- Initiation of a scheme to facilitate the acquisition of vintage dwellings
House-buying families with young kids and modest earnings can rejoice, as the "Young Buys Old" initiative is set to kick off on Tuesday, as per a representative from Berlin's Housing Ministry. This program offers financial assistance to eligible families. The financing comes in the form of low-interest loans from KfW Bank, a state-owned institution. A whopping 350 million euros have been set aside for this purpose in 2023.
The catch? The property in question must already have an energy performance certificate, classifying it as F, G, or H - categories that signal high energy consumption compared to contemporary dwellings. Amazingly, approximately 45% of Germany's residential buildings fall under these categories, according to the ministry. With some renovations, this energy inefficiency can be rectified within a short timeframe.
Additionally, other government grants, such as those for heating system swap-outs, can be tapped into for this assignment.
The "Young Buys Old" initiative specifically targets families for construction projects, providing financial aid to renovate properties with high energy consumption. Despite the majority of Germany's residential buildings falling into energy-inefficient categories, Constructing houses that meet modern energy standards can significantly reduce their energy consumption.
