Buying an old building from 1985 - funding opportunities and is the budget sufficient?

2023-07-19 08:01:02

Good morning everyone,
since we are about to purchase an older property (NRW), I am actively seeking help here in the forum again.
The building has a gas heating system installed which needs to be replaced accordingly. The house needs a complete renovation and I am worried that the costs will exceed our budget. Is it realistic to convert the house to KFW55 standard? Roof, windows, insulation of the exterior walls as well as a new heating system (ideally a heat pump since the floor also needs to be replaced and underfloor heating is planned).

Are costs of €140,000-170,000 for these measures realistic? Some work can be done by ourselves, but I would not include this for now.

What funding opportunities could I still take advantage of?

Thank you very much and have a great day everyone :)

2023-07-19 08:34:04

Good morning everyone,
since we are about to purchase an older property (NRW), I am actively seeking help again here in the forum.
The building has a gas heating system installed that needs to be replaced accordingly. The house needs a complete renovation and I am worried that the costs will exceed our budget. Is it realistic to convert the house to KFW55 standard? Roof, windows, insulation of the exterior walls, as well as a new heating system (ideally a heat pump since the floor also needs to be redone and underfloor heating is to be installed).

Are costs in the range of €140,000-170,000 realistic for these measures? Some work can be done by ourselves, but I would not initially include this.

What funding options could I still take advantage of?

Thank you very much and have a great day to everyone :)

More information about the house is necessary. It makes a difference whether it is, for example, 80 sqm or 250 sqm, and whether there is possibly a damp basement or not, and so on.

2023-07-19 09:54:45

a gas heating system that needs to be replaced accordingly. The house needs a complete renovation

Must? No, you want to.

Is it realistic to convert the house to KFW55?

Absolutely. That is no problem at all. The budget just has to be large enough. I have done something like that myself with a property from the 60s.

Are costs in the range of €140,000-170,000 realistic for these measures?

As the lawyer says so nicely. It depends. Size of the property, basement yes/no (because of insulation underneath), type and possibilities of renovations (just insulating the roof is different from having to renovate and insulate the roof structure along with the roofing or having to extend the eaves), own contributions, etc. are relevant. But from experience: perhaps enough for the measures, rather not for KfW 55.

2023-07-19 10:22:04

Wait a minute, you have a house that was already built according to the first thermal insulation regulation of 1977? You can easily buy that and also make it heat pump ready with less money. New windows, new radiators, and the heat pump will run without problems. With the subsidies starting next year (50% for the heat pump and also 20% for new windows). You should then be at around 50,000€ after the subsidy. And then, for example, another 50,000€ for your cosmetic measures (new floor, new bathroom). So with 100,000€ you should be fine. After all, you are not buying a completely unkempt old building from 1920 but a house with efficiency level E from 1985. Of course, I expect objections here in a house building forum where everyone wants to do everything new.

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Buying an old building from 1985 - funding opportunities and is the budget sufficient?

Ferdifuchs1

Yosan

KarstenausNRW

Sunshine387