Is purchasing a house and complete renovation affordable?

Especially important: - Type of building (detached, semi-detached house, end-terrace house, mid-terrace house) - Construction type (solid, prefabricated, wooden/concrete ceilings, etc.) - current condition - parts to be replaced / planned trades - development plan / design guideline You can also share the listing, but NOT as a link! Simply provide the ScoutID as a number. If no longer online, the usual applies here as in life: A picture is worth a thousand words.

Type of building: semi-detached house Construction type: solid Current condition.. the following must be renewed: Electronics Floor heating to be milled in Air-to-water heat pump Water pipes new Sewage new 10x windows new 2x terrace doors new small changes to the floor plan 1 bathroom new 1 guest toilet new Facade new including insulation Roof insulation Basement ceiling insulation We do not have a listing, the house is not offered online. It would be a sale within the family.

In our financing thread, the 100-110 rule was often mentioned. So 100-110 x monthly salary = possible loan amount. While 100 is probably fine, 110 represents the absolute upper limit where you should ask yourself if you really want to burden yourself that much. In this case, that would be €540k - €594k. Assuming a part-time salary with child(ren), it would probably be around €430k - €475k. I don’t know whether child benefit is counted as part of household income, but I would leave it out.

I think it could just barely work, but you urgently need to work on your spending structure and exercise some restraint here and there. Unfortunately, I cannot assess the plausibility of the targeted investment volume. I wouldn’t give up right away and would recalculate everything carefully. Where are savings possible in the really high monthly expenses? Where can personal contributions be made? Where do you perhaps know people in the trades who could “do you a favor,” so to speak? Maybe a salary negotiation is also due? ;-)

Thanks for the additional information.

Type of building: semi-detached house

The construction type of a semi-detached house complicates some of the tasks you mentioned. I will address that below.

Electronics
New water pipes
New sewage

You mean the electrical system. By the way, that also means that the entire interior plaster has to be redone. That is sensible anyway, but it was not included in your list so far.

Cutting in underfloor heating
Air-water heat pump

I would reconsider the cutting in. It might make sense to redo the screed as well, especially if it hasn’t been installed as a floating screed so far. Since you have an old semi-detached house with probably very poor acoustic decoupling from the neighboring semi-detached house, a floating screed is one of the measures to reduce structure-borne noise from the neighbor’s semi-detached house. Whether cutting or new screed – you will also be renewing all the floors.

Small changes to the floor plan

With intervention in the structural integrity or the external appearance? If yes -> building permit. Additional costs and waiting time.

New facade including insulation
Roof insulation

Again, a semi-detached house issue: semi-detached houses must present a uniform appearance, even if only one neighbor renovates. Different facades or roof heights (with overlay insulation) are often, but not always, tolerated. Be careful here. By the way, with overlay insulation, you should consider whether you want to reuse the old roof tiles or replace them on this occasion.

In general, this looks to me like a thorough renovation, where except for the shell (and possibly the roof, if you only do insulation between the rafters) not much of the house remains. The 300k € is actually a good basis for calculation.

By the way, keep in mind that renovations are harder to finance than acquiring a property (at market price). The more equity you reserve for the renovation, the better.

Just a tip for everyone interested in renovations, there are really good documentaries on WDR about the topic.

With the search terms “Hogräfer und Binkenstein” or “Abenteuer Umbau” you can find some contributions on the subject of renovation.

with [SIZE=5][B]Hogräfer und Binkenstein for example near Cologne the old smithy ….

On the topic of costly hobbies: if you tie a cabin to your leg, you immediately have a new hobby. You regularly hang around the hardware store, spend hours in the garden, read here and there so that you can do something yourself … there’s nothing left like horses or flying as a hobby…

When I read here how vehemently it is advised against even with high incomes, I cannot understand. Sure, you can’t have everything, a few can (drive a Porsche, go on vacation three times a year, have a horse, fly, get a new watch every month) so you just have to think about how important the wish to live in your own house is to you,[/B][/SIZE]

I also think that 5,400 euros is quite a good household income. It is somewhere between "definitely not affordable" and "definitely do it." As mentioned, reflect on it again, calculate everything thoroughly. Experience and contacts should be given through the architectural activity to create a reliable calculation as a basis for decisions. One should not overextend oneself completely, but also not be too cautious, I think.

I do not necessarily see this as a complete renovation.
Roof insulation between and under the rafters.
Basement ceiling on EL. The electrical work does NOT require the entire interior plaster to be redone. Fill, sand, wallpaper.
I come (if underfloor heating milling is possible) to 200-250K.
Of course, a luxury bathroom and KNX must not be desired.