Have your property inspected before retirement

In Germany, owning property is considered an ideal form of retirement savings – provided it is paid off by retirement, in good condition, and the owners can afford the ongoing maintenance in the long term. However, according to the Association of Private Building Owners (VPB), most owners underestimate the costs of ongoing maintenance, which include not only municipal fees and utility costs, but also normal wear and tear on the house.

Most 30 or 40 years old when the owners retire , and depending on how well the owners have maintained the house and whether they have even modernized it in the meantime, the pensioners face more or less high maintenance costs

Ideally, homeowners should have a major inspection carried out two or three years before their actual retirement date , so that any major upcoming investments can still be paid for from their current income, which is significantly higher than their future pension. Advice on removing barriers or installing security technology can also be included in such an inspection.

During the inspection, experts examine the interior and exterior condition of the house, including thermal insulation, roofing, roof overhangs, and chimney. Gutters and downpipes, which typically have a lifespan of only 20 to 30 years, are also inspected. As part of the building services check, which lasts an average of 15 years, the heating system, including heating and water pipes, is also tested. Electrical wiring, windows, doors, and many other aspects are also subjected to a comprehensive inspection.

The VPB (Association of Private Building Owners) recommends setting aside one euro per square meter of living space per month , which for a house with 160 square meters of living space amounts to 1,920 euros annually. This should also be sufficient for later retirement – ​​provided the property is actually in good condition on the relevant date.