Hello Dear Home Building Forum Community,
First of all, Happy New Year!
It is still quite early since we are not yet sure if either of the two properties will definitely work out, but I have a fundamental question and would like to gather some feedback.
So, option 1:
- Existing property with approximately 700 m² (8,400 sq ft) plot, just under 160 m² (1,720 sq ft) living space, built in 1940, garage, partially basemented. It seems to be in relatively good condition, but the layout is not ideal for our plans and we would need to invest a lot in the coming years (more/larger windows, extension, different walls, new staircase, underfloor heating). Short-term livability would probably be possible, even the kitchen with appliances could be taken over.
Option 2:
- Newly built semi-detached house, 400 m² (4,300 sq ft) plot, 150 m² (1,615 sq ft) living space, adaptable floor plan, modern upscale finish, flooring in living areas and painting still require DIY work, kitchen is an additional cost but there is a 1000 EUR kitchen voucher (wow! ).
The location is similar, although I prefer location 1, and my partner prefers location 2.
Financially, both options are quite similar; the nominal amount is higher for option 2 initially, but with option 1, a lot still needs to be invested, which from my perspective balances it out.
My question is more about risk.
Where do you see the greater risks for possible additional costs/efforts, or total losses?
For example, can a building inspector really identify all flaws in such an old property?
On the other hand, I have already learned from reading the forum how much can go wrong during house construction, and how unforeseen additional costs, necessary refinancing, etc., can threaten entire livelihoods.
I appreciate opinions, experiences, advice, and any other tips.
Thank you in advance for your contributions.
Best regards
Tolentino
First of all, Happy New Year!
It is still quite early since we are not yet sure if either of the two properties will definitely work out, but I have a fundamental question and would like to gather some feedback.
So, option 1:
- Existing property with approximately 700 m² (8,400 sq ft) plot, just under 160 m² (1,720 sq ft) living space, built in 1940, garage, partially basemented. It seems to be in relatively good condition, but the layout is not ideal for our plans and we would need to invest a lot in the coming years (more/larger windows, extension, different walls, new staircase, underfloor heating). Short-term livability would probably be possible, even the kitchen with appliances could be taken over.
Option 2:
- Newly built semi-detached house, 400 m² (4,300 sq ft) plot, 150 m² (1,615 sq ft) living space, adaptable floor plan, modern upscale finish, flooring in living areas and painting still require DIY work, kitchen is an additional cost but there is a 1000 EUR kitchen voucher (wow! ).
The location is similar, although I prefer location 1, and my partner prefers location 2.
Financially, both options are quite similar; the nominal amount is higher for option 2 initially, but with option 1, a lot still needs to be invested, which from my perspective balances it out.
My question is more about risk.
Where do you see the greater risks for possible additional costs/efforts, or total losses?
For example, can a building inspector really identify all flaws in such an old property?
On the other hand, I have already learned from reading the forum how much can go wrong during house construction, and how unforeseen additional costs, necessary refinancing, etc., can threaten entire livelihoods.
I appreciate opinions, experiences, advice, and any other tips.
Thank you in advance for your contributions.
Best regards
Tolentino
