ᐅ Buying an Older Home – How to Proceed and What to Consider?

Hello everyone,

we are complete beginners in the property-buying area and that’s why we are here 🙂

We would like to buy a house from the family by the end of the year. It is a mid-terrace house built in 1965. The price would be €110,000 (about $120,000). Other houses in this neighborhood have recently sold for between €120,000 and €150,000 (about $130,000 to $165,000), depending on the level of extension or renovation. So I think the price is reasonable.

There will be some work needed on the house. The roof and roof windows, bathrooms, balcony and terrace, and basement exterior stairs will need to be done. Inside, floors and painting work are still required.

The windows and heating system (condensing gas boiler) are new.

What is the best way to proceed now? Should we contact the individual tradespeople ourselves? Is it possible to hire someone for planning and cost estimation of these works (an architect?) We would need approximate costs before arranging financing.

Are there any books, for example, that you would generally recommend for preparation or support during a building project?

Thanks in advance!

Best regards
Judith

Ask the other buyers if they encountered any surprises, or have a building protection or historic building specialist inspect the house again. If you’re unlucky, there might still be hidden issues or contamination. The inspector will also provide you with a cost estimate – at least that was the case for us. The whole process cost around 600 euros (about $650). Whether it actually costs as much as the inspector estimates is another matter, but the rough figures should be accurate when outsourcing the work.

EifelMec schrieb:
What is the best way to proceed now? Should we contact each trade ourselves? Is it possible to hire someone for planning and cost estimation of these works (an architect?).

We went through this ourselves last autumn (although without a final conclusion yet). I contacted each trade individually (plumbing, electrical, painting/flooring, drywall). This only works well if the craftsmen cooperate a bit and on-site inspections are possible (every contractor will want to see the property). For financing, the quotes or cost estimates were sufficient. This was certainly the more time-consuming option for us, but it was free (just some phone costs).

Alternatively, you can hire an architect or (preferably) a building surveyor for this. They should assess the condition of the property and prepare a list of the necessary work along with the expected costs. A financing bank will certainly accept that.

One more tip: For any bathroom cost estimate, multiply it by at least 1.5, or simply budget about 15,000 euros per bathroom. Of course, it depends on the situation...

EifelMec schrieb:
Are there any books you generally recommend for preparing or accompanying a building project?

There is one from the consumer advice center, including many good checklists (almost too many), ISBN 978-3863360528. Or another from Stiftung Warentest, ISBN 978-3868514025. Check them out at the library to see if they might be helpful for you.