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taptap200521 Mar 2013 19:40Hello,
I assume we will get answers to many questions here thanks to you, and I would like to sincerely thank you in advance.
We are facing an important decision, but it’s not easy since we both have absolutely no experience.
We live in an old rental house. The house has about 150sqm (1,615 sq ft) of living space and 1000sqm (0.25 acres) of land. It is a detached house in a prime location in Munich, which makes things difficult for us. We don’t want to move, but houses here are almost unaffordable for average earners. Old houses start at around 450,000 and new builds quickly go from 700,000.
The landlord has offered to sell us the house for 100,000.
Now we are wondering whether we should tear down the house and build new, or completely renovate everything to save costs?
If we go for renovation, we would add an additional floor, install a new roof, insulate the exterior facade, restructure the bathroom and kitchen to different rooms, have new flooring throughout the house, etc. We cannot imagine whether the total cost could be similar to that of building a new house or not. 😕
We are grateful for any answers and advice. :o 🙂
I assume we will get answers to many questions here thanks to you, and I would like to sincerely thank you in advance.
We are facing an important decision, but it’s not easy since we both have absolutely no experience.
We live in an old rental house. The house has about 150sqm (1,615 sq ft) of living space and 1000sqm (0.25 acres) of land. It is a detached house in a prime location in Munich, which makes things difficult for us. We don’t want to move, but houses here are almost unaffordable for average earners. Old houses start at around 450,000 and new builds quickly go from 700,000.
The landlord has offered to sell us the house for 100,000.
Now we are wondering whether we should tear down the house and build new, or completely renovate everything to save costs?
If we go for renovation, we would add an additional floor, install a new roof, insulate the exterior facade, restructure the bathroom and kitchen to different rooms, have new flooring throughout the house, etc. We cannot imagine whether the total cost could be similar to that of building a new house or not. 😕
We are grateful for any answers and advice. :o 🙂
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backbone2322 Mar 2013 13:11100,000 euros for 1,000 square meters (10,764 square feet) of land in the prime location of Munich?! Seriously?
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taptap200522 Mar 2013 16:50Yes, it is an old house situated on approximately 1000 sqm (0.25 acres) of leasehold land. As mentioned, we are getting the house at a reasonable price because we have been living in it for some time, and the landlord, who lives abroad, wants to sell the house.
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backbone2322 Mar 2013 18:32Oh, that is of course something different.
No one here can give exact cost estimates, so you will probably need a consultation. But from what I understand of your steps, it will likely result in a gutting of the interior. In the end, you will have the ground floor as a shell on top of a basement or a slab foundation. In that case, adding an additional storey might be more expensive than building a second floor in a new build. Therefore, the costs could be roughly comparable.
No one here can give exact cost estimates, so you will probably need a consultation. But from what I understand of your steps, it will likely result in a gutting of the interior. In the end, you will have the ground floor as a shell on top of a basement or a slab foundation. In that case, adding an additional storey might be more expensive than building a second floor in a new build. Therefore, the costs could be roughly comparable.
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backbone2322 Mar 2013 18:36I am, of course, assuming an existing ground floor plus upper floor.
Oh, and I'm just an amateur as well. 😉
Oh, and I'm just an amateur as well. 😉