For me, for a bungalow of 180sqm in Bavaria
1900x 180
342,000€
Plus incidental construction costs of 50,000
Plus painting and flooring included
Plus garage or carport
Plus outdoor landscaping, paving and some lawn 15,000
But I am quite guessing here. It’s definitely not 300,000!!! More likely more than I calculate.
So we are moving at 400,000+
What kind of building plot is that? Is it really building land or just a piece of garden from that old house?
1. If it’s a building plot, then it counts as equity in the financing.
However, if I were to start over again, i.e. a new family with a nice house, I would put an end to the sentimentalities which are a bottomless pit. The house, according to your explanation, needs renovation, the cold rents apparently don’t even cover the costs. You will be paying forever.
2. Therefore: sorry - get rid of it and increase your equity.
Why reach for the unreachable stars when the good is so close.
180sqm is not even planned by the majority of a young family of four who come with 5,000€ net per month.
3. 120-135sqm is sufficient. A guest/kids’ room for the son who is flying the nest, a second for the future child.
Only that way will it work. My opinion.
Regards, Yvonne
It was said that the old house is in another town, so it will not be the same plot. And 120sqm without a basement for 4 people is also quite tight, but it doesn’t have to be 180sqm, that’s true.
If you calculate 50-60 for living, dining and kitchen, approx. 45 for 3 bedrooms, bath, 12, WC 3, technology 10 and one more room of approx. 15sqm, you’re quite well at 150sqm. Since a lot is supposed to be done by yourselves, you might get by with 1,600€/sqm and be at 240,000 for the house, meaning about 300,000 including incidental costs and a bit of extras, but nothing extravagant.
If you sell the old house plus your 15k€, you’ll have almost 100k€ equity, then I would inquire about around 240k€ loan and the world looks a bit different.