Budget for house renovation realistic? Experiences?

Hello everyone,

I am planning the following project and would like to get your assessment of whether the calculated costs are realistic.

We have a house in prospect that we can buy. Wonderful plot with a good location for us in northern Bavaria. The house is from 1960 and is a two-family house. It has a size of 130 sqm. It is located on a slope, which means that the ground floor is exposed on one side and on the other side against the slope. The whole costs about 150,000 EUR. However, the house needs to be renovated almost completely. But nothing needs to be cleared out anymore. The building fabric is good, however.

What we want or have to do:
- Insulate and redo the facade
- Redo the roof including insulation
- New water pipes
- Heating system
- Bathrooms
- Kitchen

Partly in-house work:
- Windows (we have someone for installation here)
- New electrical wiring (we also have someone for this)

In-house work:
- Floor coverings
- Painting work

We want to stay within a budget of 250,000 EUR for the renovation. A high-quality finish is not important to us. The price-performance ratio has to be right. The bank’s financing offer suits us. We will bring in an energy consultant even though we are financing without [KFW].

Do you think the budget is realistic?

Thank you very much.

It has a size of 130 sqm. It is located on a slope, which means the lower floor is open on one side and on the other side against the slope. The whole thing costs about 150TEUR.

So approximately land minus demolition?

We want to stay within a renovation budget of around 250TEUR. We are not interested in high-end fittings. The price-performance ratio has to be right. The bank’s financing offer suits us. We will bring an energy consultant on board even though we are financing without the KFW.

Do you think the budget is realistic?

Yes. If you don’t renovate to KfW 40 standard, but rather as makes sense and is affordable. Also contribute decent own work and save on purchases.
If you have a window installer at hand, have them measure the windows correctly and order the windows, for example, in Poland.
Do the gutting yourselves as well (pay attention to hazardous materials like asbestos).

For a full renovation = gutting down to the shell, you can roughly calculate new build prices. If the roof is only re-covered (as you wrote in the other forum), that already saves a lot. Major cost items are always floor plan changes – avoid those or only remove a non-load-bearing wall and save a lot of money.

In the end, it's about 1,900€/sqm for the renovation. With that, you get a great house!

So roughly land minus demolition?

Yes. If you don’t renovate to KfW 40 standard, but rather as it makes sense and is affordable. Put in solid own labor and save on purchases.
If you have a window installer at hand, let them measure the windows correctly and you order the windows e.g. in Poland.
Do the gutting yourselves as well (watch out for hazardous materials like asbestos).

For a full renovation = demolition down to the shell, you can almost calculate new build prices. If only the roof is replaced (you wrote that in the other forum), that already saves a lot. Large cost items are also often changes to the floor plan – avoid these or remove only a non-load-bearing wall and save a lot of money.

In the end, it’s a good €1,900 per sqm for the renovation. With that you get a great house!

Thanks, that gives a bit of encouragement. Yes, I’ve also thought about buying things abroad.

Hello everyone, I am planning the following project and would like to get your assessment of whether the calculated costs are realistic. We have a house in prospect that we can buy. Wonderful plot with a good location for us in northern Bavaria. The house is from 1960 and is a two-family house. It has a size of 130 sqm. It is situated on a slope, which means that the lower floor is open on one side and on the other side it is against the slope. The whole thing costs about 150,000 EUR. However, the house needs to be renovated almost completely. But nothing needs to be cleared out anymore, etc. The building substance is good though. What we want/must have done: - Insulate and redo the facade - Redo the roof including insulation - New water pipes - Heating system - Bathrooms - Kitchen Partly as own work: - Windows (we have someone for installation) - New electrical wiring (we also have someone for this) Own work: - Flooring - Painting work We want to stay within a budget of 250,000 EUR for the renovation. High-quality fittings are not important to us. The price-performance ratio must be right. The financing offer from the bank suits us. We will bring an energy consultant on board, although we are financing without KFW. Do you think the budget is realistic? Thank you.

I would try at least to map all the "major" trades regarding own work and contract award. - Who does the interior plastering? - Will the ceiling be suspended? Who does that? - Are the bathrooms completely contracted out including tiling? - Is there drywall (cavity wall, ceiling, room divider)? Who does that? - I assume there is a new screed? Who removes the old one? Who insulates the new build-up? - Doors are completely missing from you. New front door? - Photovoltaics are also missing. That’s what comes to mind spontaneously.