When buying an apartment in an old building, the most important thing is to estimate the amount of investment as close as possible to the condition in which you want the property. You certainly need the help of a specialist for this, but keep in mind that you have to add 20 – 40% to the estimated value of the investment, due to unforeseen costs and changes in decisions during the works (it is often, for example, the case that we want to replace the parquet floor and only include the cost of materials and work, and when the old parquet is removed, it often turns out in the older dwellings that the substrate – the cement liner – has failed and cannot accommodate the new parquet, so the old one has to be bypassed, removed and poured, which represents a significant new cost and extension of works).
Installations – their strength, type and condition – are very important to test. Many old apartments and houses have single-phase electricity, which cannot withstand the load created by modern home appliances and machines, so all electrical installations need to be replaced. Also, old water and sewer pipes can be rotten, so they should be replaced.
What is also a major issue is the type of heating. Electric heating and tiled stoves do not carry the thermal comfort characteristic of central steam heating, families with young children and the elderly should avoid them. In old buildings, tenants often decide to replace the installation and install central heating, so that investment can be expected in the near future.