House purchase - Is our planning working?!

So now I have it well, so 1 the advisor definitely does not determine the selling price, but the market. Here I also see an unknown factor. Since [etw] is new/was new. It cannot have risen tremendously in value. 2. New house is 180 - 65 = 115 sqm. Is that enough for you with a child or do you have to look again? If you have to look again, then really look for something bigger.

The consultant can tell you a value of what the demand on the market looks like, but that is of course something different. BUT what is currently being paid for real estate here is amazing. No new plots are being allocated in the city, so the land value alone sometimes already amounts to 200-300,000 euros.

115sqm would be enough for us. If necessary, the 650sqm large garden must be used for playing around.

We visited the house today and there were quite a few surprises compared to the previous description:

- the price of 377,000 is supposedly non-negotiable
- more needs to be done than just insulating the basement and the roof
- insulation inside and outside
- replace gas boilers or install central heating
- the walls/doors on two floors differ from the plans and would therefore need to be changed
- one basement wall is somewhat damp
- the attic needs renovation
- new windows
- new bathrooms
- new kitchens
- terrace and basement entrance need to be renewed

AND the lower apartment, where my parents were supposed to move in, is rented out.
We could not even look at the apartment during the viewing because the tenant refused/were not available.

The location and the property are great. We had already roughly brainstormed what could be done.
However, we are quite skeptical about the renovation and refurbishment needs, which no longer stand in any reasonable relation to the purchase price. Unless the owner is willing to lower the price, it’s off the table for us anyway. In our opinion, the renovation and refurbishment costs alone would be around 100-150,000, which would put us over 500,000 euros. Definitely way too much for the house.

It definitely has a lot of potential, but the rented apartment is also an issue. Even if we bought it and declared personal use, we would have a 9-month notice period... and then there is still the question of whether the current tenant would sue, for example due to hardship or similar reasons.

After the viewing, we are quite confused and don’t exactly know what to make of it.
And so far, it was the only house that was best in terms of structure and location....

What do you think?

I would only buy a rented house if the tenant commits to vacate beforehand - I have my own experiences on that...

I am also extremely skeptical about the whole thing. My gut feeling says "hands off!", but my head says "a lot of potential, location, ...." My partner and I have now agreed that we want to discuss the price again tomorrow. And if the owner insists on his asking price, it is off the table for us.

The longer I think about it, the more I come to the decision "No thanks! We will not be happy with it". I can talk myself into it, but I remain a realist... so that means keep looking. I hope we find something in the next few weeks.