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!?
Zimtstern27 schrieb:
Yes, it’s not much at the moment. We both work in the social sector, and I’m currently only part-time due to COVID-19.
Right now, my net income is 2,500 € (about $2,700).
With that salary, we have been comfortably living on rent of 620 € (about $670), and even with ongoing house expenses like landscaping, furniture purchases, etc., we can still save 500 € (about $540) each month.
I’m saving every cent... We haven’t had an all-inclusive holiday yet; we usually go for short trips or to concerts. With that income, I would comfortably continue renting there and not worry about building a new house right now.
Z
Zimtstern2731 Aug 2020 16:52Joedreck schrieb:
With that salary, I would comfortably continue living there and not bother with a new build.Yes, we are considering that as wellZ
Zimtstern2731 Aug 2020 17:08Joedreck schrieb:
With that salary, I would comfortably stay there and not bother with building a new house.The problem is that we also have to invest about 150,000 euros (approximately 165,000 US dollars) in renovations for our semi-detached house! And that’s almost equivalent to taking out a loan.Z
Zimtstern2731 Aug 2020 18:53Joedreck schrieb:
Must they?
And even if so, 150k is different from 350k for a new build. Yes, they must...
Honestly, I wouldn’t want to raise children in a basement without central heating and a bathroom...
Zimtstern27 schrieb:
Yes, they have to...
Honestly, I wouldn’t want to raise children in a basement without central heating and a bathroom... OK, I wasn’t aware that there was neither heating nor bathrooms. However, now there is a figure to be weighed against the (future) debts, and it is within a reasonable range.
The situation will be different with a new build.
By the way, both heating and bathrooms (renovated for aging in place) are eligible for subsidies.
Unfortunately, your income is really quite low. Without the inheritance, probably only a modest rental apartment would be feasible.
Alternatively, selling the house and buying a condominium (apartment/flat) might be an option.
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