House from 1970 - Purchase advice/assessment

The house was supposed to cost €620,000. No buyer was found at that price. We originally offered €520,000 and now seem to be able to end up at €545,000. Additional costs of 11.57 percent apply. By the way, this is one of the "better" houses we have found so far in our 5-year search...

As long as you are still salvageable in any way, I strongly advise you to take at least a six-month break from searching. Apparently, despair is already driving you to a worryingly flourishing "willingness to invest." Even the text alone would have justified a strong shake of the head; to top it off, you even want to increase the already generously said offer for the purchase price before shelling. In combination with the pictures, I see even more clearly here a "surprise egg without a bottom." This overall impression cannot be redeemed even by a charming detail like the roof recess loggia. Distance yourselves from this before your banker notes a crazy remark in your file. The place is not worth in Deutsche Marks what you wanted to offer in euros (and the increase even less so).

Maybe one of you has advice on whether this is already a case where you say "hands off," or say lower the price (which probably won’t work anymore), or grit your teeth in this situation.

No, I consider an appropriate price determination hopeless. If the seller dreamed of €620k, the gap is too wide and cannot be closed without loss of face for him. Just attach the hook to this property to throw it into the "Forget" folder. And as said, take a longer search break, otherwise, at your current degree of despair, you will soon only be approachable for the next world- and market- detached property.

Well, if it has to be 800 sqm of land at 600€ in a good location, then such a price is already fitting. There is rarely anything under 500€/sqm land. It gets better west of the A3 motorway - but then you are in Duisburg.

I think it doesn't have to be…
You filter out one no-go after another for yourself, e.g. no terraced house, no semi-detached house, no this or that, and then you eventually only end up with old buildings with high renovation costs. Here, you end up with nearly a million in renovation… I'd rather reduce the plot size somewhat and go for a new build… of course, as someone unfamiliar with the area, I have no idea what kind of locations these are.

and used ones are often overpriced and old

Are you only searching in a smaller residential area without a radius?
I am always surprised when older properties are put up for discussion here, that when I search on the portals in the mentioned location with a radius of 2 or 5 km, I find properties of comparable size, but planned new builds or similar at a similar or often cheaper price, especially in comparison to an additional renovation.

Mülheim is difficult: if we move north, I need a good 1-1.5 hours (one way) for a 30 km commute.
To the south it only gets more expensive. In the Ruhr area, moving out to the countryside is not easy.
There are districts that are cheaper, but these are ones that are developing towards Marxloh.
New builds here are also priced at around 800-900k with Okal Haus.

Mülheim is difficult: if we move north, I need a good 1-1.5 hours (one way) for a 30 km commute. Going south only gets more expensive. In the Ruhr area, escaping to the countryside is not easy.

In your location, yes – you just have to go west across the Rhine (if work is in Germany). Prices are significantly lower there. I myself live near Moers – there you can get really nice (not requiring renovation) houses for €600k. Land prices are cheaper, but even then you are at best 30 minutes away from the Kö.

Given your location already - you just have to go west over the Rhine (provided work is in Germany). The prices are significantly lower there. I live near Moers myself - there you can get really nice (not in need of renovation) houses for €600,000. Land prices are of course cheaper, but even so, at best you're 30 minutes away from Kö.

Hello Jens,

I grew up in Moers, first in Eick-West, then in Hülsdonk. We actually looked for some time in Moers, but even there there were only overpriced houses that still needed renovation/repairs. However, I haven't searched there for a while. Unfortunately, we both work in Mülheim and the A40 is a real obstacle.

As long as you are still somehow salvageable, I strongly advise you to take a search break of at least six months. Apparently, desperation is already driving you to a worryingly blossoming "willingness to invest." Just the text alone would have been enough for a severe headshake, and the generously phrased offer for the purchase price before gutting also still trying to increase it. In combination with the pictures, I see even more clearly here a "surprise egg without a bottom." Even a charming detail like the roof-cut loggia can no longer rescue this overall impression. Distance yourself from this before your banker notes a crazy remark in your file. In D-Marks, the place isn't worth what you wanted to offer in Euros (and certainly not the increase). No, I consider an appropriate price finding hopeless. If the seller dreamed of 620k, the gap is too wide and cannot be closed without loss of face for him. Just attach the hook to this property to toss it into the "forget" pile. And then, as said, take a longer search break, otherwise, at your current level of desperation, you will soon only be approachable for the next utterly unrealistic and market-detached property.

I had considered taking a break from house hunting. After 5 years, nerves are a bit frayed, but as incredible as it may sound, this is one of the better offers we have had. I have been offered houses in worse condition for more money... But what is the alternative? Rent prices are going through the roof, we are paying too much money for too little space. Moving out, as I mentioned, is not really feasible. The commutes eat up a lot of time for short distances because everyone drives from north to south in the morning and back again in the evening. Managing kindergarten and soon school, if both parents work, is hard to do without a social network.