Hello,
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!?
Z
Zimtstern2731 Aug 2020 13:59Lumpi_LE schrieb:
300,000 for Nuremberg sounds quite reasonable? 200,000 for a plot of land, so for a new build 600,000 to 700,000 euros for a standard house – if you can get 400,000 for the semi-detached house, that sounds good.
But practically speaking, I would say it’s almost impossible to find a plot in Nuremberg at that price. Yes, that’s not my intention either. 30 km (18.6 miles) away works as well.
I am sure property prices will go back down by 2030... especially in rural areas.
That’s why it might be wise to sell in the near future...
Z
Zimtstern2731 Aug 2020 14:05Pinky0301 schrieb:
You don’t even state how much money is available for the project. How can anyone comment then?Pinky0301 schrieb:
You don’t even state how much money is available for the project. How can anyone comment then?My main concern was actually about whether it makes more sense to build new or to renovate an existing property.
With the house sale (around 300,000) and equity of about 20,000, we would have a total of 320,000 in equity.
We invested around 30,000 € (approximately 30,000 euros) in renovating the semi-detached house. So, no debts, but currently not much equity left.
N
nordanney31 Aug 2020 14:11Zimtstern27 schrieb:
Actually, my main concern was about the practicality of new construction versus existing buildings.
With the house sale (around 300,000) and equity of about 20,000, we would have a total equity of 320,000.
We invested approximately 30,000 € (about 33,000) in renovating the semi-detached house. So, no debts but currently not much equity left. With that, you actually have more equity than probably 95% of the users registered here. Very comfortable. Now you just need to have a steady monthly income as well.
Z
Zimtstern2731 Aug 2020 14:21nordanney schrieb:
With that, you have more equity than probably 95% of all users registered here. Very relaxed. Now you just need a steady monthly income. Yes, it’s not that much right now. We both work in social services, and I’m only working part-time because of COVID-19.
Currently earning 2500 € net (about $2700)
With that income, we’ve managed to live comfortably on 620 € rent (about $670) and despite ongoing house expenses (like landscaping, furniture purchase, etc.), we can now save 500 € (about $540) each month…
I save every cent… We haven’t had an all-inclusive vacation yet, we usually prefer short trips or going to concerts.
Z
Zimtstern2731 Aug 2020 14:23nordanney schrieb:
With that, you probably have more equity than 95% of the users registered here. Very relaxed. You just need to have a monthly income as well. But on average, we could definitely handle a loan of 220,000 (about 220k).