negRomino
2022-08-04 11:06:54
- #1
Hello everyone,
the core question is basically: Should we buy the house and if so, under what conditions – no one here can/wants/is allowed to answer that question for me completely ;) which leads to two follow-up questions: Who advises on a house purchase? Not just regarding financing, but also the buying decision. Can someone here share their experience or their perspective on this matter with me?
Specifically, it’s about a single-family house with a living area of about 230 sqm on a plot of 1500 sqm. The house consists of two building sections, one of which is two stories, the other one story with partial basement. The house has an uninsulated shed roof, generous window areas (double-glazed, wooden frames) in the original condition. The exterior wall consists to a small extent of 30 cm hollow block masonry, the majority of the living area is clad with 15 cm YTONG panels in half-timbering, whereas the entrance area is only clad with 11.5 cm brick masonry. Heating is provided by a 30 kW oil central heating system from 1991, which does not have to be replaced due to a low-temperature boiler, as well as by a tiled stove, whose insert was modernized last year. All radiators are also outdated, according to feedback from the installer incorrectly dimensioned and positioned, partly installed in heating niches and clad with wood on the living side. The room height ranges from 2.50 m in the two-story section up to 3.95 m in the one-story section.
Accordingly, an energy report shows consumption of over 350 kWh/sqm*a.
We have been living in the house for seven years now, initially together with my grandfather, since his death as a family of three. Since I only graduated and started working a few weeks ago, the community of heirs has kindly allowed us to continue using the house as thanks for "taking care" of my grandfather. We pay no rent or similar but bear all ongoing costs for the house and property, maintain it as far as possible, and have carried out minor modernization works.
Now the time has gradually come to make a decision on what to do with the house. According to an appraisal, the property is worth about €250,000, mainly based on the large plot, while the house itself due to its age and need for renovation was only considered to be worth about €70,000. An energy consultant from the consumer advice center has already assessed the house. Facade insulation, new windows + doors, insulation of the top floor ceiling (mandatory under the Building Energy Act according to my understanding?), renewal of the heating system, cellar ceiling insulation, possible reduction of room height, etc. We have also considered the installation of a photovoltaic system with storage. The location and orientation are optimal, whereas the existing shed roof covering renewed last year with bitumen sheets is less so – just like the outdated and partially improper electrical system in the house.
The energy consultant estimated the costs for an energy-efficient renovation (in 2020) at about €200,000 if we did "everything." Prices are probably higher now.
Of course, we all wish that the sale will not lead to a family rift – which sadly happens all too often, but we remain hopeful ;) In 2020, I still believed that, within the family and considering the condition of the property, a purchase price well below the aforementioned value could be expected – due to the current market situation and prices asked for old properties regardless of condition, I am no longer so sure. Ideally, we would have advice that sits down with us and the three heirs at the table and discusses and satisfactorily regulates all these matters – but I wouldn’t know who does that?! It would therefore be good, at least, to go into discussions with as many experiences, recommendations, and impressions as possible so that we can find an arrangement with which all parties can live. We are somewhat in a dilemma here – on the one hand, especially I have an emotional attachment to this house that must of course be disregarded as much as possible – but on the other hand, both professionally and privately and especially because of our daughter, we are regionally bound. We want to stay in the town and there are, strictly speaking, no real alternatives there, or only ones that are well above the suspected 2x200,000 € and would be a step back in terms of atmosphere. The house and the plot are absolutely unique in construction and always impress visitors. The large masonry outdoor pool is a dream, especially for my daughter. The energy costs, however, are not! So we are somewhat forced in that we actually have to stay there and want to but the financial means will definitely be limited to the speculated €400,000. Preferably less ;) At least for the shares of my aunt and uncle, there is also the real estate transfer tax, which one probably can no longer avoid since the inheritance was accepted 2.5 years ago.
Yes, long story short... what to do? :D To visualize, I am attaching photos from the construction in ’67, a floor plan, and a photo.
the core question is basically: Should we buy the house and if so, under what conditions – no one here can/wants/is allowed to answer that question for me completely ;) which leads to two follow-up questions: Who advises on a house purchase? Not just regarding financing, but also the buying decision. Can someone here share their experience or their perspective on this matter with me?
Specifically, it’s about a single-family house with a living area of about 230 sqm on a plot of 1500 sqm. The house consists of two building sections, one of which is two stories, the other one story with partial basement. The house has an uninsulated shed roof, generous window areas (double-glazed, wooden frames) in the original condition. The exterior wall consists to a small extent of 30 cm hollow block masonry, the majority of the living area is clad with 15 cm YTONG panels in half-timbering, whereas the entrance area is only clad with 11.5 cm brick masonry. Heating is provided by a 30 kW oil central heating system from 1991, which does not have to be replaced due to a low-temperature boiler, as well as by a tiled stove, whose insert was modernized last year. All radiators are also outdated, according to feedback from the installer incorrectly dimensioned and positioned, partly installed in heating niches and clad with wood on the living side. The room height ranges from 2.50 m in the two-story section up to 3.95 m in the one-story section.
Accordingly, an energy report shows consumption of over 350 kWh/sqm*a.
We have been living in the house for seven years now, initially together with my grandfather, since his death as a family of three. Since I only graduated and started working a few weeks ago, the community of heirs has kindly allowed us to continue using the house as thanks for "taking care" of my grandfather. We pay no rent or similar but bear all ongoing costs for the house and property, maintain it as far as possible, and have carried out minor modernization works.
Now the time has gradually come to make a decision on what to do with the house. According to an appraisal, the property is worth about €250,000, mainly based on the large plot, while the house itself due to its age and need for renovation was only considered to be worth about €70,000. An energy consultant from the consumer advice center has already assessed the house. Facade insulation, new windows + doors, insulation of the top floor ceiling (mandatory under the Building Energy Act according to my understanding?), renewal of the heating system, cellar ceiling insulation, possible reduction of room height, etc. We have also considered the installation of a photovoltaic system with storage. The location and orientation are optimal, whereas the existing shed roof covering renewed last year with bitumen sheets is less so – just like the outdated and partially improper electrical system in the house.
The energy consultant estimated the costs for an energy-efficient renovation (in 2020) at about €200,000 if we did "everything." Prices are probably higher now.
Of course, we all wish that the sale will not lead to a family rift – which sadly happens all too often, but we remain hopeful ;) In 2020, I still believed that, within the family and considering the condition of the property, a purchase price well below the aforementioned value could be expected – due to the current market situation and prices asked for old properties regardless of condition, I am no longer so sure. Ideally, we would have advice that sits down with us and the three heirs at the table and discusses and satisfactorily regulates all these matters – but I wouldn’t know who does that?! It would therefore be good, at least, to go into discussions with as many experiences, recommendations, and impressions as possible so that we can find an arrangement with which all parties can live. We are somewhat in a dilemma here – on the one hand, especially I have an emotional attachment to this house that must of course be disregarded as much as possible – but on the other hand, both professionally and privately and especially because of our daughter, we are regionally bound. We want to stay in the town and there are, strictly speaking, no real alternatives there, or only ones that are well above the suspected 2x200,000 € and would be a step back in terms of atmosphere. The house and the plot are absolutely unique in construction and always impress visitors. The large masonry outdoor pool is a dream, especially for my daughter. The energy costs, however, are not! So we are somewhat forced in that we actually have to stay there and want to but the financial means will definitely be limited to the speculated €400,000. Preferably less ;) At least for the shares of my aunt and uncle, there is also the real estate transfer tax, which one probably can no longer avoid since the inheritance was accepted 2.5 years ago.
Yes, long story short... what to do? :D To visualize, I am attaching photos from the construction in ’67, a floor plan, and a photo.