Cost of renovation?

Hello,

I am new here and signed up because I am looking for and need help with my future house.

I was offered a house (8x8m, 2 floors, fully basement) with a 900m² plot in the middle of the beautiful city of Potsdam for approximately 90,000 euros, because the owner knows me very well and has no heirs himself (he is not doing well, has to live in a care home, the house has already been empty during the winter). However, I am single and have an income of 1500€ net, the financing for the house would not be a problem because acquaintances would lend me the money (+20,000 euros for renovations) and I would pay it back without interest in 25-30 years at 400 or 450€ per month. Insurance, taxes, GEZ, as well as car insurance I would pay from the 13th monthly salary, I had it calculated, it would cost about 900€ per year altogether and that would cover everything.

My job and thus my income is secure (to guarantee the duration of the loan) because I work in the public sector, I am 25 years old and have good experience in handicrafts, would do almost everything myself (have many craftsmen in the family).

So much for the starting situation, now to my problem, what should I expect? Since I have known the house since childhood, I know that a lot has to be done because the house was built around 1935 or so. Five years ago, the roof was newly covered and the facade insulated and plastered but the basement is apparently damp (not insulated) and some walls would have to be removed (I know where the load-bearing walls are), stairs renewed, windows and doors new and basically every room renovated.

Is this doable with about 20,000 capital and me saving 400€ monthly from my salary to save for certain repair costs or would you advise me against it? What should I pay attention to before the purchase? The heating system is currently a wood/coal stove, by the way, that might also have to be redone. Where does one start? Are there perhaps also subsidies? And even if you do everything yourself with friends and relatives?

Hello

There are funding options, try searching for kfw.
I can roughly explain what I am currently doing.
It was actually supposed to be a report on the heating system. However, since everything is connected in the renovation, I described the entire process of our planning there.

Rough overview (more under the link):
House built in 1956 bought from relatives for 40,000€ = equity (friendship price).
115,000€ loan for the renovation, which is roughly divided as follows:

50,000€ subsidized loan from KfW for:
-Roof renewal with insulation (approx. 25,000€, 130 sqm)
- Completely new heating system (previously, with 155 sqm living space, only 3 nocturnal storage heaters were installed) Costs approx. 22,000€ including gas connection, chimney renovation, etc.
- New front door, new hallway window (approx. 2500€)

60,000€ loan from the bank for:
- Water and wastewater pipes completely new
- Electrical installation completely new (own work since electrician)
- Various breakthroughs
- Balcony waterproofing
- Partially new interior doors
- Bathroom completely new
- Kitchen completely new
- Floors (old floorboards) exposed and sealed
- Wallpaper, paint
- etc.

20,000€ is already a tight number.
Read a bit in the forum about energy savings.
A heating system you should probably invest in (want to?) costs for example, in the form of a heat pump, certainly 18,000-20,000€, especially if the pipes etc. still have to be done.

Hello, first of all, thank you for the information and sorry for the missing paragraphs, but for some (to me unexplained) reason, it removes all paragraphs from the text when sending... Hmm I feared that this would be told to me, but I have to say that I plan to do everything little by little and not all at once. The roof is covered for now, I want to keep the heating as stove heating or possibly switch to pellets, of course I want to renew the water, heating, and electricity lines, it can also take 1-2 years until moving in because I currently live rent-free next door and am therefore not pressured by anything. I just wonder what can still be so expensive? For example, I looked at a complete bathroom including tiles and furniture for about 2500€, a kitchen comes to about the same price, and I basically still have everything for the living room (so only wallpaper, laminate, and paint would be needed there), the other rooms will be done little by little... Or have I forgotten something? Of course, windows and doors might be needed for the rooms you want to renovate as well as underfloor heating everywhere, but for the 3 rooms I think I come to about 15,000-20,000 euros at least...

Do I understand correctly: You want to renovate for 20,000?

Heating
Pipes
Windows and doors
Underfloor heating
New screed
New bathroom
Wallpaper and laminate
...

And for that, you are coming up with 15,000-20,000 €? I would be really interested to know how you calculated that.

No, the heating is of course not included in that. For 15,000-20,000, I only have the bathroom (sink, toilet, bathtub, tiles, pipes) at about €2,500, the kitchen (tiles, Ikea fitted kitchen, pipes) at about €3,000, and one room that will probably be the living room, where I already have the furniture, only the laminate flooring and the wallpaper as well as paint are still missing (about €2,000-3,000)... That would be roughly €9,000, and from the €11,000 I would then use for the windows (in the 3 rooms that would be 3 windows) and a terrace door as well as the front door and the preparation for the underfloor heating...

Such a question simply cannot be answered. On the one hand, because no one here knows the house. And even if they do, there will always be "surprises" that you did not expect. No one here knows how high your demands are and how your personal contributions (and those of your helpers) should be valued. In my opinion, you will not get very far with 20,000 euros. Regards