House from 1970 - Purchase advice/assessment

We actually looked for a while in Moers, but there were only overpriced houses there as well that still needed renovation/refurbishment. However, I haven't looked there for a long time. Unfortunately, we both work in Mülheim, and the A40 is a real obstacle.

Remember, the Rhine bridge is now again three lanes in both directions. So something is possible now. And building land is available here in this area starting at €200 or good houses for half a million. P.S. I can almost walk to Hülsdonk.

I had planned to take a break from house hunting. After 5 years, the nerves are a bit frayed, but

No, no "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?

I gladly believe that – especially in the G-Lader spiral of perception – the "crop" of the observed market increasingly looks more and more frightening. That is why it is so important to wake up from the nightmare, even if drenched in sweat or otherwise, rather than cling to ever more insane purchase price offers.

The reality is by no means that the seller’s desired price of 620k as the house’s value would represent his own loan collateral, and minus your latest offer of 545k would leave a 75k "budget" from which you only have to cover a little bit of electricity and plumbing, and suddenly you would have made a "sour apple bargain."

Instead, you would need a loan requirement in the scratched seven-figure range until the outwardly at least moderately tidy wreck of a property was first chopped down to a shell construction and then "cosmetically renovated" with a fresh coat of paint from 1995/2000; in contrast, the lending value would only reach the "raw purchase price in the prior condition" after this rejuvenation. You would therefore need more than a "150% financing." Whoever has the creditworthiness for that could build new without batting an eye – with cream and gold dust on top, of course.

I hope that makes clear what I mean with the "crazy" note in the banker’s file. The place as a lending object at its purchase price is beyond anything representable. The former co-bidder will not have withdrawn his interest without reason (and in my assumption also not due to some timely awakening of his own free will). Sellers of such properties see their object from a different perspective, comparing it with the cake for which they also pay more in euros than ever in Deutsche Mark at the bakery. For them, it is "clear" that a well-maintained home must have maintained or even increased its "value." There is no coming together on that. But there are also others (objects as well as sellers) – you just don’t see them anymore after five years of the spiral of despair. Therefore: keep your distance and solidify it, in a year the world will look completely different (reality will hardly manage to perform as badly as perception will recover). And only then should you change your strategy – don’t already think about how!

After the summer holidays I’m happy to help, for now concentrate fully on the "operation out of the nightmare"!

How large is the plot / how much does that make up of the house value? It does actually seem somewhat more expensive, especially if the plot is only max 500m².

Since the construction, not much has been done, floors, walls, electricity, copper pipes, windows, etc. are all original from the year of construction.

Bathrooms have been done (that’s the only thing)

That’s not quite true. Let’s look at the house from the other side: 2-family house, basement and upper floor apartment over two levels Parquet Solnhofen tiles Wood-burning stove Staircase (and at least bathroom) new windows Wooden windows (Meranti?) New front door 3 out of 4 bathrooms new Kitchen new Very well maintained … only the basement with the technical equipment is concerning. And probably asbestos on the facade Let’s have an expert take a look in there. It might not be as bad as it seems… but it looks bad! By the way: I wonder what you’re focusing on. Of course, those rotten corners should be looked at and treated with respect. But in your preferred district there are some unrenovated, but also well-renovated gems for a bit less budget, maybe also a bit smaller, larger plot, but with the money saved you could do heating and facade (if at all). I wonder what it is about this house that appeals to you so much right now… is it the size potential? Are the bathrooms the ones that others haven’t done yet? One is a mid-terrace house, which wouldn’t even have to be insulated extensively, the next is build year 2000 and also comes as a detached single-family house. Well, you’ll have your reasons… and I’ll come up with a counterproposal instead of the quiet phase (because you won’t be calm there either): If I were you I would take someone along to the viewings who looks with a more neutral eye. It doesn’t have to be an expert right away, but someone who isn’t put off by an ugly tiled bathroom, but has a view with feasible visions. Maybe you have a colleague, nephew or aunt who can just come along and take a look.

That's not quite right.

let's look at the house from the other side:
two-family house, basement and upper floor apartment over two levels
parquet
Solnhofen tiles
wood stove
staircase (and at least bathroom) new windows
wooden windows (Meranti?)
new front door
3 of 4 bathrooms new
kitchen new
very well maintained
... only the cellar with the technology is frightening. And probably asbestos on the facade
Have an expert take a look. It might not be that bad after all... but it looks bad!

By the way: I wonder what you're looking at. Of course, you should look at those rotten corners and have respect for them.
But in your favored district there are already some unrenovated, but also spruced-up jewels for a bit less budget, possibly also somewhat smaller, bigger plot, but with the saved money one could do heating and facade (if at all). I wonder what exactly draws you to this house right now... is it the size potential? Are the bathrooms, which haven’t been redone in other houses? One is a mid-terrace house, you wouldn’t even have to insulate it extensively, the next is built in 2000 and is also a detached single-family house.

Well, you must have your reasons... and I’ll come up with a counter-suggestion instead of the quiet phase (because you won’t stay calm there either): if I were you, I’d take someone with you to the viewings who looks at it more neutrally. It doesn't have to be the expert right away, but someone who is not put off by an ugly tiled bathroom but has a view with achievable visions. Maybe you have a colleague, a nephew or an aunt who can just watch along.

It doesn’t have to be this house. The searches on the portals are sometimes a bit strange.
My wife and I have the same parameters, yet we still get a delta of 10%.
Also, I have no eye for what is good or bad and we don’t have anyone close by who has "better" eyes, which doesn't make it any easier.
Regarding space needs: my wife and I have 2 days of home office and need a room for working.
If you have links to houses that are better, I would gladly take them.
Asbestos in the facade?! How can I check that? Where do I have to take a sample so that a lab can safely analyze it?

That's not entirely true. Let's look at the house from the other side: Two-family house, basement and upper floor apartment over two levels Parquet Solnhofen tiles Wood stove Staircase (and at least bathroom) new windows Wooden windows (Meranti?) New front door 3 out of 4 bathrooms new Kitchen new Very well maintained

The pictures are well taken. The dog has completely scratched the floors and unfortunately the kitchen is cheap and needs to be replaced. The appliances possibly not. The wooden windows need to be done at least, but after 50 years and poor maintenance, the question is whether a replacement would not be better.