ᐅ Renovating an Older Home – Where and How Should We Start?

Hello everyone out there,

We have been carrying the wish to own a home with us for 4 years now.
New build or older property—yes or no? After many viewings, fairs, show homes, etc., we now have an appointment tomorrow to visit an older house in my husband’s hometown.
His parents knew the owners and went to school with their children.
Comment: very nice people 🙂
(The daughter is selling the property—she is actually a real estate agent but is not charging a commission.)

We are very cautious, thorough people who think things through carefully.

Here are the details of the house first:
Year built 1983
Living area 140 sqm (1,507 sq ft)
Plot size 2,500 sqm (0.62 acres), fully fenced with old buildings, directly at the forest
Fully basemented
Garage, laundry house, and two smaller outbuildings/sheds on the property
Paved driveway, the rest is well-maintained green area
Heated with coal (!!!!!!!)
Occupied until 12/2015

What we see as necessary to do so far:
Necessary:
New heating system
New windows/doors
New roof—preferably a “roof conversion” (dormer or full additional floor)
New bathrooms (guest toilet and family bathroom)
New kitchen
New floors
Move walls/drywall construction

Wishes:
And if we’re allowed to dream, a possible extension — depending on the budget flexibility
And (since the house stands relatively high) a landscaping fill so you can walk from the living room onto a terrace into the garden (right now the garden can only be accessed from the front or through the basement)

PURCHASE PRICE:
Plot including house 57,000 Euros (negotiable)

We have already contacted an architect. We expect precise planning and cost calculation from him.
We have some tradespeople in the family (sanitary, heating, tiler, stove builder, etc.), so a lot will be done by ourselves or the material purchase price will be lower.
We have also already researched funding opportunities — there are quite a few. ;-)

Why am I writing here...?
We need the secret tips. 🙂 What is absolutely essential to consider??? What would you experienced people have liked to know beforehand?

And can you estimate the additional costs? In other words, what loan amount would you take out? I understand it depends on many factors—I just want to get an overview! Are we naive to think we can manage with a total of 180,000-200,000 Euros?

Looking forward to hearing from you!
Best regards

Good evening,

What comes to mind immediately is the basic condition of the property. I don’t know the location or general market prices, but what makes me a bit cautious is the purchase price in relation to the plot size and living area. I would have the property professionally inspected. Of course, I could be mistaken.

Furthermore, it should be taken into account to what extent renovations or structural changes are even possible (structural integrity).

Regarding "Very fine people," if I may say so, I wouldn’t rely on that alone.

Sent from my mobile device

Thank you very much for the kind response.
The price per square meter for building land in the region is 13 euros.
The daughter/seller mentioned that the structural condition is very good—the "interior" requires renovation or refurbishment. An expert will be present at the viewing tomorrow.

But just to ask in a very basic way... how would such an inspection proceed?
So tomorrow, I ask the owner if we can visit at another time with the architect/building planning company? They then provide me with an overview of costs and renovations/changes/conversions, etc., and send us an invoice.
Does the owner have to agree to this?
How much does such an inspection usually cost?

Well, the inspector checks everything thoroughly and performs moisture measurements...
In our case, the costs were around 300 euros.
Don’t forget to check the electrical installation.

The experts here will surely provide more input.
Sent with a mobile phone

Good evening,

ninres schrieb:

An expert will be present at the inspection tomorrow.

If an "expert" is really going to be there tomorrow, I don’t understand your following question…?

ninres schrieb:
But to ask very simply... how does such an assessment usually proceed?
So I ask the owner tomorrow if we can inspect the property at another time together with the architect/building planner? Then they create an overview of costs and renovations/changes/conversions, etc. and send us an invoice.
Does the owner have to agree to this?
What does such an assessment cost?

Of course, the owner must agree; after all, the property you are interested in is their ownership. You would surely want to be asked if a stranger is allowed to walk through your “four walls,” wouldn’t you?

If you want to buy an existing property, it is always recommended to hire expert advice (a surveyor or building inspector). Ideally, seek experts with up-to-date experience relevant to the type of property you might buy.

As a layperson, you might be able to tell whether a window or just its seal needs to be replaced. But in cases such as damage to the masonry, your personal knowledge is likely limited to general common sense. You also probably don’t know the connections between a house built in 1983 and suitable window replacements. That is completely normal; laypeople rarely deal with professional assessments of existing buildings. However, it becomes very problematic if expensive damages appear after the contract is signed, since most purchase contracts state “as seen.” While this wording does not protect the seller from claims of fraudulent misrepresentation, any investment you have to make later that was unknown when your financing was approved is frustrating, to say the least.

The cost of such an inspection varies depending on the specialist you hire; therefore, it is difficult to specify an exact price. But – what are €1,000 (about $1,100) in advance if it can save you several thousand euros later?

Best regards, Bauexperte