Real estate concept:
Attic flats
20.03.2024
Attic flats: How are they valued and sold?
Top-floor flats are known in the property sector as premium properties that stand out clearly from flats on lower floors in terms of price per square metre. Top floors are often the preferred and most sought-after form of living in a building. We show you why penthouse flats are valued so highly, what special features there are in property valuation and what you should look out for.
Why are penthouse flats more expensive?
Top-floor flats are premium properties and, in terms of price per square metre, are well above the value of lower floors. Top floors are often the most popular and sought-after forms of living in a house. There are often rooftop terraces, beautiful balconies and nobody living above you. Above all, however, you have a beautiful view that is unobstructed, giving buyers a sense of freedom and tranquillity in this form of living.
Top-floor flats are usually the most expensive flats. They can only be cheaper if they are not properly developed, have defects, are located in neighbourhood protection areas or do not have a lift.
In Berlin, there used to be mainly loft blanks for which no building permits were available and for which a separate property had to be created from the partial ownership. Banks often did not want to finance such construction projects, which is why loft blanks were available at a favourable price. The extension and modernisation had to be financed entirely from their own budget, as did the installation of a lift in the old building.
Is it always warmer in attic flats in summer and colder in winter?
The requirements in Germany for converting a loft are extremely high. However, there are also very good funding opportunities for meeting the high construction standards in the area of energy-efficient renovation and modernisation. Accordingly, properties that have been modernised in the last five to ten years are very well insulated and insulated, so there are no difficulties in terms of cold or heating costs.
What is also always recommended is an air conditioning system that can also be used as an air source heat pump. There are also subsidy options here.
What advantages do penthouse flats offer buyers?
Loft flats are much more limited than other types of property. If continuous investment is then made in quality over the years, i.e. in energy efficiency measures and modernisation, the buyer has a very good chance of value appreciation.
Are there any special features in the property valuation of an attic flat?
The following factors play a role in property valuation:
- Special propertyIt is important that the attic flat is shown as a separate property in the land register entry.
- Access to a lift: It is convenient for residents if they do not have to take the stairs, especially on higher floors.
- Outdoor areaThe flat should have a terrace. Roof terraces are particularly popular, and a pool on the terrace adds to the value.
- Size of living space and number of roomsMany top-floor flats have more than 100 square metres of living space, but often only offer two or three rooms. Flats with a higher number of rooms are easier to sell and perform better in terms of value.
- Ceiling heightThe height of the ceilings is also an important factor. While some penthouses struggle with low ceilings, higher ceilings can significantly increase the purchase price.
Are there any special features in the calculation of living space?
Yes, because depending on the shape of the roof, there are different roof pitches that are relevant for calculating the living space. There are DIN standards for this. Example: Anything less than 50 centimetres of sloping roof is not considered living space, but storage space - i.e. usable space.
How is an attic floor blank assessed?
A very special situation arises when considering a loft space. The first step is to check whether it is a separate property or a shared property. It may be the case that the loft is only entered in the land register as part ownership, which implies exclusive commercial use. If, on the other hand, it is a separate property, it can be converted for residential purposes.
The location of the loft conversion also plays a decisive role. The question of whether it is in a central location such as Berlin city centre or on the outskirts of the city is relevant for the valuation. Here, the so-called shell value is determined, which includes the current value of the existing property and the expenses required to convert it into a flat or commercial unit. This information can be provided by an estate agent or valuer.
How much is my property currently worth?
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Professional property valuation and personal advice from our experts.
As experienced estate agents, we specialise in the valuation and sale of penthouses, the most sought-after premium properties on the property market. We understand the unique features that make these flats so valuable, such as unobstructed views and exclusive finishes. Our team offers expert valuation and sales support to realise the true value of your property. We are happy to help you make the selling or buying process seamless and profitable.
