Procedure for buying and renovating a house

Hello,

we have a property with a purchase price of 145k€. It needs a complete renovation, and 160k€ is budgeted for this.

What is the best way to proceed here? Which combinations (with which funding) are advisable? Is a rough breakdown enough for the bank (heating 19k€, roof 40k€, windows 20k€, doors 10k€, kitchen 10k€, etc.) or what additional data is needed for the renovation costs?

Bank discussions are starting now... but I think some prior knowledge won't hurt...
Thanks!

Well, our Volksbank would be satisfied. If the numbers are realistic and plausible. Because both Mr. B. and E. in the credit department are not stupid. And it is in the borrower's interest to be realistic. Refinancing is always a pain. So, where did you get your numbers from? Are they reliable? K.

After extensive research and partly precise pricing (e.g. doors, kitchen, floors/walls, windows), I took the researched prices and added another 10%. Additionally, experience values from acquaintances who carried out a very similar project in the neighborhood were included. On top of that, a 20k€ buffer was planned.

Then go ahead with it. Whether anything from [KFW] fits, you will find out on their website. However, the bank’s interest rate is often not worse. Everything at [1] is comfortable anyway.

KFW "Energieeffizient Sanieren" is actually a no-brainer for old buildings; I can hardly imagine situations where it wouldn't be worth it. Definitely also apply for "Altersgerecht Umbauen" (e.g. walk-in shower, driveway, possibly doors, etc.) and the energy consultant will also contribute something. The KFW home ownership program probably won't be worthwhile.

In my experience, banks like something reasonably concrete, so either a statement from the architect/construction company or cost estimates. But you will probably have to inquire about this with your desired bank for your specific case.

If I were you, I would take the time to comprehensively plan the measure in advance and back it up with concrete offers for the larger items before applying for the renovation loan. You can conclude the loan for the purchase flexibly (i.e. without fixed interest rate) with your house bank, which is uncomplicated and then gives you the option to refinance it if necessary, should you end up choosing a different bank. You can use the "waiting time" to already tear out everything yourself that is no longer needed. That’s usually fun and you get to know your house ;-)

So first buy the house + buffer and then only separately finalize the KfW funding for all other trades? I would have asked for a "complete package" now.

Thanks for the tip about "Altersgerecht Umbauen" - I hadn’t considered that.

I’m already looking forward to the "rausrupfen" ;)
Let’s see how long that lasts.