Financing house purchase, renovation, and extension

Where is that then? 600k for a 60s joint seems very ambitious to me.

Good morning,

the property is located in Münster/NRW. The standard land value here is around 400 €/m2.
Regarding the later value of the "Bude," this worries me the least.
We are paying 210,000 € for the land (1000 m2) including the house (including ancillary costs 230,000 €). In my eyes, this is rather a stroke of luck.
The costs for the renovation and the extension are not exactly cheap. But here the house is basically being turned inside out. However, demolition is out of the question for us, as the charm of the house is to be preserved. In my calculation, I based it on the most expensive offer (320,000 €) plus a buffer of 50,000 €. So whether 600,000 € will actually be spent is relatively uncertain at this point.
Accordingly, I have no critical thoughts about the value of the house. It was really only about the ratio of salary to installment and salary to loan amount for me. And here I have already been very well assisted.

Thank you very much

The renovation volume will probably amount to a complete core renovation. After the measures are completed, the property will then be comparable to a new building - the bank also values it that way with the appropriate documents. And well-renovated old buildings in a central location (with 400 m² BRW in NRW) are definitely in demand :) I find nothing to criticize about your financial situation. I also consider it feasible with a child.

Good day, yes, it will be a complete renovation. I did not mention that explicitly. It was also because, as I said, I have no concerns about the overall value after the renovation/extension. According to initial assessments, the extension alone with the property and the unrenovated old building would be enough to exceed the total costs. I have no worries here and don’t find this "ambitious" at all. As already mentioned, it was only about the ratio of salary to loan amount or loan installment for me. One doesn’t take out such a sum every day, and it should be a decision for life. Therefore, your opinions and assessments have helped me a lot. Thank you

With complete renovation, I mean core renovation ;).