Single-family house from 1987. Evaluation of the price and the "necessary" work

Just asked. That's the market value.


Yes, that's how I want to approach it.. I meant stepping back if nothing at all should work out...

The problem is.. We already notice that people from Düsseldorf and Cologne are really "spreading out" here. The mentioned house in this thread, which we were also interested in and sold overpriced, was bought by someone from Düsseldorf.
Exactly in the location where this single-family house is now, a couple with a child also bought a house around mid-year for almost €700,000, early 90s style etc., completely overpriced. We even know the couple now, as their child is coincidentally in the same kindergarten as ours. The statement was: "We also looked in Mettmann etc. but here it is cheaper and much nicer." It's only 5 minutes to the highway.....Well :D

What I mean - also thinking a bit more pessimistically - someone from D or K will buy the house at that price...

It’s just a tough situation. The heart is definitely attached but we don’t want to and can’t pay any price.

I’m currently trying to calculate and research how much money we need to do as much as possible.
already gave a good overview on that once.

Yesterday I also spoke with an energy consultant to ask about how the roadmap would look like.
What I hadn't thought about at all until now is that you can get quite a bit back from the state for the modernization.

That’s why I’m currently looking at how it would look if we:
- insulate the basement ceiling (do it ourselves)
- have the roof redone - support the specialist company -> we can remove the roof ourselves, I can also get a scaffold much cheaper
- new windows and doors. Contacts are available there as well

I wouldn’t tackle exterior insulation and heating immediately.

Then there’s the renovating.
- new bathrooms
- new floors
- new doors
- new kitchen
etc.

thanks for your post.

That's kind of how I thought it too. But I think I'll do it orally and in the presence of the owners... just sending it to the broker might not make much sense, right? The broker primarily thinks of himself (at least that's what I assume).

And we have nothing to lose, you are absolutely right :)

Thanks a lot ;)

The bank came up with a value of €460,000 - €470,000, similar to @Proeter's estimate.

And what about all the properties that were sold at "astronomical prices" over the past two years? As long as the seller doesn't have to have sold by the day after tomorrow and you are not the only interested parties, the price will not change much.

I don't understand the connection between the answer and my quote... I had already written before, I do think that this single-family house will also go for the 540,000€... as I said. If necessary, someone from Düsseldorf will come with the money bag and that's that :)

We would get the house despite the discrepancy between the bank market value and the sales price because we are putting 100k equity into the financing... But it is also a fact that we definitely cannot do everything (i.e., completely renovate + refurbish) before moving in. And that is exactly the sticking point.

The real estate agent just messaged me and asked if we are still interested... I will answer him that we are still very interested but want to speak to the owners about the very high gas consumption of 25,000 kWh. And that despite the fireplace and a two-person household (assumption).

I think the realtor is already annoyed :)

I’m not copying the entire correspondence here but in parts:

Realtor:
Are you still interested in the above-mentioned property? Haven’t heard from you anymore.

Me:
Yes, very interested but would like to visit again and speak with the owners when they are back from vacation. 25,000 kWh is enormously high, how does that come about? Market value according to the bank: 460k-470k. We still have a commitment from the bank. Planning to invest 150k upwards for renovation. Interest remains high but would like to visit again and talk.

Realtor:
I think with your price expectations you have no chance, as several interested buyers have already committed. But of course, I will forward your email to the owner. If anything changes, I will get back to you.

Me:
You misunderstood :) not my price expectations but the value according to the banks.
The "problem" between the seller and market value will be the case for every interested buyer.
We won’t buy the house without visiting again and talking.

Let’s see if anything comes from that :)

And that despite a fireplace and a 2-person household (assumption).

If I go by my parents-in-law, both over 70, I can only say that some people get cold easily in old age and therefore heat well. 26 degrees is normal there in winter in all living rooms, bathrooms, kitchen, guest rooms. Consumption is very individual. The "winter garden" could also consume a lot.