Renovation, buy house or ETFs

Hi,

My partner and I (both around 30 years old) own an aparment, valued currently around the 220k euros.

We got some money recently, a bit over a 100k, and we are trying to decide what to do:

• Renovate our apartment (roughly 100k) and stay there for the foreseeable future (10-15 years). Then selling it and buying a house. Or keeping the apartment and buying a house further away from Vienna, and therefore cheaper.
• Buy a house now near Vienna, for which we would get help, but we would spend all our savings.
• Not renovate the apartment, and buy a house in maybe 5 years. We would then invest the money that we got.

For one part, the houses we can comfortably afford are a bit too far from Vienna where we both work. And the ones that fit our needs, around 700k, feel too pricey at the moment, as well we would be left without savings and I am afraid to be "house poor".

I am not sure if it is better then to invest the money, and buy the house later on. Or to do the renovation (which would also bring quality of life and it is not just seen as a monetary investment). Obviously we would not get as much money back after the renovation, but the price of the apartment would definitely increase, should we decide to sell it later on.

What do you think makes the most sense?

Thank you!