Buying the ugliest house in the pretty neighbourhood

[Christoph Heim]

Hi,

I am struggling with a deal I am interested in. It is a 75m² 3 room apartment in the city center. The location is ideal, newly built objects go for EUR 4.000+ per m². This only costs 1.200,00. The downside is that the building is quite old (1935) and run down. The plaster is coming off in various areas on the outside. I have not inspected the apartment yet but according to the pictures it should be well kept but heating is done via a wood oven (I suppose infrared heating could solve this problem). As far as I have seen there are 8 parties in the building (presumably lower income). I do not know if there is any kind of management looking after the building. The problem is that I alone will not be able to change anything because of the owner community and I am not sure whether the other ones can or want to afford that.