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!?
If the location of the house suits you, you are actually in a comfortable position. If I were you, I would continue with the renovation. If you are planning to have children, consider adding an extension to create more space. Even if you have to invest another 150,000 in the renovation now, you can be relaxed and finished with this matter in 15 to 20 years.
S
Smialbuddler1 Sep 2020 17:04Where does your figure of 150k for heating, water, and the (non-luxury) bathrooms come from? From my renovation experience, that is way too high by an order of magnitude. Question this again before using that number as a basis for your decision.
Z
Zimtstern271 Sep 2020 18:25Winniefred schrieb:
I think you’re actually in a comfortable position. The house you have now was inherited. You just need to complete the renovation. Is it a semi-detached house? Maybe you could add an extension or improve the attic conversion?
edit: I just read that roof and building up are possible anyway. How much additional space would that give you? You already live there, even though the rough-in plumbing and the bathrooms themselves haven’t been installed yet? How did that come about... you have the electrical work and plastering done, but no bathrooms or water pipes?
If necessary, I would accept that it might be dusty for a few weeks. Normally, construction sites can be well separated (dust protection doors, etc.). You probably don’t have four small children, which would be different.
What exactly don’t you like about the semi-detached house?
I would finish the renovation, stay a bit longer, and possibly sell later when you’re both working full-time again, then build or buy what you really want. Living as a couple in your own house is certainly not a punishment you can’t handle. It’s not as simple as it sounds...
We wanted to move into the house after Grandma moved out... At that time, inheritance was not even on the table yet. As the renovation progressed, more and more issues arose. We initially didn’t want to tackle the windows and electrical work but ended up doing all of it ourselves. We had no time left for heating back then... The situation with the tradespeople is alarming — a year ago, no one would touch anything (we dealt with at least 25 plumbing companies).
So we compromised by moving in first (our apartment was also terminated).
Unfortunately, we really don’t like the location and the extremely small garden at all.
That’s why we now need to consider alternative options.
Still, I’m certain the financial situation will change significantly in the next few years. The house might not be worth that much anymore by then.
We’re only 30 anyway but obviously have to think carefully in the coming years regarding children and such...
Z
Zimtstern271 Sep 2020 18:26FloHB123 schrieb:
If the location of the house works for you, you’re actually in a comfortable position. If I were you, I would continue with the renovation. If you’re planning to have more children, also consider the extension to create more space. Even if you have to invest another 150,000 in the renovation now, you can be relaxed about it and be done with it in 15 to 20 years. If the location and living here were nice, I would do it immediately...
Unfortunately, that’s no longer an option at all...
Z
Zimtstern271 Sep 2020 18:41And please don’t get me wrong, I am really very grateful for the semi-detached house. I have spent six months doing all the renovations myself and a lot of money. Now we don’t like it at all… except for the garden (which is unfortunately way too small).
And that is actually quite demotivating…
And that is actually quite demotivating…
Zimtstern27 schrieb:
Yes, it’s not as simple as it sounds...
We wanted to move into the house after grandma moved out... At that time, inheritance wasn’t even a consideration. During the renovation, more and more issues came up. Initially, we didn’t want to replace the windows and electrical system, but in the end, we did both. We didn’t have time for heating back then... The situation with the tradespeople is alarming — a year ago, no one would have touched anything (we dealt with at least 25 plumbing companies).
So we made the compromise to move in first (since the apartment was also terminated).
... And unfortunately, we don’t like the location or the very small garden at all.
That’s why we now need to consider an alternative.
I’m still sure the financial situation will change significantly in the next few years. The house probably won’t be worth as much then.
We are still only 30, but of course, we have to think carefully in the coming years, especially about children and such… First of all, the question is how you expect property prices to go down.
Then it seems you simply don’t have enough income for a purchase or new build in your area. Even in the worst locations in Germany, it’s tight, even if the land is given for free.
Equity through the inheritance is of course helpful. Your semi-detached house will probably only sell significantly below market value due to the incomplete renovation.
You’re reaching for the stars without having the necessary capital even remotely. Whether you feel grateful or not, the only alternative would be an affordable condominium, possibly with a garden share, after selling the semi-detached house.
Or you need to increase your income substantially.
I would still recommend completing the renovation.
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