Opinion on a property with hall/workshop

Hello dear ones,

I would like to get your opinion on the following purchase intention. I was asked by a very good friend. Since I am not really knowledgeable in this regard, I hope for constructive opinions here!

It is about a renovated house (270 sqm living area) from 1955 on a 1500 sqm plot including a workshop (230 sqm) + ancillary rooms about 50 sqm.

I tried to determine the standard land value, according to the map it is 82€/sqm².

Asking price 260,000 €. The owner is selling for health reasons.

I know it's two different things what the seller demands and what the buyer is willing to pay. But I would like to share your assessment with her, whether the price is okay or too high.

If the land is worth 1500 * 82 = 123 k.
Would the house be worth 137 k?

It is located on a federal road, about 2 km to the A1 HB-Hamburg. Postal code: 27356

Thank you in advance for some tips

The property will already be worth less, as it definitely would not be fully classified as building land. The standard land value is also just a guideline. Whether the house is worth the remaining value...? Maybe, maybe not. As you already said, supply and demand. Also, what does renovated mean? What is the condition? Etc. With 270 sqm of renovated living space, I would say it is an absolute bargain, and there are also the outbuildings - so there is probably a catch with the property. However, the standard land value indicates that you live far from the action.

The property will already be worth less since it is definitely not going to be fully classified as building land. The standard land value is only a reference value. Whether the house is worth the remaining value...? Maybe, maybe not. As you already said, supply and demand. Also, what does renovated mean? What is the condition? Etc. With 270 sqm of renovated living space, I would say it is an absolute bargain, plus there are also the outbuildings – so there is probably a catch with the property. However, the standard land value indicates that you live far off the beaten path.

Thank you very much for your answer.

After creating the thread, I spoke again with my girlfriend and received the following additional information.

By "renovated," she meant rooms like the kitchen and bathroom. The roof is from the original construction year, the heating system is 20 years old. Despite the "passed" inspection from 02/2016, it will have to be due soon.

Furthermore, it is a commercial property with a residential building.

Is there a way to inquire about how much of the 1500 sqm is/was building land to determine the value?