Financing project as a single with a lot of own effort

- completely renovate the current residential building (unfortunately necessary; my birth house and current accommodation; 4 floors with about 22 rooms). Estimated cost approx. €170,000

So how does that fit together?

the current rental costs (approx. €350) will be eliminated

Who owns the 22-room house? Investing €170K and then who owns it?

Typically, around €350 in additional costs are to be expected for a house (i.e., €2 per sqm).

With €1,700 net, that is tight.

I would first optimize the income side

I would like to explain or rather clarify:

>> Regarding study and work situation:
I am neither a career beginner nor have I dropped out of my studies (how do you even come up with that ;) )
I have been continuously working since I was 16. On the side, I financed myself and completed my high school diploma at an evening school within one year. Afterwards, also on the side, I completed a 3-year part-time study program with Bafög support. Since then, I have been permanently employed in a secure company for about 3 years and absolutely satisfied. (I paid back my Bafög early myself to get the good discounts.) I basically want to stay in the region and actually have no plans to advance further career-wise. The income seems relatively low, but it is not bad for this region.

>> Regarding the current house:
The house is currently in family ownership. However, I rent it. It is agreed that the person who takes it over/renovates it will essentially get it completely for €1.
To be honest, the house in its current state is a money pit. For years, we (family and I) have been putting a lot of money and especially time into it... if you add it all up, you could already have a new house. But that also means I’m used to coming home from work and building until the evening.

If you say 170k with €1,700 is too ambitious, then those are exactly the honest opinions I want to hear.
So, thank you very much already. Maybe we just have to accept that and look for alternatives.

Especially since [Fass ohne Boden] and you have already invested money and work, and now another 170k...

As a beginner, I started with €1950. With that income, I would never have thought about acquiring property. It must be due to the low interest rates.

What I mean to say is, even if you found something for €130k, it wouldn’t change the situation. The installment would only be €100 lower and the situation wouldn’t really be better.

The "bottomless pit" must be sold. Exactly for the reasons that gave the house its name. One should make the cut there in order to strive for quality of life.

I am neither a career beginner nor have I dropped out of university (how do you come up with that ;) ) I have been working continuously since I was 16.

Since then, for about 3 years I have been employed on a permanent basis in a secure company and absolutely satisfied.

I basically want to stay in the region and actually have no intention of advancing my career further. Financial income seems relatively low, but it is not bad in this region.

You have a big advantage over some of the questioners here: You are honest with yourself and do not lie to yourself for a "dream." No one here is entitled to judge that. But the consequence is also that with these premises, building/buying/renovating a house must be strongly discouraged! That does not have to remain forever, circumstances, personal life planning, and your own goals change, you are still young. At the latest, when the right woman comes around the corner, your priorities may change. Then you can/you all can prepare for such a project together. It is simply the wrong time now – as I already wrote earlier.