For sale is a well-designed 2-room apartment in the heart of Favoriten. The apartment spans an area of just under 53 m² and is partially accessible from the central hallway, which divides into an entrance area, kitchen, 2 rooms, bathroom, toilet, and a storage room.
The thoughtfully designed room concept, the optimal floor plan, the open and bright atmosphere, and the good location make the apartment a feel-good oasis in the middle of Favoriten.
Building:
The common areas of the building are in good condition.
Resident with a right of residence:
Age 78 years, male.
What is a right of residence?
A right of residence in Austria allows a person to use an apartment or house without being the owner of the property. When the right of residence expires or the person moves out, the property is available to the owner without burdens. The right of residence cannot be transferred or inherited.
What is the difference from a rental agreement?
A rental agreement is a contract in which a person uses a property in exchange for rental payment, while a right of residence is a usage right acquired without rental payment. Unlike an unlimited rental agreement, there are no entry rights for third parties in a right of residence.
Why is this model interesting for you as a buyer?
You have the opportunity to acquire the apartment at a significant price discount. Once the right of residence no longer exists, the value of the property increases immediately many times over.
Current purchase price: EUR 2,800/m² -> estimated vacant sale price as of March 30, 2023: EUR 3,800/m² - EUR 4,350/m²
Benefits of the right of residence for you as the owner?
In summary, granting a right of residence gives the owner the opportunity to maintain control over their property, avoid vacancies, take advantage of tax benefits, and prevent potential conflicts from possible entry rights or inheritance disputes. The right of residence is registered in the land register and must be legally observed.
What monthly costs arise for the buyer?
Approximately EUR 48 for repair reserves
Operating costs are covered by the resident with a right of residence.
In the 10th district of Vienna, urban living meets a cozy cosmopolitan lifestyle. The streets of the district are lined with small, family-run shops, picturesque parks, and charming cafés, all contributing to a feeling of home for the residents. The apartment itself offers optimal local amenities as well as very good access to the public transportation network. Charming parks, supermarkets, restaurants, bars, and pharmacies are all within walking distance. In addition to bus lines 7A (Meidling Hauptstraße / Reumanplatz), 65A (Inzersdorf / Reumanplatz), and O (Raxstraße / Krakauer Straße), the U-Bahn line 1 (Leopoldau / Oberlaa) is available. Educational institutions are also in close proximity. The elementary school Bernhardtstalgasse, the higher federal institution for economic professions, and the elementary school Laimäckergasse are within walking distance. The shopping and retail options are also very good. Within a 5-minute walking radius, you can reach everyday shopping facilities such as Billa, Spar, Penny, and the drugstore DM. Despite the urban infrastructure, Favoriten places great importance on green spaces and parks such as the Leopold-Rister-Park, Bruno-Kreisky-Park, and Waldmüllerpark. The synergy of urban quality of life and Viennese charm makes the district unique and perfect for those looking for a place with growth potential.