Is home buying advice an outrageous offer?

  • Erstellt am 2024-06-25 06:55:18

nordanney

2024-06-25 11:54:19
  • #1
So renovation, for a refurbishment the budget is by far not enough. That is a meager 340€/sqm – basically a paint job (floors, walls, heating – then the money is already gone). If the condition is really that old, then better stay away from it. P.S. Do you have no equity at all that the installment is so high? With a 450k loan, the installment should still be well below 2,000€, supported by a decent rent from the large granny flat. I find both your calculation of the renovation costs and the financing quite strange, to say the least (that’s the real estate financier speaking from me).
 

Prostore

2024-06-25 12:01:31
  • #2
Correct, it is a 100% financing. With the 4.38% interest rate, happiness is perfect, then a maximum of 2% repayment and we have this high rate, but we cope well with it, and one person alone can easily manage the rate along with the living expenses. However, if another 400 euros were added on top, it would be too tight again.

PS: 2600€ with a 500k loan

Fortunately, I can do everything myself, so only the material costs remain.
 

nordanney

2024-06-25 12:13:54
  • #3
But that does not change the fact that it remains only a superficial renovation. You cannot afford a thorough refurbishment with that. I would not do it (and I am currently carrying out a major renovation myself), because according to your description of the property there are too many issues that you usually do not take on when living in the property.
 

ypg

2024-06-25 12:27:25
  • #4
I simply say: the house is one step too far for you with a 100% financing, whether for better or for used. A granny flat also has to be paid for. Question to For renting out the granny flat, does it necessarily have to be brought up to a current energy standard?
 

nordanney

2024-06-25 12:33:08
  • #5
No, of course not. Although I would omit the energy aspect. It does not have to be brought up to current standards – no matter what the matter is. But a good (energy) condition helps with renting, poor condition in rural areas can very easily lead to structural vacancy – meaning permanently unrentable. Heating: normally affects both apartments equally Exterior insulation: you cannot exclude the granny flat Entrance area: the main entrance including the stairwell usually affects both units directly Roof: regardless of the type of house The ONLY MUST are the measures to be carried out upon change of ownership, if applicable due to legal requirements (possibly insulation of roof/top floor ceiling, pipe insulation, heating).
 

Grundaus

2024-06-25 14:11:44
  • #6
even for a 100% financing that is a lot, it should stay below 4%. Separate financings and renovations for the granny flat
 

Similar topics
17.02.2012Floor plan - house with granny flat23
22.10.2012Single-family home financing - thoughtful after first bank discussion17
14.07.2015Single-family house with a granny flat, how much did you pay?23
08.05.2016Renovation & Attic Expansion: KfW? Cost-effectiveness vs. New Construction?18
19.06.2016Please provide assessments and tips for buying a house16
06.09.2016House financing + renovation11
25.10.2016Apartment sale, now the tax office is knocking17
01.12.2016Financing: What interest rate lock? What goes into the budget?41
01.03.2017Definition of a granny flat20
05.04.2017Construction financing for a single-family house with a granny flat22
07.04.2018Apartment for parents: 210 m² single-family house and 80 m² apartment129
09.12.2018Opinions on the single-family house with a granny flat floor plans54
31.03.2019Single-family house + granny flat on a slope with flexible use30
22.04.2020Single-family home financing through stocks39
30.03.2021Financing house purchase, renovation, and extension16
06.12.2021House Purchase + Renovation - Which Strategy17
02.09.2022Floor plans of a single-family house with a granny flat, 280 m2 on a pleasantly small 320 m2 plot86
10.10.2022Financing single-family house with granny flat for parents39
18.07.2024New building with granny flat: Photovoltaic - Electricity - Heating16
14.08.2025Financing with or without planned renovation?20

Oben