Financing options for a rather high-priced single-family house

I would do it from the inside anyway, as long as there is old insulation inside. Plus the ceiling of the floor. Costs under 5000 in El. You can check the pipes at the water meter. Copper is OK and usually lasts forever. We had steel and completely renewed it. Heating depends on what you want, whether radiators or underfloor heating. What condition are they in? I think the electrical system is fine. Kitchen and bathrooms depend on your discipline. If old tiles are removed, the wall has to be straightened again. That can cost

Take a proper look at the house first. Maybe some work has already been done. You don’t always have to do a complete overhaul. So first take a look and then calmly calculate what is really sensible and profitable.

First, take a proper look at the house. Perhaps some things have already been done. You don’t always have to renovate everything completely. So first have a look and then calmly calculate what really makes sense and is profitable.

The problem with calmly looking is unfortunately that we have to make a decision for or against the house purchase very quickly (i.e. 1-2 days). But if too much needs to be done, we might not be able to afford it – at least that’s my assessment. That’s why we want to be as well prepared as possible. Hence the question about rough costs, so that I can then assess that in the discussion on site with the expert.

The problem with looking at it calmly is unfortunately that we have to make a decision for or against buying the house very quickly (i.e. within 1-2 days). However, if too much needs to be done, we might not be able to afford it – at least that's my assessment. That's why we want to be as well prepared as possible. Hence the question about rough costs, so that I can estimate this in the discussion on site with the expert.

If you take an expert with you, then it will be better and easier. But calculating now is crystal ball gazing. First, take a look! We also had to decide extremely quickly with our old building, I know that. But at least until you have seen the house from the inside, you can’t do much. Look around very thoroughly, especially in the basement and attic. Roof from the outside. Fuse box. In the basement the pipes and heating system. That often reveals a lot. But the expert knows all that as well. Test all the windows, you can immediately see if they might still be usable or not. Sometimes you can achieve a lot just with new glazing.

And you only really know in the old building after gutting it, if that is even necessary. There is always a bit of surprise and risk involved.

Who owns the houses?
Are you married or not?

The following idea: Sell the houses to the partner who financed the house with a loan.
This way, you generate a good amount of equity. You have the debts on the rented houses and can fully deduct them for tax purposes. Furthermore, this likely increases your [AFA (Abschreibung aufs Haus)]. This reduces your interest costs by about 40% and you have to pay less tax on your rental income.
Also, make sure to adjust the rent. It was mentioned somewhere that they are currently rented very cheaply. That is disadvantageous. The houses are old, and eventually renovation and refurbishment costs will come up. The money has to come from somewhere. So increase the rent if there is room for it. You don’t have to push it to the breaking point, but maybe to a market-standard rent.

If you don’t feel like dealing with all this, then get rid of the two houses and pay everything from equity.
If the houses are in your area where you pay 600€ for a daycare spot, then they are certainly worth much, much more than 300,000, unless they are the worst shacks about to crumble soon.

Talk to your (one) tax advisor (who knows about real estate)!

You have enough money, you don’t need to optimize, that is noticeable. But still, there is a lot of room for improvement with you.

Have fun with the topic!