Financing - Renovation of old stock with high costs: Realistic?

What about plastering now? Can you do it yourselves or did you really mean cleaning, tearing down, and the like?

I actually mean plastering in the technical construction sense. We can’t do it, but we dare to try and are not afraid if it’s not perfect or if rework is needed.

I really mean cleaning in the construction-technical sense. We can't do it, but we dare to try and are not afraid if it doesn't turn out perfect or if some rework is necessary.

Mmh. That might be an option if you have someone show you somewhere, do a wall together with a professional, and then try the rest yourself. Everyone has to assess that for themselves. For example, I find electrical work much easier. The fact is that doing entire trades yourself often costs builders a lot of time. On one hand, they can't do it as quickly and well, have less time, and not infrequently there are downtime due to injuries. You then might end up paying for delays with apartment rent and the bank’s commitment interest on top. So don’t overdo it with self-performance.

Regarding the actual question, namely whether the architect's cost estimate is reasonable, unfortunately no one will be able to make a well-founded statement from a distance and without knowing all the details about the building.

Friends of ours also renovated a listed half-timbered house and one cost driver was indeed a very "picky" monument protection office. For example, old beams had to be replaced entirely with historic oak wood, which was really expensive in the required length, thickness, and quantity. Visually, new beams could probably have been treated in such a way that essentially no difference would have been visible, but that was not accepted. I am not familiar with half-timbered houses and do not know if this is always the case, but at least our friends' architect had not taken this adequately into account in the cost estimate. However, your financial framework sounds as if a few additional costs could still be manageable.

I wonder whether with a 3000 sqm plot there might possibly be the option to divide it and sell one half as a building plot? If that were an option, you would have a great buffer for unforeseen budget overruns or other expensive wishes, which might alleviate some worries. One could wait to see if it is necessary at all and then decide whether to live somewhat more frugally or to have a smaller garden.

I actually mean plastering in the construction sense. We can't do it, but we believe we can and are not afraid if it doesn't turn out perfect or if we have to do some rework.

Hallelujah, I've done a lot myself on my construction sites, but to do exterior and interior plastering yourself, and preferably without a plastering machine, silo, or anything like that – I might reconsider that or look for other options for self-performance.

I read a bit here and one question really makes me want to ask: Why do you want to start a construction project that costs more than €600,000 with this salary and just €40,000 in reserve? Probably more like €700,000. Save up to €250,000 first and see how fast that goes. Then you will have a feeling for it and won’t go into such massive debt. Something’s off, I don’t have a good feeling about your plan.

I have read a bit here and a question tempts me to ask: Why do you want to start a construction project costing more than €600,000 with a salary and only €40,000 in reserve? Probably more like €700,000. Save up to €250,000 first and see how quickly that goes. Then you will have a sense of it and won't go into such immense debt. Something's fishy, I don't have a good feeling about your plan.

I actually find the original poster's motives quite understandable: the current apartment is now clearly too small, so a move is necessary, but then with a significantly higher rent (currently still a cheaper old rental agreement). According to your suggestion, the OP and family could save less than now, waste money on rent, and remain cramped together for years. Instead, there is the prospect of a beautiful old house with a lot of living space and a huge garden – so I would know what I would choose if it were financially reasonably possible. You only live once, children grow up quickly, the years pass by, and in the end, you regret not having been a little brave. The financial situation is now relaxed enough to be able to dare a little.