House sold for resizing

Hello HuggyLilli,

to narrow down your (possible) thinking error, one would need to know whether you live alone, how high your monthly expenses are, and/or whether there are still children on your list of expenses.
If you live alone, you could, for example, bear a monthly burden of €1000, which would currently be enough for a loan of about €200,000, which you do not even need yet. What you are lacking is therefore (probably) at most some time to increase your equity or possibly a somewhat higher-interest renovation loan, which you can cover with your salary.

I think you should simply talk to 2-3 banks/financers.

Best regards
Dirk Grafe

Hello Dirk,

no children, the house would be occupied with my partner, but I don't plan to include him to avoid problems later in case we ever separate.
2000,- net, I wouldn't want to pay more than 650,- per month for the installment so that I have some money left over.
I will now make an appointment with my main bank to assess the situation.
It did shock me a bit, after all, I have been paying off my house for 7 years and only sold it because it is simply too big and so is the garden. It would be unthinkable if I couldn't get something smaller now!

You can also specify necessary renovations/modernizations to the bank... but, what does the bank say? It seems to me as if you haven’t even asked yet?! The situation doesn’t look that bad - don’t worry too much about the loan-to-value ratio etc. It’s important that you can manage the repayment (especially with public service) and that you don’t step into a trap with the used house.

Hello everyone,

in my opinion, if so many repairs are necessary on the house: hands off! Look for another property. Banks consider renovations, refurbishments, and modernizations to increase the value by about 50 to 75%. Cosmetic repairs, e.g. wallpapering, painting, etc., count as ZERO! New heating, new bathroom usually at 50%, new roof e.g. at 75%, insulation, cladding, new plaster also have a value-increasing effect!

Hello everyone,

I am of the opinion that if so many repairs are necessary on the house: hands off! Look for another property.

One wonders why!? We have purchased a property ourselves, partially remodeled it, relocated rooms, and thoroughly renovated it – but then it looks exactly as I imagine it and don’t have to keep it as the previous owner envisioned it. Some shy away from major renovations, others see it as an opportunity – ultimately a matter of personality.

Without detailed knowledge of the condition and development possibilities of the aforementioned properties, in my opinion it is not possible to say which property one should or should not buy.

Best regards
Dirk Grafe

I am currently looking exclusively at terraced houses and semi-detached houses built between 65 - 85; of course, there are already big differences regarding what has been done and what still needs to be done. The bathrooms, kitchens, windows, and interior doors are partly still in their original condition. You wonder how some people live.....
Partly the roof would also need to be renewed; the heating systems were already replaced during the next planned viewing appointments.
I have an appointment at my house bank on Thursday to see what would be possible with my equity and salary.

Then there is also the new [Energieeinsparverordnung] - which states, if I understood correctly, that when purchasing a used house, the top floor ceiling must be insulated to a certain value within a period of two years. In this respect, it would have to be done right away so that you don’t have to start again later, especially with properties with flat roofs. Once everything is new and that’s that.

I am particularly keen on the property B from the opening thread because it is a bungalow; living on one level would suit me very well. How much exactly would need to be done, I will see on Thursday during the viewing.

First of all, thanks for your feedback :-)