Hello community,
I currently have the opportunity to buy my parents’ rental house, but significantly below the current market value.
The local average price would be around 700m² of land for 140,000 euros. I am getting 1700m² for the amount "x," including the rental house.
At the moment, all three units are rented out.
Since I want to move in there myself after the purchase and there is a backlog of work needed in the house, it makes sense to renovate / modernize before moving in.
Here are the details:
General information: built in 1948
Footprint 10x13m (33x43 ft), masonry approx. 38cm (15 inches) brick
Roof, facade, and basement without insulation (or insulation from the 1948 standard)
Windows and gas boilers on each floor about 25 years old
Bathrooms on each floor about 20 years old
Water supply and electrical installations about 20 years old
Facade repainted and partly re-plastered about 3 years ago, no cracks
Basement to ground floor – concrete ceiling
Ground floor to 1st floor – non-usable floor cavity (void)
1st floor to 2nd floor – non-usable floor cavity (void)
2nd floor to attic – non-usable floor cavity (void)
Basement:
- Partially under the building
Staircase:
- Generally in good condition
- Appears to date from the 1970s or 1980s
- Wooden stairs with wooden railing
Condition: visual appearance matches age, overall good condition
Ground floor (95m² / 1020 sq ft):
- Walls replastered 3 years ago
- Flooring completely renewed 3 years ago
Condition: last renovation 3 years ago; apartment could be rented out immediately
1st floor (95m² / 1020 sq ft)
Condition: last renovation 10 years ago; used condition but could also be rented immediately
2nd floor (70m² / 750 sq ft)
Condition: last renovation 20 years ago; apartment in poor, neglected condition, cannot be rented out as is (complete renovation needed)
Attic:
- Roof about 30 years old
- Beams in good condition
I have come up with the following renovation/alteration options:
Option 1 (for own use: 1st and 2nd floors combined, ground floor rented):
Combine 1st and 2nd floors
Limit stairwell to ground and 1st floors
Install stairs inside the apartment from the 1st to the 2nd floor
Option 2 (for own use only):
Remove roof
Demolish 2nd floor
Build new roof on top of the 1st floor
Stairwell would no longer be needed
Stairs inside the apartment from ground to 1st floor
In any case, the gas boilers must be replaced, possibly switching to a central heating system during the upgrade.
The roof should meet current standards – I assume everything must be replaced there as well.
It may also be possible to create a gallery by partially opening the void floors (structural stability must be considered!).
The house has been in the family since it was built. There have been no water damage, fires, or similar issues.
The fact for me/us is that we want to buy a house. Currently, the question is how high the costs would be for renovation Option 1 or Option 2.
There are many references available for the costs of roof work, boilers or central heating, insulation, windows, etc. However, I have not found any cost estimates per m² or m³ for demolishing an entire floor.
In my view, if the roof needs to be completely redone and fully removed anyway, it would make sense to demolish the 2nd floor as well.
Reason: I would then have a single-family house by myself. Furthermore, the stairwell could be eliminated – based on extensive research, the cost of “just” a stairwell is quite substantial.
Here are my actual questions:
- What would it cost to demolish the 2nd floor?
- Which type of heating system would you recommend?
- Is it possible to open the void floor and create a gallery?
I hope I haven’t forgotten anything and look forward to your answers.
Best regards
Bastock
I currently have the opportunity to buy my parents’ rental house, but significantly below the current market value.
The local average price would be around 700m² of land for 140,000 euros. I am getting 1700m² for the amount "x," including the rental house.
At the moment, all three units are rented out.
Since I want to move in there myself after the purchase and there is a backlog of work needed in the house, it makes sense to renovate / modernize before moving in.
Here are the details:
General information: built in 1948
Footprint 10x13m (33x43 ft), masonry approx. 38cm (15 inches) brick
Roof, facade, and basement without insulation (or insulation from the 1948 standard)
Windows and gas boilers on each floor about 25 years old
Bathrooms on each floor about 20 years old
Water supply and electrical installations about 20 years old
Facade repainted and partly re-plastered about 3 years ago, no cracks
Basement to ground floor – concrete ceiling
Ground floor to 1st floor – non-usable floor cavity (void)
1st floor to 2nd floor – non-usable floor cavity (void)
2nd floor to attic – non-usable floor cavity (void)
Basement:
- Partially under the building
Staircase:
- Generally in good condition
- Appears to date from the 1970s or 1980s
- Wooden stairs with wooden railing
Condition: visual appearance matches age, overall good condition
Ground floor (95m² / 1020 sq ft):
- Walls replastered 3 years ago
- Flooring completely renewed 3 years ago
Condition: last renovation 3 years ago; apartment could be rented out immediately
1st floor (95m² / 1020 sq ft)
Condition: last renovation 10 years ago; used condition but could also be rented immediately
2nd floor (70m² / 750 sq ft)
Condition: last renovation 20 years ago; apartment in poor, neglected condition, cannot be rented out as is (complete renovation needed)
Attic:
- Roof about 30 years old
- Beams in good condition
I have come up with the following renovation/alteration options:
Option 1 (for own use: 1st and 2nd floors combined, ground floor rented):
Combine 1st and 2nd floors
Limit stairwell to ground and 1st floors
Install stairs inside the apartment from the 1st to the 2nd floor
Option 2 (for own use only):
Remove roof
Demolish 2nd floor
Build new roof on top of the 1st floor
Stairwell would no longer be needed
Stairs inside the apartment from ground to 1st floor
In any case, the gas boilers must be replaced, possibly switching to a central heating system during the upgrade.
The roof should meet current standards – I assume everything must be replaced there as well.
It may also be possible to create a gallery by partially opening the void floors (structural stability must be considered!).
The house has been in the family since it was built. There have been no water damage, fires, or similar issues.
The fact for me/us is that we want to buy a house. Currently, the question is how high the costs would be for renovation Option 1 or Option 2.
There are many references available for the costs of roof work, boilers or central heating, insulation, windows, etc. However, I have not found any cost estimates per m² or m³ for demolishing an entire floor.
In my view, if the roof needs to be completely redone and fully removed anyway, it would make sense to demolish the 2nd floor as well.
Reason: I would then have a single-family house by myself. Furthermore, the stairwell could be eliminated – based on extensive research, the cost of “just” a stairwell is quite substantial.
Here are my actual questions:
- What would it cost to demolish the 2nd floor?
- Which type of heating system would you recommend?
- Is it possible to open the void floor and create a gallery?
I hope I haven’t forgotten anything and look forward to your answers.
Best regards
Bastock
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