Neda Karimi
Chief Executive Officer · Managing DirectorAreas of focusCorporate management, strategy and client relations – committed to handling every mandate personally, discreetly and at the highest level.
Discreet brokerage, sound valuation and strategic advice for exceptional properties – for family offices, funds and private clients in the DACH region, the United Kingdom and Dubai.
DEKRA-certified valuation using recognised methods – a robust basis for every decision. Also available as a remaining-useful-life report for higher building depreciation (AfA).
Request a consultation nowDesign and development of projects – from the first idea and feasibility through to readiness for construction.
Request a consultation nowStructuring the right financing solutions together with banks and capital partners. For property loans, you benefit from around 150 product providers – including national banks, regional savings banks and cooperative banks. We arrange financing for properties in Germany, Switzerland, Spain and the United Arab Emirates.
Request a consultation nowDiscreet marketing to a vetted circle of buyers and investors – targeted rather than broadcast.
Request a consultation nowBuilding and structuring real estate portfolios from €10 million for funds and family offices.
Request a consultation nowIndependent, fee-based support – transparent and always in the client’s interest.
Request a consultation nowSince 1998, LEVEL8 Immobilien has stood for an approach to real estate that demands more care than the quick deal: listen, examine, value – and only then advise.
We work discreetly and personally, with a clear eye for value and location. Every property is considered individually, every recommendation can be substantiated. That is the difference between an offer and a decision that lasts.
“Value is not created in the shop window, but in the analysis.”
Areas of focusCorporate management, strategy and client relations – committed to handling every mandate personally, discreetly and at the highest level.
DEKRA-certified expert for real estate valuation D3
Areas of focusReal estate valuation, financing and operations – market value and remaining-useful-life reports under ImmoWertV, structuring of financing.
Master in International Management and Information Systems · AI Engineer
Areas of focusInvestment partnerships and business development – from first contact to long-term collaboration with investors.
Bachelor of Arts in Business Administration – Real Estate · Diplom-Immobilienwirtin (DIA), certified real estate economist
Areas of focusReal estate investments and transactions – from due diligence through negotiation to closing.
Areas of focusDesign and planning of construction projects – from the first idea and feasibility through to the planning application.
Areas of focusStructural engineering, building construction and technical review – for safe and cost-efficient execution.
Areas of focusProject management, scheduling and cost planning – coordinating all parties from design to completion.
Areas of focusMarketing and communication – exposés, property presentation and online presence.
Calculate your financing, a property’s yield and a building’s remaining useful life in seconds – non-binding and without entering any personal data.
| Year | Interest | Repayment | Remaining debt |
|---|
Example NRW: 6.5% transfer tax + 2.0% notary/land registry + 3.57% agent
| Period | +6% every 3 yrs | +10% every 3 yrs | +15% every 3 yrs |
|---|
For existing tenancies in Germany, increases are only permitted up to the local comparative rent and within the statutory cap (Section 558 BGB: 20%, or 15% in tight housing markets, within 3 years).
Per component: partial = renewed only in part or long ago · comprehensive = fully and recently modernised
Only the building share is depreciable – the land value is not depreciated.
| Degree of modernisation | Points | Remaining useful life | Notional year of construction |
|---|
The remaining useful life (RUL, German: Restnutzungsdauer) describes how many years a building can presumably still be used economically from the valuation date, assuming proper management (Section 4(3) ImmoWertV, the German Real Estate Valuation Ordinance). The starting point is the total useful life (TUL) – the usual economic life of a newly constructed building of this type.
In the simplest case: remaining useful life = total useful life − building age. Modernisations extend the remaining useful life; neglected maintenance, structural damage or usability that no longer meets market requirements can shorten it. What matters is the economic usability – not how long the structure could technically remain standing.
The remaining useful life has a direct impact on market value: in the cost approach via age-related depreciation, in the income approach via the present value factor of net income. For tax purposes, it determines whether higher depreciation (AfA) is possible.
Annex 1 of the ImmoWertV sets model values for the total useful life. For building types not listed, the total useful life is derived from comparable building types.
| Building type | TUL |
|---|
For residential buildings, Annex 2 of the ImmoWertV awards points for modernisations carried out. If measures date back some time, fewer than the maximum points are applied. Components that were not modernised but meet contemporary standards can also receive points.
| Modernisation element | max. points |
|---|---|
| Roof renewal incl. improved thermal insulation | 4 |
| Modernisation of windows and external doors | 2 |
| Modernisation of supply lines (electricity, gas, water, wastewater) | 2 |
| Modernisation of the heating system | 2 |
| Thermal insulation of external walls | 4 |
| Modernisation of bathrooms | 2 |
| Modernisation of interior finishes (e.g. ceilings, floors, stairs) | 2 |
| Substantial improvement of the floor plan | 2 |
| Total | 20 |
| Degree of modernisation | Points |
|---|---|
| not modernised | 0–1 |
| minor modernisations as part of maintenance | 2–5 |
| medium degree of modernisation | 6–10 |
| largely modernised | 11–17 |
| comprehensively modernised | 18–20 |
Up to a certain relative age (building age ÷ total useful life), the simple difference RUL = TUL − age applies. Beyond this threshold – between 10% and 60% depending on modernisation points – the remaining useful life is determined using the following formula:
RUL = a × age² ÷ TUL − b × age + c × TUL
The coefficients a, b and c depend on the modernisation score. Modernisations thus extend the remaining useful life to at most around 70% of the total useful life. In the case of a full refurbishment that brings the building to a near-new condition, it can reach up to 90% of the total useful life; the year of refurbishment is then taken as the year of construction, and any remaining old fabric (e.g. the basement) leads to deductions.
The notional year of construction illustrates the result: reference year − (TUL − RUL). A partially modernised house built in 1965 can thus correspond economically to a building constructed in the 1980s.
| Points | a | b | c | from relative age |
|---|
In Germany, let residential buildings are depreciated for tax purposes at standard rates (Section 7(4) EStG, the German Income Tax Act): 2.5% per year if completed before 1925, 2% if completed between 1925 and 2022, and 3% if completed from 2023 onwards. This corresponds to an assumed useful life of 40, 50 and around 33 years respectively.
If the actual useful life is shorter, a correspondingly higher rate may be applied (Section 7(4) sentence 2 EStG) – with a remaining useful life of 25 years, for example, 4% instead of 2%. Owners usually provide evidence by means of an expert report. In its judgment of 23 January 2024 (IX R 14/23), the Federal Fiscal Court (BFH) confirmed that a determination based on the ImmoWertV is suitable for this purpose; the restrictive Federal Ministry of Finance (BMF) circular of 22 February 2023 was revoked with effect from 1 December 2025.
Important: higher depreciation spreads the building value over fewer years. The total depreciation remains the same – the advantage arises because the tax savings occur earlier.
Especially for older, little-modernised buildings, a high building share of the purchase price and a high personal tax rate. The further the remaining useful life determined by the expert falls below the standard tax useful life, the greater the effect – the calculator above shows you the order of magnitude.
As a DEKRA-certified expert for real estate valuation D3, we prepare remaining-useful-life reports based on the ImmoWertV – transparently documented for the tax office. Please coordinate the tax treatment with your tax adviser.
Request a RUL report nowAll results are non-binding model calculations based on your input and do not replace individual advice. The interest rates are freely selectable assumptions and do not constitute a financing offer; you will receive a binding offer with the annual percentage rate after an individual assessment. Tax effects are not taken into account in the mortgage and yield calculators. The remaining useful life is a model calculation under ImmoWertV and replaces neither an expert report nor tax advice. Real estate transfer tax rates: as of November 2026.
Whether a sale, a purchase or a sound valuation – send us a few lines about your matter. We will get back to you personally and in confidence.