Is purchasing a house and complete renovation affordable?

Certainly >EUR3000/m2, or with somewhat standard easily >4000, Munich outskirts.

That would be over 400,000 euros for 136 sqm. That would exceed our budget. Our architect and energy consultant have calculated prices between 300,000 and 330,000 euros.

Hmm. Define "major renovation"?

In our case, de facto dismantling down to the shell, only the exterior walls remain standing, since yesterday it's clear that the roof structure will also be redone.

So really the full package.

Close to the price of a new build, with the advantage that we don't need a new basement.

Hmm. Define "major renovation"? For us, de facto dismantling down to the bare shell, only the exterior walls remain standing, since yesterday it's clear that the roof structure will be redone as well. So really the full package. Thus, roughly at the price of a new build, with the advantage that we don't need a new basement.

That's how it looks for us too. Dismantling down to the exterior walls. Electrical, water, roof, insulation, windows, bathrooms, heating Those are the biggest components. We ended up between 2200-2500 euros per sqm

To keep you updated on the current state of affairs and to summarize briefly.

Property:
House 136sqm (built 1958)
Plot 719sqm (land value 480 euros per sqm)
--> Purchase price 325,000 euros
Additional purchase costs amount to 2%. Property transfer tax is waived (house purchase from grandma) and there is no realtor.
Ultimately, a purchase price of 331,500 euros results.

Core Renovation:
A core renovation is planned - target efficiency house 70EE.
Architect and energy consultant estimate 300,000-320,000 euros for this.
Offers for windows, roof, and photovoltaic have been obtained.
Windows approx. 30,000
Roof approx. 40,000
Photovoltaic approx. 20,000
Further offers (heating, facade etc.) should arrive in the coming days.

About Us:
Both now 29 years old with no children.
5,500 euros net per month.
Available capital 225,000 euros - of which we want to contribute 180,000 euros as equity. - This leaves a buffer of 45,000 euros.

Financing:
331,500+320,000= 651,500
651,500-180,000= 471,500 financing amount

About the loans:
2x Kfw program 261:
110,000 euros at 1.65% interest and 2.69% repayment
110,000 euros at 1.65% interest and 2.69% repayment
Bank:
251,500 euros at 3.25% and 1% repayment (we have already considered increasing repayment to 2%)

=795 euros Kfw + 890 euros bank --> 1685 euros monthly installment

Two considerations are still on our mind:
1. To borrow a bit more money from the bank (between 20,000 and 30,000) in case unexpected costs arise during the core renovation.
2. To increase the bank repayment to 2%.

After completion of the core renovation, we are entitled to a financing grant of 25% through the Kfw loan. (15% through the efficiency house 70EE and 10% additionally because it is currently a worst-performing building)

I hope you have an overview of all the numbers.
Your opinion on the project with the final figures would now interest me :)

Best regards
Kugelblitz

The 25% is only for the KfW loans, right?

I'm curious what the offers for heating and facade will say - those will probably each be more expensive than the roof.

Otherwise, I find the rate okay for now, but it could get tight if children come. I don't think increasing repayment with the bank is necessarily needed or advisable - you are paying off the KfW loans more for that.

The 25% is only for the KfW loans, right? I'm curious what the offers for heating and facade say – those will probably each be more expensive than the roof. Otherwise, I find the rate okay for now, but if children come it could get tight. I don't think it's necessarily necessary or advisable to increase the repayment with the bank – you are repaying the KfW loans more for that.

Yes, correct, only for the KfW loans. I assume the same. Both will become more expensive.