Hello everyone,
there is quite a bit of life in the house (forum) here.
As has been written several times, the financing question can only be answered seriously if the renovation costs are realistically estimated, I have understood that. Since the current figures are only based on internet estimates, this is not the case here.
However, a total sum of up to max. €850,000 is also the upper limit we would be willing to invest (regardless of the property). If it turns out that the actual renovation costs are significantly more expensive, we would discard the property.
The core of my inquiry was therefore the consideration of the financial situation. I wanted to find out how other people assess our situation and whether a project of this size is really doable. I thank you for the many opinions and feedback on this.
Since further information on the specific property or the planned renovation was requested several times, I would still like to share these below.
Currently, I have the following items in the renovation list; these things need to be done.
As said, the figures are not reliable, but is this now a core renovation (with underestimated costs?) or is simply half of the measures missing?
50k - new heating system, possibly underfloor heating
50k - facade insulation
45k - roof insulation + roofing
30k - bathrooms
30k - windows + doors
15k - water pipes
15k - electrical
15k - floor coverings
10k - ventilation system
10k - miscellaneous
270k - total
Basics:
- The floor plan and room layout fit our ideas.
- The masonry is in flawless condition, no cracks in the facade.
- Roof truss can be preserved
- The living area would be approx. 210 m² + 40 m² basement
The plot (1300 m²) has a value of €390,000, which means the house accounts for €135,000 (each without ancillary purchase costs).
We were in a very similar situation as you! Brief summary. We also looked at houses up to max. €1 million and at the beginning already considered buying something in the €700–800k price range and then making some cosmetic repairs. But then we bought something under €500k and renovated a bit! Over the course of viewings and time, we came to the conclusion that less is clearly more relaxed! In hindsight, the best decision for us! Why: for example, we had generously planned €120–130k for renovation, but it ended up being over €200k! and that didn’t even include heating, roof, or external insulation as in your case.
Brief comment on your cost estimates, just one point in general:
Electrical work could be tight; I guess you'll have to redo everything (because in buildings of that age mostly flat cables are still used).
Do you want electric window blinds as well? LAN connections in the rooms, etc.? Even if you do the chases and boxes yourself, €15k for material alone could be tight. But I don’t know the house or the circumstances or what you want to do with the electrical work.
Therefore I advise you:
Take an architect along to the second viewing and have them make an estimate, be really honest about the standard you want!! (e.g. terrace door with a 15cm stepping threshold or rather a floor-to-ceiling tilt-and-slide door).
Otherwise, don’t let yourself be driven crazy by realtors/sellers etc. For them now is always the perfect time and everything gets expensive etc.
You could manage it financially. Whether it’s the right property, your gut feeling will tell you!