Is purchasing a house and complete renovation affordable?

- 300k€ is already a huge amount *gulp
- 400k€ for the plot according to the standard land value is unfortunately the case. The price has risen enormously in recent years.
A real estate agent recently stated that he could achieve about 600k€ for the plot + house in its current condition.

Now I’m lost. You quoted 400k as the purchase price in the opening post. How does that fit with the possible 600k? After all, no one is giving anything away for free...

Sale within the family. I guess that price maximization is not the priority there, but rather that one wants to do something good for the family. That's great for the OP and actually makes the whole thing even more attractive for him.

Now I’m lost. You stated a purchase price of 400k in the opening post. How does that fit with the possible 600k? After all, nobody just gives anything away...

Sorry, I didn’t mean to leave anyone behind here.

The house is being sold within the family. Since there is a wish to keep it in the family, we would get a "special price." (I may have mentioned this somewhere before)

Either way, 400k€ for an old house is quite normal to cheap these days depending on the location, but I still wonder how others do it who aren’t lucky enough to get a house at a lower price. Our salaries aren’t that bad either...

One way or another, €400k for an old house is normal to cheap nowadays depending on the location, but I still wonder how others do it who are not lucky enough to get a house cheaper.
Our salaries aren't that bad either..

Those who have less money rent, live in a cheaper area, or only do basic renovations themselves.

I am sure you can make your house nice for a low five-figure amount. Then you'll just have old painted radiators and doors, only Wi-Fi instead of a network in every room, (old) tiles somewhat smaller, no hanging bathroom furniture, etc. And instead of €30,000 for facade insulation, you'll spend €1,000 more per year for 30 years on heating ;)

But don't look at others, look at what you want and whether you could make that happen.

Sorry, I didn’t mean to outdo anyone here.

The house is being sold within the family. Since there is a desire to keep it in the family, we would get a "special price." (I may have mentioned this somewhere before.)

Either way, €400k for an old house is normal to cheap nowadays depending on the location, but I still wonder how others manage who don’t have the luck of getting a house more cheaply. Our salaries aren’t that bad either..

Hello,

we also built in Cologne and moved in a month ago. At those prices, I would buy without much hesitation. Currently, we have a construction cost (BRW) of about €900/sqm, trend rising, and a plot of just under 400 sqm. If you look at the price development of recent years, combined with the calculations of demographic change, which e.g. a KVB and many others have to make, you have to be aware that Cologne will soon approach 1.2 million inhabitants - meaning it will get tight and the offers even scarcer than they are now.

Regarding your question about what others do who can’t buy a plot cheaply within the family, I can tell you that they either A) earn better, or B) simply go into more debt, or C) just don’t dare and give up. What you earn together is a solid basis and not bad, and definitely worth signing for, but nowadays you can also earn that alone, and from that perspective, for an expensive house, you just have to find one "fool," not several. In a metropolitan area, however, this is not difficult. Even if the house were sold for €600k, people would be lining up.

The enumeration clearly still lacks inheritance or financial support from the parents.