Craftsman’s opportunity in a quiet location: Spacious 3-room apartment with potential for customization (heritable building right)

Key facts

Purchase price & costs

About this apartment

Property no.: 1071073

Your project in a prime location – Renovate and settle in

Those looking for a home they can customize according to their own ideas will find what they are looking for here. This 3-room apartment, built in 1959, offers the perfect foundation for couples or singles who are willing to undertake renovations and appreciate a well-designed layout.

The centerpiece of the apartment is the spacious, bright living room, from which you can step directly onto the large loggia. Here you can enjoy a view of the greenery – an ideal retreat after work. The kitchen offers sufficient space for a modern fitted kitchen. The bathroom is equipped with a bathtub and is waiting to be transformed into a modern wellness oasis. Two additional rooms can be used flexibly as bedrooms, children’s rooms, or home offices. A private basement room provides additional storage space.

The apartment requires renovation (including the heating boiler and toilet cistern, which are defective). The purchase price is based on a professional valuation commissioned by the court-appointed guardian, in which these defects have already been fully taken into account. The property data is based on an expert’s report prepared as part of an on-site inspection.

Important information on the heritable building right & financing:
This property is located on a heritable building plot owned by the Hanseatic City of Lübeck. Due to the special contractual conditions, please note the following mandatory requirements for a purchase:

1) Term & repayment: The contract runs until 31/08/2056. Banks generally require the loan to be fully repaid 10 years before the end of the contract (i.e. by 2046). This results in a shortened term (approx. 20 years) and correspondingly higher monthly installments.

2) Financing partner: Not every institution finances heritable building rights. Please clarify with your bank in advance whether it provides loans secured against properties on heritable building plots owned by the city of Lübeck.

3) Equity: Since the loan-to-value limit is usually around 80% of the pure building value, a high equity share (approx. 40% of the purchase price) is generally essential for financing approval.

4) Ground rent: This amounts to €68.22 per year

Viewing appointments: To make the process efficient, we preferably assign viewing appointments to interested parties who have proof of financing or proof of equity available.

Location