Your opinion on my project

Hello forum, I am considering buying and renovating a house and would like to hear your opinion on it.

I am 30 years old, single, and earn €2600 net (12 monthly salaries).

Property price: €120,000
Equity: €25,000
Planned renovation costs: €90,000
A lot of personal work will be invested.

The house is 40 years old and almost nothing has been done in that time except for occasional floors and walls. The house has always been rented out. The roof still looks flawless. The facade is okay.

Do you think it is a good decision to buy a house in this location with the current interest rates?
Do you think I can manage with the €90,000 renovation costs if I want to do the following:

[*]Ceilings, floors, walls
[*]Heating
[*]Water pipes
[*]Electricity
[*]Rebuild terrace
[*]Windows/balcony door/front door/room doors

Which situation is it?

I would recommend that you have the house inspected by an expert. They are best able to assess the condition of the building and what expenses will be necessary.
From a distance in a forum, this cannot really be judged well.

Regarding financing: Have you listed your income and expenses or kept a household budget? Keep in mind that additional costs will arise when purchasing, and the house will also need to be maintained later.
You should calmly calculate all of this and, if necessary, have a conversation with your house bank.

The house is located in a rural area in Rhineland-Palatinate. In my monthly expenses (on average over the year), I have at least €1100 per month left for repayment and reserve building. In an emergency, further money could also be saved here by limiting my leisure activities.

With my monthly expenses (on average over the year), I have at least €1100 per month left for repayment and building reserves. By cutting back on my leisure activities, even more money could be saved in an emergency.

A few more questions you should ask yourself: Have you also considered annual and one-time costs? How high is your current rent? If you have €1100 left per month, why do you only have €25,000 in equity? Have you only been saving for 2 years? Have you factored in the additional costs for the house? Have you included a buffer for unforeseen measures?

Have taken all mentioned points into account, rent is currently €450, I have never had the €1100 the whole time and therefore could not use it for saving.