Financing single-family house purchase price 365k, additional construction costs 150k, renovation?

2023-01-23 11:09:39

Congratulations, good and well-considered decision from my point of view.

2023-01-23 11:13:30

The house is worth €288,000 according to the appraisal and costs €365,000 + additional purchase costs.

Well, then I would present the appraisal and only offer €288,000. Or less. The question is, what is the land worth, and how much is the house worth. Whether the house could only be torn down after another 30 years I consider too pessimistic. At least as a blanket statement without knowing the property.

2023-01-23 11:14:21

Addition: Equity would of course not be 140k after deducting rent, but probably still very weak at around €80,000 (2300 – 1300€ rent = 1000€ x 48 = 48,000€ + current 30,000€). Naturally dependent on rent development, living expenses, salary development, etc.

2023-01-23 11:16:27

Well, then I would present the appraisal and only offer €288,000. Or less.
The question is, what is the land worth, and how much is the house worth.

I think that the house can only be torn down after another 30 years is too pessimistic. At least as a blanket statement without knowing the property.

BRW currently actually only €150 per m²

An 80-year-old timber frame house of pretty much the first generation of prefabricated houses will - I estimate - not be renovated again and be lived in for another 30-40 years by many people.

2023-01-23 11:36:46

If you have actually already moved on from it, then you have nothing to lose by making an offer that is acceptable to you. Maybe the broker is just haggling right now, and it can't get any worse than a no.

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Financing single-family house purchase price 365k, additional construction costs 150k, renovation?

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AndreasB.

AndreasB.

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