General information about you:
[*]Who are you? Both 28 and not married yet
[*]Are there children? Not yet
[*]Are children planned? Planned in 3-4 years
[*]What do you do professionally? He: civil servant / She: commercial clerk
[*]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 (nothing inherited/nothing gifted – all self-saved) We 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 precisely quantify the monthly savings performance on average.
This together amounts to 2,700 euros.
We currently pay no rent but have to move out of the apartment within the next 4 to 5 months.
Utilities must be paid.
Because the apartment we currently live in is very poorly insulated, utilities amount to 400 euros. These utilities were already included in the savings performance of 2,700 euros.
We don't live a luxurious life and, in my opinion, manage our money well.
The house to be purchased is his grandmother’s.
Briefly about the house:
Built in 1960
Living space 130 sqm
Plot 720 sqm (land value 460 euros per sqm)
Large backlog of renovations (damp basement, new heating system needed, house and roof must be insulated, 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. A new room layout is also planned.)
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 purchasing the house is feasible. I just have no idea what a complete renovation with new wiring and the flaws described above would cost me? Can anyone estimate this? Or would it even be financially viable 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 heard from various relatives and friends prices for a renovation.
These ranged between 100,000 and 350,000 euros.
I would also contribute my own labor to the renovation but still have no idea in which price range the complete renovation would put me.
Kind regards
Kugelblitz
