and-coming Gallus, international Westend or the popular neighbouring town of Offenbach, with the current price trend it is worth selling your property in Frankfurt! You want to sell your apartment, your apartment building or your land in Frankfurt? Find out here what you need to bear in mind when selling your property in Frankfurt. In addition: Our free guides and tips on the topics of property valuation, off market and all prices per square metre in Frankfurt – Welcome to Frankfurt! To the overview: Selling real estate in Frankfurt.