Hello,
I am a bit torn...
Last year, we inherited an old house.
We have partially renovated it (built in 1931, semi-detached, 85 sqm (915 sq ft), 343 sqm (3,690 sq ft) plot).
New electrical wiring, new windows and front door, newly plastered walls, new flooring, new stainless steel chimney pipe, and new fireplace...
There would still be heating (central heating), a new roof or extension, and completely new water pipes with a new bathroom to be renovated...
We have not carried out the remaining renovations yet because until now, we didn’t know if we would even like living there.
Our feeling was right... a semi-detached house is really not our thing. Also, renovations by external contractors in an occupied house would not be feasible.
Now my question: Would buying a house even be an option at current prices? Or should we consider new construction instead?
We might possibly have the opportunity to buy a plot of land, but unfortunately, I don’t know the exact prices.
In our area, house prices are around +/- 3300/sqm (around $310/sq ft) (outskirts of Nuremberg).
What do you think!?
I am a bit torn...
Last year, we inherited an old house.
We have partially renovated it (built in 1931, semi-detached, 85 sqm (915 sq ft), 343 sqm (3,690 sq ft) plot).
New electrical wiring, new windows and front door, newly plastered walls, new flooring, new stainless steel chimney pipe, and new fireplace...
There would still be heating (central heating), a new roof or extension, and completely new water pipes with a new bathroom to be renovated...
We have not carried out the remaining renovations yet because until now, we didn’t know if we would even like living there.
Our feeling was right... a semi-detached house is really not our thing. Also, renovations by external contractors in an occupied house would not be feasible.
Now my question: Would buying a house even be an option at current prices? Or should we consider new construction instead?
We might possibly have the opportunity to buy a plot of land, but unfortunately, I don’t know the exact prices.
In our area, house prices are around +/- 3300/sqm (around $310/sq ft) (outskirts of Nuremberg).
What do you think!?
Zimtstern27 schrieb:
Even if it only cost 100k... we would have to live on a construction site for at least a year (if we could get contractors immediately)...
+
I don’t think anyone would add 100k for renovations to the house value afterward...
Who knows if we would even get back our current 30k plus possibly 100k renovation costs...
... This concerns missed maintenance and preservation renovations, excluding any extensions. During my viewings, I always went through the property, noted what needed to be done, and added that cost to the purchase price. If the all-inclusive price doesn’t match the market, then next.
Building new isn’t an option with your budget. Sell the house and move to Brandenburg, Mecklenburg-Western Pomerania, or rural Saxony. There, the money plus a small loan can cover it.
To me, this clearly looks like burnout from the renovation. Plumbing and the additional floor will take a year. Just the building permit / planning permission process will take months.
How about not just a holiday apartment during the busiest phase, but renting a flat until it’s finished? For about 1.5 years. This way, you gain distance and strength to complete the project calmly and without stress, together with an architect or general contractor.
How about not just a holiday apartment during the busiest phase, but renting a flat until it’s finished? For about 1.5 years. This way, you gain distance and strength to complete the project calmly and without stress, together with an architect or general contractor.