Costs for extension and partial modernization of existing property

Hello dear forum visitors and specialists,

I am completely new here and would like to share my consideration/idea today about moving into my own home.

Currently, I am thinking about buying a property. It is a small old existing property that I would like to expand with additional living space. The property costs, at best, €80,000 and looks like it does in the pictures. The “existing floor plan” is to be expanded by about 60m² of living space – see “expanded floor plan.”

In the picture “House 2” it is roughly marked where the extension should be added.

In the old property, I would prepare or modernize as much as possible myself, as far as my DIY skills allow. I want to install new windows, renew the electrical system, renovate the heating system including underfloor heating, and make a few wall openings in the old property. Additionally, there is the extension, which I imagine being built solidly with a flat roof (cheaper option?).

What costs should one expect or does such a project even make sense?

I hope my project is understandable and that I have arrived in the right subforum. I look forward to your answers.

Best regards, Flo

Thank you very much for your response - this part of Brandenburg is indeed in the commuter belt of Berlin, and the land reference values alone have risen by a solid €20 - €30/m² in the past 2 years - no end in sight. The value of this property has already been appraised at ~€82,000 - I don’t have the exact figure at hand right now. So including the land 6,000+m², 2x outbuildings (solid barns).

I am aware that the house as such is not a feast for the eyes, which is where I see the challenge - namely to pair the old with the new. I was simply captivated by this "farmhouse charm."

According to your calculation, it somehow no longer quite fits into my planning - which is also the reason I am here. After all, I want to bring my ideas somewhat closer to reality with the experience of others. Ideas were around €80,000 purchase + €120,000 for the rest. Still missing a few euros.

Roof, masonry, etc., everything tight and dry on the building.

Would a different approach be advisable or can it currently be advised against?

Thank you very much for your answer – this part of Brandenburg is actually in the commuter belt of Berlin and just the land guideline values have risen sharply by 20-30€/m² in the past 2 years – no end is in sight. The value of this property has already been estimated at around €82,000 by an appraisal – I don’t have the exact figure on hand right now. So including the plot of land with over 6,000m², 2x outbuildings (solid barns).

I am aware that the house as such is not a visual treat, which I see again as the challenge – namely to pair the old with the new. I was simply captivated by this "farmhouse charm."

According to your calculation, it doesn’t quite fit into my planning anymore – which is also the reason why I am here. After all, I want to bring my ideas a little closer to reality with the experience of others. Expectations were €80,000 purchase + €120,000 for the rest. Still missing a few euros.

Roof, masonry etc. all sealed and dry on the building.

Would a different approach be advisable or can one currently advise against it?

Before we decided on a new build, that was also an issue for us. Your house reminds me a lot of a property we looked at. It was an old settlement house (great location, large plot) in a "mining" settlement. About 80sqm of living space, which we wanted to expand by about 80sqm. Condition was okay so far... what does "okay" mean? Okay = complete renovation. So for me now. We then brought in an appraiser, architect, and other experts. Conclusion: new build same cost or cheaper. Topic was settled.

I agree with Steffen80. If you want to build "cost-effectively," it's better to build new. History, ambiance, and the exclusivity of past times must be affordable. Renovating existing buildings is usually not cheaper than building the same volume new. But this can only be decided on a case-by-case basis. If you want to be absolutely sure, treat yourself to an on-site purchase consultation with an experienced architect, including an inventory analysis followed by a cost estimate. You won't get anywhere with internet research and forum information. You have to see and walk through the property.

If you want to be absolutely sure, get an on-site purchase consultation from an experienced architect including an inventory analysis with subsequent cost estimation. You won't get anywhere with internet research and forum information. You have to see and walk through the property.

Exactly. It cost us about 2000 EUR back then. Every cent was worth it

Thank you for your opinions.

I don’t want to bring up all the “but-clauses” now, but I still want to briefly express my point of view.

Suppose I buy a plot of land for about €40,000, then build a standard house on it for €200,000. Then I have a plot with a house for €240,000. But the rest of my property looks empty – no garage, no paved driveway, no barn, nothing. Unfortunately, no budget left for that either. I have to/want to manage this on my own, so the financial means are limited. If I had the financial resources, I would buy the thing for 80k, tear down the old house, either convert a barn or integrate a new house into the existing conditions.

Regarding on-site consultation with an experienced architect – I have already visited the house with someone who coordinates house construction for a family member. Unfortunately, not much came of it – apparently new construction, coordinating trades and not really paying attention to the money is more his thing.

After that, I consulted a freelance graduate engineer for structural engineering. I dare to suspect that he had too little experience for my project, too little time, and probably too little trust in a younger resident of this earth. Theoretically, I wish for someone who approaches it like wpic – comes in, looks, calculates, and gives a clear statement. Not someone who dithers with “would have, could have, might have.” If someone says I have to tighten my belt, show commitment, and rally people, then there is a chance for my budget, and I will take that chance and use it. And if someone says that there is unfortunately no hope for me and my budget, then I have to let go of that, keep saving, and just see where other doors open.

That is the reason why I am here, to gather opinions and experiences; it’s not as if I haven’t already done quite a bit to get the valid information I need.

It could also have been that someone from the Berlin metropolitan area is interested in taking a look at it and possibly supervising, implementing, etc.