Z
Zimtstern2731 Aug 2020 13:12Hello,
I am a bit torn...
Last year, we inherited an old house.
We have partially renovated it (built in 1931, semi-detached, 85 sqm (915 sq ft), 343 sqm (3,690 sq ft) plot).
New electrical wiring, new windows and front door, newly plastered walls, new flooring, new stainless steel chimney pipe, and new fireplace...
There would still be heating (central heating), a new roof or extension, and completely new water pipes with a new bathroom to be renovated...
We have not carried out the remaining renovations yet because until now, we didn’t know if we would even like living there.
Our feeling was right... a semi-detached house is really not our thing. Also, renovations by external contractors in an occupied house would not be feasible.
Now my question: Would buying a house even be an option at current prices? Or should we consider new construction instead?
We might possibly have the opportunity to buy a plot of land, but unfortunately, I don’t know the exact prices.
In our area, house prices are around +/- 3300/sqm (around $310/sq ft) (outskirts of Nuremberg).
What do you think!?
I am a bit torn...
Last year, we inherited an old house.
We have partially renovated it (built in 1931, semi-detached, 85 sqm (915 sq ft), 343 sqm (3,690 sq ft) plot).
New electrical wiring, new windows and front door, newly plastered walls, new flooring, new stainless steel chimney pipe, and new fireplace...
There would still be heating (central heating), a new roof or extension, and completely new water pipes with a new bathroom to be renovated...
We have not carried out the remaining renovations yet because until now, we didn’t know if we would even like living there.
Our feeling was right... a semi-detached house is really not our thing. Also, renovations by external contractors in an occupied house would not be feasible.
Now my question: Would buying a house even be an option at current prices? Or should we consider new construction instead?
We might possibly have the opportunity to buy a plot of land, but unfortunately, I don’t know the exact prices.
In our area, house prices are around +/- 3300/sqm (around $310/sq ft) (outskirts of Nuremberg).
What do you think!?
N
nordanney31 Aug 2020 13:35Zimtstern27 schrieb:
Now my question: Given the current prices, would buying an existing house even be an option? Or is building new the better choice?
We might have the opportunity to buy a plot of land. Unfortunately, I don’t know the exact prices. I just grabbed my crystal ball. But it’s on strike as well...
Income?
Expenses?
Equity?
Requirements for the new house?
Land prices and availability of plots?
Availability of existing properties?
Financing plans?
Value of the current house?
Should the current house be sold or rented out?
Fully renovated for sale or sold as-is?
...
My current answer would be a very clear and loud “Maybe.”
A clear yes and no is always helpful.
For €350,000 (approximately $375,000), you can get a house in Nuremberg, plus an additional €50,000 to €100,000 (approximately $54,000 to $108,000) for exterior work, and then the land. From that, you subtract the proceeds from your semi-detached house and see if you can finance it with your income.
For €350,000 (approximately $375,000), you can get a house in Nuremberg, plus an additional €50,000 to €100,000 (approximately $54,000 to $108,000) for exterior work, and then the land. From that, you subtract the proceeds from your semi-detached house and see if you can finance it with your income.
Z
Zimtstern2731 Aug 2020 13:51Lumpi_LE schrieb:
A clear yes and no is always good.
For €350,000 you can get a house in Nuremberg; landscaping will cost another €50,000 to €100,000, plus the land. You then subtract the proceeds from your semi-detached house and see if you can afford it with your salary. I don’t necessarily have to live exactly in Nuremberg... Unfortunately, prices in and around Nuremberg are already crazy—€300 per square meter (about $35 per square foot) is common.
Just yesterday I saw a listing: €400,000 for a semi-detached house (90 m² (970 sq ft) plus 200 m² (2,150 sq ft) of land) in the Nuremberg suburbs from 1971... completely in need of renovation.
That makes no sense to me at all... you’d definitely have to invest another €100,000 or so.
Z
Zimtstern2731 Aug 2020 13:55Lumpi_LE schrieb:
A clear maybe is always helpful
You can get a house in Nuremberg for around 350,000 euros, landscaping and exterior work will cost another 50,000 to 100,000 euros, plus the land. From that, subtract the proceeds from your semi-detached house and see if it’s possible to finance with your income. I think so
nordanney schrieb:
I just took out my crystal ball. But it gave up too...
Income?
Expenses?
Equity?
Requirements for the new house?
Land prices and availability?
Availability of existing properties?
Financing preferences?
Value of the old house?
Should the old house be sold or rented out?
Fully renovated for sale or sold as-is?
...
Right now, my answer would be a clear and loud “maybe.” I agree with you
Existing properties are really scarce here and, in my opinion, not at all proportional...
I would estimate our house at around 280,000 to 300,000 euros. I have been watching the market for the last six months and similar properties have been sold for more.
300,000 for Nuremberg sounds relatively cheap now? If the land costs 200,000, then for a new build you’re looking at 600,000 to 700,000 euros for a standard house – if you can get 400,000 for the semi-detached house, that sounds good. However, I would say it’s practically impossible to find a plot in Nuremberg at that price.
Similar topics