Beginner: renovate an old house or build a new one

Hello,

I assume that thanks to you we will get answers to many questions here and I sincerely thank you in advance.

We are facing an important decision, but it is not easy at all, as we both have absolutely no idea.

We live in an old rental house. The house has about 150 sqm of living space and 1000 sqm of land area. Detached and in a prime location in Munich, which makes it difficult for us. We don't want to move away from here, but the houses here are almost unaffordable for average earners. Old houses start at 450k and new ones quickly go from 700k (

The landlord has proposed to sell us the house for 100k

Now we are asking if we might tear down the house and build new or
completely renovate everything to save costs?

If we renovate, we would add another floor, a new roof, insulate the exterior facade, restructure the bathroom and kitchen to different rooms, new floors throughout the house, etc. We absolutely cannot imagine whether in the end this could cost as much as a newly built one or ..????:confused:

We are grateful for every answer and tip:o:)

100 k€ for 1,000 sqm of land in the best location in Munich?! Seriously?

Yes, it is an old house situated on approximately 1000 sqm leasehold land. As mentioned, we are getting the house quite cheaply because we have already been living in it for some time and the landlord lives abroad and wants to get rid of the house.

Oh, I see, that's of course something different.

No one will be able to give exact information about the costs here; a consultation will probably be necessary. But if I read through your measures, it will probably come down to gutting. In the end, you will have the ground floor as a shell on a basement or a slab, which might make the additional storey more expensive than the cost of a second floor in a new building. Therefore, it could be similarly expensive.

I of course assume an existing ground floor + attic.

oh yes, I’m just an amateur as well. ;)