Acquire land, demolish the house and rebuild

Hello!

My wife and I are considering the following:
We could purchase a large, inexpensive plot of land in a good location for €120,000. Problem: There is still a small demolition house on the property (half-timbered, 130 sqm on 1.5 floors plus a full basement). Also, the plot is quite overgrown, but mostly with weeds and small shrubs, so no trees that would need to be felled and easy-to-remove root systems.

The plan would be to demolish the house, clear the plot, and build new.
The idea is a solid house with the cheapest insulation (I can get heating material cheaply), about 170 sqm of living space on 1.5 floors, 2 bathrooms, and medium quality with a simple design without much ornamentation. In addition, a full basement as a utility cellar and a double garage (prefabricated building). Heating via normal wall radiators and wood gasifier. Terrace, driveway, and garden would be done independently. Also painting work.

Our budget is a maximum of €500,000. If I calculate €30,000 for demolition and site preparation, €1,500 per sqm house (€250,000), €40,000 for the basement, €15,000 for the garage, and another €40,000 for additional construction costs, the calculation should actually work out, or have I forgotten or misjudged something? Is €1,500 per sqm of living space realistic for my wishes (no underfloor heating, simple insulation, etc.) or could I even stay below that?

Thank you very much for your assessment

An additional note: The demolition should go relatively smoothly: The house is located in the middle of a large plot at the end of a dead-end street. Next to it are fields, so no special safety measures are required. The whole thing is located in the [Bochum area].

Monument protection checked?

Thank you for the note. Yes, there are no problems from this direction. The house is also empty and partially dilapidated (windows and doors boarded up) and has been vacant for a long time. Inside, much of it consists of wood including the ceilings, so demolition should be relatively easy.

The prices you mentioned are probably all rather at the lower end of the price range; it can also easily become quite a bit more expensive. You have not taken into account any costs for materials, consumables, and for the purchase and rental of tools/equipment in the own work. Especially with a large plot of land and 170 m² of living space, quite a lot of costs come together for outdoor facilities and painting work.

Regarding insulation
What do you consider simple insulation? The house must comply with the regulations of the Energy Saving Ordinance.

When it comes to tools, I'm lucky to have several independent craftsmen in my circle of friends who would help out. By simple insulation, I mean that it will probably be a Poroton house with plaster. No heat recovery, insulation only as currently required, no underfloor heating. We would gradually lay out the garden. But you are right: I should plan a bigger buffer just in case. Better to have and not need than to need and not have (like with condoms :-)