Renovate sensibly or partially demolish?

Hello everyone,

I am new to the forum and looking for advice.
We are interested in a property and before we buy it, I want to get advice and tips.

It is a single-family house in Lower Austria, built in 1950.
Fully basement (stone cellar).
On a slope
House footprint 68 m2
Ground floor dry, but old installations throughout the house.
Roof structure okay, roofing would need to be redone (tight, but for how much longer?)
Attic converted (2 rooms).

The house was inhabited by the builders until their death, and since the 1970s nothing has been invested.
Accordingly, the condition.
No thermal insulation
Heating: wood stove, chimney okay
No bathroom, only WC
Windows very old and leaky

I hope you can get some idea from this description.
In short, a house built in 1950, in which not a penny has been invested for at least 30 years.

Now my question: the location would be ideal for us, the slope does not bother us.
The price is extremely cheap.

Now my question:
Is a renovation/restoration of this scale (thermal insulation, windows, heating system, bathroom installation, new roofing) basically worthwhile?
Connections for sewer, electricity/heavy current are available.

Would it be an option to tear down everything above the basement ceiling (i.e. ground and upper floors) and rebuild on the thick basement walls and the good basement slab (e.g. wooden house?), or would that be too expensive including disposal?

Attached is a photo of the property.

Thanks for any tip/advice.

So I believe no one can give you good advice based on such a photo from the outside...

My humble advice would be: Find an expert ("Bausachverständiger", architect or similar specialized in renovation) who can inspect the house with you and first give you an approximate overview of the costs. Then you can see if it might be worth it.

We did the same before buying and our house is "only" 20 years old...

Hello Max,

get in touch with the company Optidomus from Cologne. They specialize in renovations. We searched for a long time back then and they are the only ones who guarantee a fixed price. Everything was great with us, even with a Dekra certificate!

Best regards

Florian