Hello everyone,
We bought a house built in 1909 in the Greater Stuttgart area that needs renovation because we liked the location and the plot. The plan was to completely renovate it. Now we are quite torn about whether building a new house makes more sense. Of course, I don’t expect this forum to make the decision for us 🙂 I just hope to get some input, as we are currently about 50/50 on both options.
In summary: The house can be renovated well, and all the experts who have inspected it have given positive feedback. The renovation is estimated to cost around €250,000. The question, however, is more of an economic nature: Does it really make sense to invest that much money into an old house? The plot and the zoning plan allow for a house about twice the current size. So the other idea is to demolish, build bigger, and rent out 1-2 units. The financing with the bank is also arranged. However, the potential risks of new construction and renting are causing us some concern.
I don’t want to overwhelm you with lots of details. I have summarized everything in a pros and cons list. I look forward to your input or gut feelings.
We bought a house built in 1909 in the Greater Stuttgart area that needs renovation because we liked the location and the plot. The plan was to completely renovate it. Now we are quite torn about whether building a new house makes more sense. Of course, I don’t expect this forum to make the decision for us 🙂 I just hope to get some input, as we are currently about 50/50 on both options.
In summary: The house can be renovated well, and all the experts who have inspected it have given positive feedback. The renovation is estimated to cost around €250,000. The question, however, is more of an economic nature: Does it really make sense to invest that much money into an old house? The plot and the zoning plan allow for a house about twice the current size. So the other idea is to demolish, build bigger, and rent out 1-2 units. The financing with the bank is also arranged. However, the potential risks of new construction and renting are causing us some concern.
I don’t want to overwhelm you with lots of details. I have summarized everything in a pros and cons list. I look forward to your input or gut feelings.
H
hampshire4 Feb 2021 21:51solocan schrieb:
At Solitude Castle. But we get poor loan terms from the bank for that :p Just kidding. Of course, it’s nicer to be alone on your own property. Sure. But I don’t imagine living in a multi-family house is that bad. I’ve never lived any other way. If I have a serious (feasible) choice between better quality of life or better loan conditions, I will always choose quality of life.
If you have to live with a constant worry about a possibly damp basement someday, no matter the technical arguments, it will reduce your quality of life. Sensible decisions regarding a house cannot be truly sensible if they don’t take the residents’ emotions into account.
That’s why my question was quite serious.
hampshire schrieb:
If I have a serious (feasible) choice between better quality of life or better mortgage terms, I always choose quality of life.
If you have to live with the constant worry about a potentially damp basement at some point, no matter what technical arguments there are, it reduces your quality of life. Sensible decisions regarding a house cannot truly be sensible if they don’t take the residents’ emotions into account.
That’s why my question was genuinely serious. Sure, it’s an important question. It’s difficult for us to answer. On one hand, it’s unpleasant to live with the fear that you might be sitting on a powder keg. On the other hand, it’s also unpleasant to worry that tenants might not pay. And as a previous poster rightly pointed out, technical problems in new builds can also never be completely ruled out. Both options have the potential to go well or turn into a nightmare.
H
hampshire5 Feb 2021 08:45From the perspective of worry, many things are challenging, that is true. Many problems only arise when you take your eyes off the goal. (misquoted from someone’s mind).
Winniefred5 Feb 2021 14:50haydee schrieb:
Take a few steps back.
What was your goal when you started your search?
What made you decide to choose this property?
What did you envision in your mind? This is a good approach. It also seems to me that you have mentally lost your way somewhat regarding the project. There are many fears and concerns involved, as well as some uncertainty.
S
steiner725 Feb 2021 16:34Regarding the total living area of 165m² (1776 sq ft), I can only say that this is quite a lot. It’s important to consider this in the long term: Do you really need that much space "in old age" (for example, when the children have moved out) for just two people? I’ve seen this with my own parents—too large a house, empty rooms, and a lot of work (cleaning) for basically unused spaces.