ᐅ Renovation Planning for Existing Properties – Tips and Suggestions Welcome
Created on: 29 Apr 2018 22:15
C
Chiloe
Hello housebuilding experts,
We (female, 32 years old + male, 35 years old from the Bielefeld area) plan to convert a property currently used as a two-family rental house for our own use starting next year. The property is a two-family house built in 1971/1972 using solid construction with sand-lime brick masonry. The house has a full basement, a separate garage building (double garage), and is situated on a plot of about 840 square meters (9,042 square feet). It has been family-owned since the mid-1990s and has so far been used as a rental property.
Since we have now also started dealing with the topic of building a house, we have come to the conclusion that the location and size of the house generally meet our requirements. In recent years, various renovation measures were primarily carried out by ourselves. However, some of the “major tasks” (façade, windows, roof...) still remain, and significant financial expenses are expected in the coming years. With a new private construction, we would have to bear a double financial burden. Of course, it would be nice in the long term to still own a rental property, but the house is located in a rather rural area, which we personally like, but which is generally considered a disadvantage for a future profitable rental.
The current status is as follows (renovation so far assuming continued rental use):
- The basement has been excavated all around, drainage renewed, and the basement walls were widened for planned insulation and cladding.
- Basement ceiling has been insulated.
- Relatively new gas condensing boiler and wall radiators.
- Electrical and plumbing installations in the basement have been renewed.
Still necessary:
- Complete roof insulation. If the property remains rented, this could also be done on the upper floor ceiling; however, for own use this is not an option, as we want to convert the roof space into additional living space (extra children’s rooms). In this case, the roof will be completely removed and rebuilt.
- Façade insulation and cladding.
- Replacement of windows.
- For owner occupancy, a south-side extension is planned – the ground floor would serve as a dining room and the upper floor as a balcony. We understand that the balcony may hardly be used due to the garden, but the effort and cost for this measure are probably negligible in the overall context.
- Changes to the floor plan for owner occupancy.
I have attached an overview of the current condition and planned changes as pictures. An architect has not been involved in the planning so far. A structural engineer has only checked that the open living and dining area on the ground floor could be structurally realized without a large crossbeam under the ceiling, using a “arched support” (I don’t know the technical term) in the upper floor wall – naturally with corresponding costs. The size and position of windows and doors are still reasonably flexible.
Our two main questions, where we hope to receive tips and suggestions from you:
1) How do you assess the project in terms of cost-benefit ratio? We have roughly estimated that a comparable new build including land plus renovation of the existing property would be at least twice as expensive, namely €250,000 (about $270,000) versus at least €600,000 (about $650,000). What would you do a) renovate expensively for own use, b) renovate more cheaply for continued rental and build new, or c) sell the existing property and build new?
2) What do you think about our current floor plan? We would like to have an open plan kitchen-living area, but our main concern is that the spatial impression in such a large room might feel quite “oppressive” due to the relatively low room height of only about 2.65 meters (8 ft 8 in) in the shell. Moreover, considering a possible future change of heating technology, the size of the kitchen-living area, and the desire to have floor-to-ceiling windows on the south and west sides, we want to install underfloor heating right away, which would further reduce the effective room height.
We are generally open to any suggestions and look forward to an active discussion. If we have forgotten important details or pictures, please let us know and we will provide them promptly.
Thank you very much!
We (female, 32 years old + male, 35 years old from the Bielefeld area) plan to convert a property currently used as a two-family rental house for our own use starting next year. The property is a two-family house built in 1971/1972 using solid construction with sand-lime brick masonry. The house has a full basement, a separate garage building (double garage), and is situated on a plot of about 840 square meters (9,042 square feet). It has been family-owned since the mid-1990s and has so far been used as a rental property.
Since we have now also started dealing with the topic of building a house, we have come to the conclusion that the location and size of the house generally meet our requirements. In recent years, various renovation measures were primarily carried out by ourselves. However, some of the “major tasks” (façade, windows, roof...) still remain, and significant financial expenses are expected in the coming years. With a new private construction, we would have to bear a double financial burden. Of course, it would be nice in the long term to still own a rental property, but the house is located in a rather rural area, which we personally like, but which is generally considered a disadvantage for a future profitable rental.
The current status is as follows (renovation so far assuming continued rental use):
- The basement has been excavated all around, drainage renewed, and the basement walls were widened for planned insulation and cladding.
- Basement ceiling has been insulated.
- Relatively new gas condensing boiler and wall radiators.
- Electrical and plumbing installations in the basement have been renewed.
Still necessary:
- Complete roof insulation. If the property remains rented, this could also be done on the upper floor ceiling; however, for own use this is not an option, as we want to convert the roof space into additional living space (extra children’s rooms). In this case, the roof will be completely removed and rebuilt.
- Façade insulation and cladding.
- Replacement of windows.
- For owner occupancy, a south-side extension is planned – the ground floor would serve as a dining room and the upper floor as a balcony. We understand that the balcony may hardly be used due to the garden, but the effort and cost for this measure are probably negligible in the overall context.
- Changes to the floor plan for owner occupancy.
I have attached an overview of the current condition and planned changes as pictures. An architect has not been involved in the planning so far. A structural engineer has only checked that the open living and dining area on the ground floor could be structurally realized without a large crossbeam under the ceiling, using a “arched support” (I don’t know the technical term) in the upper floor wall – naturally with corresponding costs. The size and position of windows and doors are still reasonably flexible.
Our two main questions, where we hope to receive tips and suggestions from you:
1) How do you assess the project in terms of cost-benefit ratio? We have roughly estimated that a comparable new build including land plus renovation of the existing property would be at least twice as expensive, namely €250,000 (about $270,000) versus at least €600,000 (about $650,000). What would you do a) renovate expensively for own use, b) renovate more cheaply for continued rental and build new, or c) sell the existing property and build new?
2) What do you think about our current floor plan? We would like to have an open plan kitchen-living area, but our main concern is that the spatial impression in such a large room might feel quite “oppressive” due to the relatively low room height of only about 2.65 meters (8 ft 8 in) in the shell. Moreover, considering a possible future change of heating technology, the size of the kitchen-living area, and the desire to have floor-to-ceiling windows on the south and west sides, we want to install underfloor heating right away, which would further reduce the effective room height.
We are generally open to any suggestions and look forward to an active discussion. If we have forgotten important details or pictures, please let us know and we will provide them promptly.
Thank you very much!