ᐅ Bungalow Renovation – Refurbishment and Renovation Measures, Selection Criteria
Created on: 9 Jul 2023 12:28
T
thom1986Dear Sir or Madam,
My wife and I are currently planning to purchase a fully basement-equipped bungalow (built between 1965 and 1975) with approximately 150 m² (1,615 sq ft) of living space in a "in need of renovation" condition, in order to customize it according to our preferences. Our budget is €700,000 (all-inclusive – purchase, refurbishment, renovation), and we already have some experience with renovating an old apartment from 1910 (layout, floors, walls, electrical work), but no experience yet with the renovation of a house.
For the renovation, we are currently considering the following measures (each planned in a way to maximize potential subsidies) – I would appreciate any additions if we have missed something or if my cost estimates are significantly off:
Estimated total renovation costs: €148,000 (uncertainty factor 20%, budget planning therefore €177,600 before subsidies)
For the subsequent refurbishment, we have planned the following larger measures – again, please feel free to comment or correct us if our cost estimates are way off:
Estimated refurbishment costs: €105,000 (uncertainty factor 20%, budget planning therefore €126,000)
We are currently in the property selection phase and have the following direct questions:
In general: Are there things we absolutely should pay attention to when selecting a property that go beyond "common sense" (such as historic preservation restrictions, maximum eligibility for subsidies)? If so, we would greatly appreciate this knowledge.
And one last question: To obtain the maximum subsidies and make smart choices – who should you consult? Since we both earn well and are not experts in this field, we want to avoid ending up with a "consultant" who only charges fees without providing real added value. We are both management consultants and can generally navigate subsidy applications and related processes quite well, but we also know that sometimes a specialist simply brings more benefits. What is your view on this?
Best regards and have a nice Sunday
Thom
My wife and I are currently planning to purchase a fully basement-equipped bungalow (built between 1965 and 1975) with approximately 150 m² (1,615 sq ft) of living space in a "in need of renovation" condition, in order to customize it according to our preferences. Our budget is €700,000 (all-inclusive – purchase, refurbishment, renovation), and we already have some experience with renovating an old apartment from 1910 (layout, floors, walls, electrical work), but no experience yet with the renovation of a house.
For the renovation, we are currently considering the following measures (each planned in a way to maximize potential subsidies) – I would appreciate any additions if we have missed something or if my cost estimates are significantly off:
- Heating – installation of a heat pump, including appropriate radiators (estimated costs before subsidies €30,000)
- Insulation of the house including flat roof (estimated costs before subsidies approx. €40,000)
- Installation of new windows with triple glazing, including about 4-6 meters (13-20 ft) of floor-to-ceiling window front (estimated costs before subsidies approx. €20,000)
- Installation of new doors with burglary protection (estimated costs before subsidies approx. €8,000)
- Complete bathroom renovation (estimated costs approx. €40,000)
- Complete toilet renovation (estimated costs approx. €10,000)
Estimated total renovation costs: €148,000 (uncertainty factor 20%, budget planning therefore €177,600 before subsidies)
For the subsequent refurbishment, we have planned the following larger measures – again, please feel free to comment or correct us if our cost estimates are way off:
- Laying high-quality parquet flooring on approx. 100 m² (1,076 sq ft) – €15,000
- Laying high-quality tiles on approx. 50 m² (538 sq ft) – €7,000
- Installation of multi-split air conditioning system for approx. 100 m² (1,076 sq ft) – €4,000
- Recommissioning fireplace, including possibly a stove – €6,000
- Interior painting – €8,000
- Renewal of house electrical system including cables, sockets, and light switches – €10,000
- Exterior facade painting – €10,000
- Installation of wellness area (basement - whirlpool, sauna) – €25,000
- Swimming pool (outdoor area) – €20,000
Estimated refurbishment costs: €105,000 (uncertainty factor 20%, budget planning therefore €126,000)
We are currently in the property selection phase and have the following direct questions:
- What are absolute deal breakers for a property – that is, substantial defects that would make renovation in the scope we described impossible? I would assume these are defects in the building structure, subsidence, cracks, or water ingress?
- What are additional defects we should watch out for that would cause significantly higher expenses than we have calculated above?
- What is the ideal approach to dealing with piping? Its condition is usually unclear when buying. Or do you just ignore it and intervene "on demand"?
In general: Are there things we absolutely should pay attention to when selecting a property that go beyond "common sense" (such as historic preservation restrictions, maximum eligibility for subsidies)? If so, we would greatly appreciate this knowledge.
And one last question: To obtain the maximum subsidies and make smart choices – who should you consult? Since we both earn well and are not experts in this field, we want to avoid ending up with a "consultant" who only charges fees without providing real added value. We are both management consultants and can generally navigate subsidy applications and related processes quite well, but we also know that sometimes a specialist simply brings more benefits. What is your view on this?
Best regards and have a nice Sunday
Thom
B
Buchsbaum9 Jul 2023 13:19The most important factors are first the location of the property and the building structure.
Everything else can be addressed with more or less financial effort.
The location has to be right and cannot be changed. Noise, sunlight, neighbors, garden, hillside location, etc. The building structure must be suitable. Materials used, building physics-related damages, ceiling heights, load-bearing walls, floor plan, roof structure, condition of the basement, or any harmful substances in materials used at the time.
Only if these basic conditions are met would I proceed with detailed planning.
Based on my own experience, in such cases I would prefer a new build, especially if the financial background is sufficient.
Everything else can be addressed with more or less financial effort.
The location has to be right and cannot be changed. Noise, sunlight, neighbors, garden, hillside location, etc. The building structure must be suitable. Materials used, building physics-related damages, ceiling heights, load-bearing walls, floor plan, roof structure, condition of the basement, or any harmful substances in materials used at the time.
Only if these basic conditions are met would I proceed with detailed planning.
Based on my own experience, in such cases I would prefer a new build, especially if the financial background is sufficient.
Hmm… Renovation usually means "almost everything new."
Isn't around 2000€/m² (186 sq ft) of living space typically calculated for that? So in your case, 300,000€ plus a buffer?!
I find the costs for windows, bathrooms, and tiles too low; I have seen quite different figures here in the last two years.
How expensive is the house supposed to be? What is the value of the house?
Isn't around 2000€/m² (186 sq ft) of living space typically calculated for that? So in your case, 300,000€ plus a buffer?!
I find the costs for windows, bathrooms, and tiles too low; I have seen quite different figures here in the last two years.
How expensive is the house supposed to be? What is the value of the house?
thom1986 schrieb:
My wife and I are currently planning to purchase a fully basemented bungalow (year built between 1965 and 1975) with about 150 m² (1,615 sq ft) of living space in a “in need of renovation” condition, [...] insulation of the house including flat roof Both are already quite old construction years, the only thing that would bother me or make me hesitate is the flat roof (do they both have one?).
thom1986 schrieb:
What is the ideal way to handle the issue of piping? The condition of the pipes is usually unclear at the time of purchase. Or do you just ignore it and intervene “on demand”? thom1986 schrieb:
And one last question: To get the maximum subsidies and make wise choices – who should we turn to? Since we both earn well and are not experts, we want to avoid ending up with an “advisor” who only takes advantage of us and ultimately provides no added value; we are both management consultants, so in a “normal situation” we can usually handle funding applications and such well... but we also know that sometimes an expert simply adds more value. How do you see this? Among other reasons related to the technical condition, I would consult not only a financial advisor but also an architect experienced in renovations. In Bavaria, I would have to look into that myself, but in North Rhine-Westphalia I could have recommended someone directly.
https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
I find it all roughly realistic, maybe about 10% higher.
We also did a full renovation and would do it again. On one hand, there is the cost factor (demolition plus structural work is definitely more than a $100k premium compared to just stripping down to the structural frame), and on the other hand, we liked the idea of creating something new from something old while making use of what was already there. Good luck!
As @11ant says: definitely find an architect who is excited about this!
We also did a full renovation and would do it again. On one hand, there is the cost factor (demolition plus structural work is definitely more than a $100k premium compared to just stripping down to the structural frame), and on the other hand, we liked the idea of creating something new from something old while making use of what was already there. Good luck!
As @11ant says: definitely find an architect who is excited about this!
HarvSpec schrieb:
As @11ant says: definitely find an architect who is really interested in this!What I mainly meant was: someone who brings specific expertise and is also willing to attend the site visits from the start.By the way, I have acknowledged elsewhere (in a cross-post thread) that I misunderstood the question in my previous reply (thinking it referred to two specific candidates from the years 1965 and 1975) – but it seems to be just a construction year search range, and it’s not clear yet if any properties actually match this filter.
https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
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