House too expensive, please share your opinions

Sorry, I have to give a warning here:

It reminds me a bit of bargain building deals on RTL2 - as long as it’s cheap and then we’ll see!

I don’t know if you’re doing yourself a favor with that.
You need solid potential in your own craftsmanship knowledge + skills as well as equity.
... to achieve at least a somewhat livable quality that is better than a rental property.

You have to weigh up: the unconventional freedom that a plot with a converted half-renovated house brings or an apartment where the freedom lies in living without the obligations of a loan.

Sorry, but I have to warn you:

It reminds me a bit of bargain properties on RTL2 – cheap at all costs and then we'll see!

I don't know if that will do you any favors.
You need solid potential in your own craftsmanship knowledge + skills as well as equity.
... to even achieve a reasonably livable quality that is better than a rental property.

You have to weigh: the unconventional freedom that a plot of land with a converted half-renovated house brings or an apartment, where the freedom lies in living without the obligations of a loan.

seems that way to me too. Especially with a house, I wouldn’t skimp, or rather be careful not to get ripped off.

Construction expert, I am completely serious when describing the property. Why should I pay the full land value for a run-down shack on the plot!? I pay the full land value when the plot is undeveloped and one can start right away.

Best regards
Dirk Grafe

Hello,
thank you for the answers. I informed the realtor today that the house in this condition is too expensive for us. It's pointless; that would really be a bottomless money pit.

As I found out, three other couples before and after us came to view the house, all of whom fled as soon as they had seen it. My husband also tried to negotiate the price, but the realtor and owner were stubborn, as if thinking there will still be some fool who buys it for 79,000 euros.

I found it quite funny how they downplayed everything during the viewing:
- there is mold on the wall = oh, there was just a wardrobe in front of it
- there is no heating in 4 rooms = you don’t need that (yeah, why would I, I just grow penguins)
- the electrical wiring, switches, and sockets are from the 50s = back then that was still quality

I could go on forever like this. I can somehow understand that the old man thinks his house is okay and you can move in next week, but the realtor should really see reality, although here probably only his high commission counts.

I also just found out that only about 3/4 of the property belongs to the homeowner, the rest is leased from the municipality.

If you're interested, you can track the price in the coming months/years - I think it will still drop rapidly.

Regarding the lease: the land fully belongs to the owner, it is only partly leased, and it would be interesting to know for what purpose it is leased and what the lease generates.

The real estate agent told us that the rear part of the property, about a 1/4 portion, does not belong to the homeowner (there is a shed, apple trees, and junk), it is leased from the municipality and the homeowner pays about 50 euros per year to the municipality for it. We were told that if we do not want it, the lease agreement will simply be terminated and we would then have to remove the shed and junk, move the garden fence, and have a smaller property. However, this would not affect the purchase price.