Estimating Renovation Effort for 1920s REH

We have the opportunity to buy a house.

Year of construction: 1920s. Renovations have probably not been done in the last 10 years. Before that, regularly. The roof is from the 80s, made of clay tiles and was insulated with glass wool. We would leave it as is for now.

The footprint of the house (outer walls) is about 8 m wide and 9 meters deep. 2 full floors, 1 with a slight slope and dormers.

In the basement, there is a gas boiler for heating; hot water is generated by a tankless water heater.

The electrical system still appears adequate. There are occasional fuse wire fuses and no RCD, but for the stove there are already 3 wires with "modern" fuses at one fuse box per floor. We feel that we would leave it as is for now, or should this already be changed before moving in and completely updated?

We are planning the following:

-New gas boiler
-Reroute hot water over the boiler (from the basement to the ground floor, 1st and 2nd floor). What is the cost per running meter of copper including labor, etc.?

-New windows about 1.20 or 1.40 meters wide. On the ground floor, with security options such as mushroom cams. Is it also advisable to use higher security standards for the glass?
A total of 10 windows + 2 Velux. 3 of these on the ground floor.
We would probably choose double glazing since the facade is not insulated. Is that sufficient? We are afraid that triple glazing might cause moisture on the walls.

-Entrance and terrace door

-New flooring on all floors. Laminate or vinyl or similar. The wooden floors definitely need to be leveled because they are very "wavy".

-Possibly a new bathroom on the 1st floor. Although we do not yet know how many square meters it would be for tiling. 1 toilet, 1 shower about 1x1 m, washbasin, towel radiator. Possibly also relocating the bathroom to another room.

-Possible insulation of the facade. If it is worthwhile. Do you have any information that could serve as a guideline?

Even though the information we have so far is rather sparse and no precise statements can be made, we would still like to get a rough overview of the costs we will face. Also, regarding the exact procedure and whether it already makes sense to hire an architect for planning and supervision for this kind of construction project, we are still unsure.

Maybe there are average costs that can be roughly estimated for such things.
Should a structural engineer be hired for wooden floors from this period if a bathroom is relocated to another originally simple living space?

We would roughly state estimated costs of about €100,000 to the bank. Is that set too low?

Possibly insulation of the facade. If it’s worth it. Do you have any information to refer to?

Financially, it probably won’t be worth it. But living comfort increases significantly.

Without facade insulation, I would estimate €50,000-€60,000. Your estimate is therefore appropriate.

May I ask for some information about the location and price of the house?

May one still know something about the location and the price of the house?

Thanks in advance for the first assessment!

The location is in the Ruhr area and the purchase price is supposed to be €300,000.

According to the seller, the market value is €190,000. Perhaps you could also provide an assessment here as to whether the purchase price or premium is justified in the current market situation.

Where does the seller get this market value appraisal from and how does he himself justify selling so far above market value? 300k seems cheap to me for what you describe. But the price depends on location, location, location. And the house is of course almost 100 years old. I have read that for a stone house one roughly assumes a useful life of 100 years. Accordingly, the house would be worth 0€ and the price of the land would be decisive. Of course, there are also many older houses, just as a thought. With an additional 100k, I would also say that should be enough for the planned renovation.

According to the seller, the market value is €190,000. Maybe one of you could give an assessment again whether the purchase price or markup is justified in the current market situation.

wow market value 190k, sales price 300k plus extensive renovation costs.

What do comparable properties in the area cost?