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Why you should have an exact living space calculation performed for your property
Why you should have an exact living space calculation performed for your property
There are many reasons why you should have an accurate living space calculation carried out for your property. If you are planning to sell your property, it is important to have an accurate living space calculation ready. If you do not have a current living space calculation, it is advisable to have one prepared by a professional. This is because an accurate living space calculation is a binding document for buyers, sellers, banks, and various authorities.
Exact living space is important for real estate valuation
An accurate calculation of living space is an indispensable part of property valuation and sales. The living area of a house or apartment is not only an important factor in determining the selling price or rent, but also influences the affordability of a property as well as compliance with building regulations.
An accurate calculation of living space is the basis for realistically determining the price of a property. An asking price that is too high can cause a property to stay on the market longer and eventually sell for a lower price. An asking price that is too low, on the other hand, results in the seller making less profit than would have been possible. An accurate calculation of living space therefore makes it possible to determine the right price for a property.
A correct calculation of living space is also important in order to be able to compare properties with one another. If the information on the living space is not accurate, it can be difficult to compare the size and condition of properties. This makes it easier to decide which property best suits your own needs.
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Avoid potential legal disputes with correct living space calculation
To avoid potential legal disputes, it is important to correctly determine the living space. The Living Space Ordinance contains a multitude of regulations that must be observed when calculating living space (see Living Space Ordinance). It is particularly important to take the structural peculiarities of properties into account. The same applies to the question of which rooms are to be considered living space. This is precisely regulated.
One thing can be said from the outset: the living space does not correspond to the footprint. If you, as a layperson, measure the property yourself, you will quickly make mistakes. A professional, on the other hand, does this almost every day and is very familiar with the current regulations. This minimizes the risk of being held liable for damages by a subsequent buyer, because they would have to prove very precisely that you provided false information. But it is annoying enough to have to deal with a legal dispute right after buying a house or an apartment! By the way: Once the living space has been contractually accepted, you cannot invoke an exclusion clause agreed upon in your purchase contract.
If the living space was incorrectly calculated and the tolerance rule was exceeded, tenants are entitled to a rent reduction. This means that if a tenant has paid for more living space than actually exists in the property, they can claim back a portion of their money.
Similarly, buyers who purchase a property may also be entitled to a price reduction should the living space be significantly smaller than stated.
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Banks require a calculation of living space for real estate financing
Perhaps you have heard before that banks want to see a lot of paperwork before they approve financing. And while it is true that they want to see a lot of documents, it is not as bad as you might think.
The basis of every real estate financing is the creditworthiness of the borrower and the property to be mortgaged. In order to determine the value of the property, banks require numerous documents regarding the mortgaged object. Unfortunately, these documents are often incomplete or do not conform to the format required by the banks. This can make financing considerably more difficult or, in the worst case, even impossible. For real estate financing, banks require, among other things, a living space calculation confirmed by a specialist.
The calculation of the living space is part of the building file, which contains all information about your property. As a rule, banks require this detailed calculation from an architect or another professional who can certify that everything has been measured correctly.
Should owners hire a professional to calculate the living space?
The calculation of living space is a complex procedure prescribed by the legislature. Many exceptions and special features must be taken into account.
Nowadays, most people use architectural drawings to determine the living space of their house or apartment. In some cases, however, it can be worthwhile to double-check the measurements and use digital laser distance measurers. This is primarily true if you have made changes to your house or apartment since the last living space measurement.
With slopes, stairs, and other special features, measurements are only possible to a limited extent. Many laypeople quickly reach their limits here when trying to account for these things. Therefore, professionals can reliably perform exact calculations thanks to their specialized knowledge and provide legal certainty through their expertise. After all, an incorrect calculation can have serious consequences – for example, incorrect calculations of rented living space can result in landlords having to refund rent or utility payments that were overpaid by tenants. If there is a discrepancy between the supposed and the actual living space, this can also affect your insurance costs in the context of residential building insurance.
Summary: Correct calculation of living space is fundamental for every property and a crucial basis for various occasions. It is required for:
- when taking out residential building insurance
- for the calculation of the rent
- For the information in the property listing when selling real estate
- For the preparation of a real estate appraisal
- For the financing of the property
If you want to find out what is included in the living space and how to calculate the living space correctly, you can visit our website How to correctly calculate living space experienced.
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