Calculation of Property Purchase and Renovation

I am really coming down quite hard on the ground of reality while reading your responses right now.

On the one hand, regarding the repairs of the building, I did somewhat expect the announcements that everything will be much more expensive than previously thought. Plissees have not been included in my planning so far either ;-)

On the other hand, concerning our calculations for the financing. With a net household income of 5000 EUR every month, we actually assumed "this should be easily doable." Except if another 1-2 years of parental leave come, then it might get tight during that period.

The division of the building/land would theoretically allow use as a two-family house if a door in the hallway is moved. But we want to use the rooms ourselves in the medium term.
In the planning, we would take this into account, for example by preparing the separation of the electrical circuits ground floor/upper floor during the wiring.

Wow - from which regulars' table was that again?

From the "I’m-now-a-dad-too-and-can-finally-join-the-discussion-regulars' table" ;)

On the other hand, regarding our calculation for the financing. With a net household income of 5000 EUR every month, we actually assumed "this should be easy".

The question is, what do you want to do. You can handle a loan with a 2000€ installment with that. It's already at the upper end with 40% of the net income, but you can live on 3000€ without feeling poor. Parental leave then requires a buffer. But, saving up for facade insulation and a new roof on the side is really not feasible. Then the heating system will come up, which isn't cheap by itself. And that raises the question whether you want to do a full renovation with underfloor heating before moving in. Also water pipes, if the walls are already open for the electrical work anyway. You don't have to do everything beforehand, but doing it later is inconvenient. And these are still the planned things; nasty surprises can always occur during renovations.

On the other hand, regarding our calculation for the financing. With 5000 EUR net household income each month, we actually assumed "should be easy".

I'll put it this way: we have about 4200€ net household income (2 children, but only 1.5 times child benefit) and a rate of 1200. It works, but it's not exactly easy. Of course, you would have more net income, but then you have to save quite large amounts from it... how many years should that take? Will that even be legally possible then? We are already saving everything we can so that we can switch from oil to a heat pump before 2027 (luckily the house is already insulated, but a few radiators will have to be replaced) without practically having to take out a completely new loan. So of course the 5000 is enough for the rate, but the question is how much you want to save in total over what period.

an objective second opinion from outsiders

While reading your answers, I am really coming down hard on the ground of reality.

My subjective opinion: If you like the house and basically the price seems justified to you (170 sqm living space, 1000 sqm plot plus barn and outbuildings for 300k at 290€/sqm reference value seems fair to me at first), I would do it.

If the reference value is from 2022, the current value for unrenovated houses is simply significantly lower, so the house was not valued at 0€. They just sit like lead on the shelves, as long as it’s not in the big metropolitan areas – which at 290€ in 2022 will not be the case.
We ourselves bought a plot with a 140 sqm house in 2018 for just above the official land value and renovated it extensively for a total of 80k € (except the roof – for that another 40k€ would have been due).

YES, if you don’t have the experience and expertise yourselves, there are uncertainties whether additional costs will arise.
Even with experience and expertise, uncertainties exist; that won’t be different with new builds either. And here in the forum, new builds are generally portrayed as a cure-all and the costs are calculated using a pencil as the only tool for DIY work.
A new-build boring flair 113-house (and you won’t get more new for the budget, if at all) will never be able to compete with the individuality and the long-term (!) charm of a 1900s old building with a courtyard-like character. The living quality of such properties should also not be underestimated compared to the new-build area.
And renovation/restoration can be done cheaply (and well) and you can do or support a lot yourself.

We started renovating a house that is about 40 years old 4 months ago, which turned into a "light" refurbishment. Even though architects etc. can estimate it somewhat, surprises cannot be ruled out. We also thought, here and there just paint, and that's still quite good... The worst (I find) are the material prices for the standard things, tile adhesive, filler, primer, paint, etc. I never would have thought... You definitely need some reserves, otherwise it becomes difficult and also no fun. For me, although reserves were planned, the fun has already partly gone.