House purchase - Is our planning working?!

Man, you guys are trading a new building for an old one that now appears to need even more renovation.

So if you’re still willing to throw in 50-100,000 €.............. I wouldn’t do it!

It would have to be a super duper dream property.

Man Leute ihr wechselt Neubau gegen Altbau was sich jetzt als noch renovierungsbedürftiger darstellt.

We were aware that something needed to be done. But it was presented differently beforehand. And what actually needs to be done now is no longer in any proportion to the purchase price. Even the real estate agent already said that the owner’s asking price is totally over the top... We definitely do not shy away from renovating a house, but it should not exceed our financial means or the local customary real estate price.

You are not forced to buy anything. The house now has a price of €477,000 (377k + 100k renovation). Strictly speaking, you now have to ask yourself, what do I get for 477k on the market without major renovations.

Strictly speaking, you now have to ask yourself, what do I get for 477k on the market without major renovations.

You won't find anything here anyway that wouldn't need to be renovated or modernized. For that price, you might as well build new. Provided you find a plot of land.... and that's more difficult than simply buying something existing and modernizing it. However, that is still well above market prices.

Just for comparison: we could have had a house for 440k that only needed renovation. If it weren't for the problem with the rising groundwater...

My brother bought something of roughly the same size last year. I think he paid about 220k and has modernized the house with all sorts of bells and whistles, and now it's roughly at 420k.

If we were to renovate the house for "only" 100k, that would be the simplest of the simple and with a lot of personal effort. So that only pays off to a limited extent...
That's why our approach with the price. If nothing can be done there, then we're probably better off with something else that is cheaper and better.
If we find anything....

With a tenant like that, who is not even willing to show the apartment, you are buying problems that you don’t need. Period!