Hello
We have been considering for some time whether to build a new house or buy one. The options are either a newly built or newly purchased home, or completely renovating an old house in a good location.
With a new build, the costs can be estimated quite well (many acquaintances have already built), but the renovation costs for an old house are much less predictable.
Perhaps there are some here who have experience renovating older houses?
In our example, it would be an old end-of-terrace house built in 1965. Except for the electrical system (updated 3 years ago), everything in the house is still from 1965. Since the location is good, the plot is excellent, and the layout of the apartment is great, there is strong interest.
The purchase price is expected to be 200,000 euros. The total budget is around 300,000 euros.
Now the question is: what would a complete renovation cost? The following work would need to be done:
- New heating system (including underfloor heating)
- Roof sealing
- New tiles (in connection with the heating installation)
- New bathroom
- Possibly insulation (even though it is an old solid brick house?)
- New water pipes
Would it be possible to complete all this for 80,000 to 100,000 euros? Since I am not a DIY person at all, everything would have to be done by professional contractors.
Best regards
We have been considering for some time whether to build a new house or buy one. The options are either a newly built or newly purchased home, or completely renovating an old house in a good location.
With a new build, the costs can be estimated quite well (many acquaintances have already built), but the renovation costs for an old house are much less predictable.
Perhaps there are some here who have experience renovating older houses?
In our example, it would be an old end-of-terrace house built in 1965. Except for the electrical system (updated 3 years ago), everything in the house is still from 1965. Since the location is good, the plot is excellent, and the layout of the apartment is great, there is strong interest.
The purchase price is expected to be 200,000 euros. The total budget is around 300,000 euros.
Now the question is: what would a complete renovation cost? The following work would need to be done:
- New heating system (including underfloor heating)
- Roof sealing
- New tiles (in connection with the heating installation)
- New bathroom
- Possibly insulation (even though it is an old solid brick house?)
- New water pipes
Would it be possible to complete all this for 80,000 to 100,000 euros? Since I am not a DIY person at all, everything would have to be done by professional contractors.
Best regards
N
nordanney25 Oct 2013 20:55I’m not really able to estimate if it will be enough, but I think it will be at best tight with your budget. Keep in mind that you will also have additional purchase costs. With a real estate agent, this can be up to 10%, so an extra 20,000 euros will be added to the purchase price, which will reduce your renovation budget.
How large is the house? Do the bathrooms also need to be renovated?
How large is the house? Do the bathrooms also need to be renovated?
How big is the house? Do the bathrooms also need to be renovated?
The house is about 150m² (1,615 sq ft) over the ground floor and first floor. The bathroom also needs to be completely redone. Purchase-related additional costs are included. So I would have between 80,000 and 100,000 euros for the renovation.
Well, renovation is usually at least as expensive as a new build, and you are very limited, meaning the floor plan can rarely be changed... underfloor heating is rarely possible, etc., etc.
If I want a specific plot of land, I would buy an existing property... otherwise, definitely a new build.
If I want a specific plot of land, I would buy an existing property... otherwise, definitely a new build.
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