Good offer for house purchase?

Hello everyone, I (23) have looked at a terraced house in our neighborhood with my girlfriend (22) that is being sold for 88,000 euros. It is the same house in outline as our house in which I currently live with my parents. Only it is not an end house, but stands between 2 houses. Windows, doors, roof (is converted), bathroom and garden need to be renovated. Wooden ceilings and painting work still have to be done and furnishings (kitchen, bathroom, living room, bedroom) need to be newly purchased. An oil heating system was installed 2 years ago. The homeowner wanted to renovate the house now (tiles, wooden ceilings, etc.) but we would do that ourselves and therefore I was already able to lower the purchase price to 77,000 euros and will try to get it down to 75,000 euros :). Equity is available (30,000 euros). Now I wanted to ask if I have overlooked anything important that one should look at to avoid unexpected costs, e.g. building damage or incidental building costs. Net income man: 1,500 Net income woman: 1,300 Thanks in advance for answers :) Best regards Chris

Hello Chris!! For me, the question is what the homeowner would really renovate now Tiles, wooden ceiling, etc....???? What about the roof, windows, doors, paint... What I am getting at now: Maybe it is better if you let everything be renovated and pay the 88000- and don't have to spend any renovation costs. So the most important thing now would be to clarify what exactly he means by what he would renovate, then you should deal with what exactly that would cost you so that you can then compare. Cheers ;)

Hello Jackal,
He would only remove laminate floors and wallpaper remnants, he would leave the bathroom and the old wooden ceilings as well as the windows, doors, and garden.
But you’re right ... I’ll have to talk to him again at the next appointment. I probably managed to negotiate the price down so much because he already knows us by sight, we come from the neighborhood, and he wants to get rid of the house. That’s how it seemed to me...
I just hope that there are no construction defects in the house that you can’t immediately recognize as a layperson.
Well, and as I said, I’ll have to take care of the doors, windows, roof, and bathroom financially myself.
Best regards, Chris

Hello Chris!! I would, in your place, take a close look at everything again and make a plan. What is really needed: quantity of windows, doors, m² roof area, tiles, m² floor. Then use the collected data to get prices and see what the bottom line really is. It's true, it sounds good that he already lowered the purchase price by 11,000.- but what it is actually worth can only be estimated. After that, you have a precise guideline that you can maybe use to negotiate the purchase price down further. How is it looking with the electrical wiring, water connections, hot water, etc.? Best regards ;)

Everything should actually be fine, but I haven't really gone into it in detail. What needs to be considered? [Warmwasseranschluss] is available but not yet connected.

Mhh I would seriously consider:

a) do I really want to live almost next to my parents
b) why does the seller urgently want to get rid of it
c) will one be happy with a townhouse
d) how did someone two years ago come up with the idea to still install an oil heating system?
Have them show you how high the consumption was in recent years and then just for fun calculate it at 1€/L, which we still had last year.

The price initially doesn’t sound too bad, although you can’t really place which area you live in and what the prices are like there, plus what the actual condition is and then how big the building and property are.

Positive is definitely the equity at that age, but still you need a lot of money from a bank for renovation costs and furniture and are you already 100% sure about your partner choice in your early 20s? If not, you could quickly end up without a house again and have a lot of debt on your shoulders than you think.