Extension, two full floors, ~476 sqm

560sqm x 2000€ to 2500€...

I see it the same way, although I would definitely start with the 2500€/sqm here, so that all sorts of additional costs are included. So that makes 1.4 million euros. You don't need construction companies right now, but first an architect. He can also clearly break down the costs for you.

I see it the same way, although I would definitely start with 2500€/m² here, so that all sorts of additional costs are included. So that makes 1.4 million euros. You don’t need construction companies yet, but first an architect. He can also break down the costs clearly for you.

Thank you very much for the information. That will be the next step :-)

I believe the colleagues before mentioned the price for the pure new construction. If it is an extension upwards, the question also arises whether the existing structure can bear the load and whether it may need to be reinforced and how complex this would be?

Thanks a lot for the information. That will be the next step

Does that mean you don’t even have the money for an initial consultation with the architect? – then forget the project. You can’t get rich become* from renting out apartments, only stay rich remain. So you absolutely need enough money that any potential surprises only nibble at your returns. The decisive factor whether you can even undertake the project must not be the difference between 1.4 and 1.6 million.

*) Becoming rich would be possible too – but then not by developing one property from your own portfolio, but with cheaply acquired outstanding Turmstraße and Badstraße buildings.

Does that mean you don’t even have the money for an initial consultation with an architect? – then forget the project. You can’t get rich from renting out apartments, only stay rich that way. So you definitely need enough money so that possible surprises only nibble at your returns. It shouldn’t be decisive whether you can even start the project that the difference is between 1.4 million and 1.6 million.

*) getting rich would be possible too – but then not by developing a property from your own portfolio’s stock, but with cheaply bought, explicitly Turmstraße and Badstraße houses.

Who stepped on your toes?

But to stay objective:
- I just haven’t had an initial meeting with an architect yet, it will come – but I never said anywhere that money is an issue, did I?
- I didn’t ask here how to get rich. That’s why I don’t understand your long detailed answer on that subject?
- I’m thinking calmly about which project is feasible… whether it will ultimately be one full floor, two full floors, or I just build behind it to reach 2000m² of living space would also be an option.
- Ultimately, of course, the financial framework within the family circle decides. What matters to me is to keep the existing property and to build an alternative form of retirement security with such a project. And I still have 40 years for that. And to inform myself early, to take the right path, and then to approach experts with knowledge of the framework conditions cannot be wrong. Or do you see it differently?

Who stepped on your tie?

No one. You were pointed out that the planning specialist, who is needed anyway, is also the appropriate competent source of information on how the project will present itself economically. In response, you said that this should be the next step. Therefore, I pointed out again that this step is naturally probably better as the first and should not be dependent on what approximate budget rough numbers were told to you until then. You want to have a multi-family house – you can get that. The architect – if you take one who knows about multi-family houses (that is, apartment buildings) – will then tell you whether the existing building is suitable as a “foundation” (or whether a new building from ground zero is the more economical option). You can’t step on my tie; I’m more the fly type.