Is purchasing a house and complete renovation affordable?

General information about you:

[*]Who are you? Both 28 and not yet married
[*]Are there children? Not yet
[*]Are children planned? Planned in 3-4 years
[*]What do you do professionally? He: civil servant / She: administrative employee
[*]How many hours do you work? Both full-time

Income and asset situation:

[*]What income do you have (gross/net)? He: 3,200 net / She: 2,200 net
[*]How much equity do you have? 200,000 euros (no inheritance/no gifts – all self-saved) Would additionally receive 30,000 euros from her parents
[*]How much equity do you want to invest in the house project? Between 150,000 and 180,000 euros

Expense situation:

I have deliberately kept the expense situation brief.

We have both been meticulously keeping a household budget for over a year and can therefore very accurately state the average monthly savings amount.

This amounts to a total of 2,700 euros.

We currently pay no rent but have to move out of the apartment in the next 4 to 5 months.
We have to pay additional costs.
Since the apartment we currently live in is very poorly insulated, the additional costs amount to 400 euros. These additional costs were already included in the 2,700 euro savings.

We do not live a luxury life and in my opinion manage our money well.

The house of his grandmother is to be bought.

Briefly about the house:
Built 1960
Living space 130 sqm
Plot 720 sqm (standard land value 460 euros per sqm)

Major backlog of renovation (damp basement, new heating needed, house and roof need insulation, roof must be repaired because it leaks, new windows must be installed because the old ones are single-glazed and wooden, if possible underfloor heating should be installed throughout the house. New room layout should also be done)

The house would cost me 350,000 euros (bank advisor says it is worth at least 450,000 euros)

Now to my question:
I am aware that buying the house is feasible. I just have no idea what a complete renovation with new wiring and the above-mentioned defects would cost me? Could someone estimate that? Or would the whole thing then be affordable for us?

I know I could also ask professionals from the respective trades.
And I also know that one renovation is not like another.
But I have now heard prices for a renovation from various relatives and friends.
These ranged between 100,000 and 350,000 euros.
I would also contribute own work to the renovation but still have no idea in which price range the complete renovation would bring me.

Best regards
Kugelblitz

Where is the little house located that such a small shambles is rated so highly? To me, that sounds more like demolition and new construction from an economic point of view. The renovation will easily cost another 250,000 euros given the scope.

Plot 720 sqm (standard land value 460 euros per sqm)

= 331,200 euros plot value (words, words)

= 331,200 euro property value (words, words)

OK, I understood the text to mean that the bank advisor's assessment only concerns the house price and the land price comes on top.

Where is the little house located that such a small wreck is rated so highly? That sounds to me more like demolition and new construction from an economic point of view. The renovation will easily cost another 250,000 euros given the scope.

Located near Karlsruhe

OK, I understood the text to mean that the bank advisor's assessment only concerns the house price and the land price comes on top.

No, the bank advisor would "easily" get the house and land for 450,000 euros according to his statement. That would also fit. Similar prices for such houses were achieved from family.

I would get the house and land for 350,000 euros.