motorradsilke
2022-08-17 20:53:02
- #1
Hello everyone,
my partner and I (both 28) are currently facing a difficult decision.
We have the opportunity to take over a small semi-detached house within the family.
We would buy it estimated about €50,000 below market value (so a real bargain) and completely renovate it – I estimate the renovation costs at around €200,000 (including own work, walls out, new electrics, new wastewater/freshwater pipes and energy refurbishment where it makes sense, e.g. new roof with external insulation, new windows, insulation of basement ceiling, probably a hot water heat pump, photovoltaics). The total volume for financing would then be approx. the renovation costs of €200,000 (we will cover about €100,000 purchase price from equity). This would be very doable for us even with 4% interest or something similar.
We live in a rural area (small town in Southwestphalia), but here a) the supply of homeownership is very limited and very expensive (for us with about €5,000 household income or about €4,500 part-time, it’s not affordable) and b) decent rental apartments with space for 1-2 children are almost unavailable – mostly it’s unrenovated granny flats or similar.
Some new owner-occupied apartments will be built in the next 2-3 years, the projects are known, but the 100 sqm including purchase incidental costs cost €430k – with furniture and a kitchen we would unfortunately be around €450k ☹ And there are never three bedrooms, i.e. space for two children. For us this is currently not affordable either – we still want to live, and all auxiliary and living costs unfortunately are rising at the moment. Thinking about building a house ourselves, even if we had the plot, is not even an option – €500k all in is gone faster than you can look at it at current prices.
However, I’m not sure if the semi-detached house is right for us. Built in 1930 (though I heard that these years usually have better materials than those from the immediate post-war period?) Basically, it has been very well maintained, everything that had to be done was done (just last week a new flat roof sealing on the garage) and the substance is apparently also completely fine – no moisture problems in the house, intact roof truss, … The location also suits us perfectly. Access to the terrace and garden through a large door on the first living floor is possible.
However, it is only about 300 sqm of land and 100 sqm of living space (but with basement + garage), with an expanded attic (planned) maybe 110 sqm. But then really all the space is completely exhausted. We are quite worried that it will feel too cramped and cramped. Not so much now, but possibly later with two children.
On the other hand, we currently see no other option than to wait for a suitable, large, modern rental apartment – with an uncertain outcome.
We are a bit overwhelmed by the situation right now. Does anyone of you live on a similar space with a family? Did you have similar thoughts or were in a similar situation, went through with it and regretted it / not regretted it?
I am grateful for any experience / advice.
Our old house had about 90 sqm. We sometimes lived there with 3 children. It wasn’t ample, but manageable.
Back then, I really wanted to get out of the rental apartment in the city to the countryside. And something bigger was not affordable.
I’ve never regretted it. The freedom of having your own house is, in comparison to the rental apartment, a big advantage I don’t want to miss.
And now we have 107 sqm in the new house, which would easily be enough with 1 child.
And you still have the basement and the expansion reserve in the attic.
In short: I would do it immediately.