Architect estimates house and land? Offer ok?

Hello everyone, after searching for a building plot for a long time on the completely cleared-out real estate market, we have now shifted our search more towards existing properties due to a lack of offers and have found an interesting property. Key data: built in 1969, 210 sqm (plus 90 sqm basement), 1200 sqm plot, currently used as a two-family house (with separate entrances), two garages, new roof, good location. Offered for €450,000, but the architect estimates it rather at €390,000 due to the relative proximity to the highway. So, now to my actual question. Today, an architect inspected the house on our behalf and estimated the costs for a renovation. The following would need to be done: - new windows (at least on the ground floor) - new floor and wall coverings - various wall openings (the floor plan needs to be largely changed since the house is currently still used as a multi-family house) - electrical system would need to be partially renewed - kitchen connections would need to be relocated - new doors - new stair(s), possibly also relocation of the stairs - possibly one or two walls would need to be newly built - ceiling and wall paneling would need to be removed - possibly façade redesign Still okay, or even partly new, are: roof, water pipes, heating. The upper floor would also not necessarily need to be renovated immediately. Although I don't find it very beautiful (birch laminate everywhere, but it would do for now). The architect could not detect any major defects, by the way. The architect estimates around €250,000 for this renovation What do you think? Is that a realistic price? Or is it set too high/ too low? I know it's not possible to say down to the cent whether that fits with this information. Just roughly... Could that be realistic? Thanks and best regards, Alex.

Hello,

the architect knows the property and has inspected it. Insofar, I would say that the 250k is realistic. Or why do you have doubts?

Hello Alex,

Key data: Year of construction 1969, 210 sqm (plus 90 sqm basement), 1200 sqm plot, currently used as a two-family house (with separate entrances), two garages, new roof, good location. Offered for €450,000, but the architect estimates it rather at €390,000 due to the relative proximity to the highway... Today an architect, on our behalf, inspected the house and estimated the costs for a renovation.
By the way, the architect could not identify any major defects.
The architect estimates approximately €250,000 for this renovation.
What do you think? Is that a realistic price? Or is it too high/too low? I realize that with this information you can’t say precisely whether that fits or not. Just roughly... Could that be accurate?

At first glance, that seems quite high to me for the listed work. Did the architect prepare a rough calculation from which the individual items of the renovation can be roughly seen, or was it more of a favor? If the latter, I would rather rely on an expert specializing in masonry and used properties. In their report, the renovation costs are allocated to the individual trades.

How about the basement – is it really dry?

If it turns out that indeed €250,000 must be invested in the renovation, I would continue searching for a plot. €700,000 plus some additional costs for an “old” house would definitely be too much for me. Where was your focus regarding the plot location?

Best regards from the Rhineland