Financing of purchase and renovation

To the financing experts: Would it also be possible to take out bridge financing for the purchase (e.g. 1 year term) and only then the full loan including funds for the renovation? (I am currently in a similar situation)

Honestly, with such amounts and such a backlog of investment, never let yourself be pressured! It’s getting more and more brazen with the brokers

To the financing experts: Would it also be possible to take out a bridge loan for the purchase (e.g. 1 year term) and only then take out the full loan including funds for the renovation? (I am currently in a similar situation)

I hardly believe that a bank would want to participate in a bridge loan where the loan could be repaid within one year. It is an idea, but rather impractical.

House bank inquiries

Do I understand correctly that you don’t yet know WHAT exactly you need to renovate? Tell us a bit about the property, maybe we can help. Typical pointers are, of course, the year it was built and when the last renovations were done.

If you can roughly name the trades, the approach from Noelmaxim would be sufficient to estimate the costs and put them in writing.

Well, maybe this isn’t the right forum, but if you’re interested, I can outline it briefly.

It is a detached single-family house with a pitched roof, built in 1952, plot size 360 sqm, living area 116 sqm, usable area 90 sqm, currently divided into two identical apartments (ground floor and upper floor), plus two garages (one very small and one normal size). The only renovation work done was new windows in 1983 and a new roof with insulation in 1992. It is still classically divided, so many small rooms, no terrace facing the garden, and the attic is not converted.

Basically, everything needs to be gutted and renovated. The advantage, in my view, is that the house basically has the right size, is detached, has a garden, is located in a very nice and established residential area, and through the gut renovation you have the chance to bring everything up to a current standard and choose all components yourself. Then hopefully you have peace for the next 30 years regarding the major issues.

Regarding the requirements: within our financial means, we want to get as much as possible out of it, preferably with a very good energy standard. The bathroom and kitchen can easily be from Ikea — we don’t need luxury there.

One thing, however: we can hardly do any work ourselves, maybe a bit of demolition and painting at the end.

What I have so far estimated:

[*
Facade insulation €40,000
[*]Roof surface insulation €40,000
[LIST]
[*](Over-rafter insulation and roofing)
[*]Possibly optional if you instead insulate the upper floor ceiling


[*]Basement ceiling insulation €7,000


[*]Possibly vacuum insulation, due to somewhat low height?


[*]Heating €35,000


[*]Air heat pump or pellet heating


[*]Window replacement €20,000


[*]About 20 windows, triple glazed


[*]Ventilation system?
[*]Bathroom renovation €20,000


[*]Small bathroom on ground floor, larger bathroom on upper floor


[*]Floor coverings €20,000


[*]Parquet and disposal


[*]Underfloor heating €10,000


[*]If sensible with wooden beam ceiling and somewhat lower room height


[*]Electrical installations €20,000


[*]No smart home, but with network outlets and high-voltage supply to the garage


[*]Piping system €10,000
[*]Kitchen €15,000
[*]Wall relocation €5,000
[*]Structural engineer €2,000
[*]Photovoltaic system €10,000


[*]Optional


[*]Construction management €20,000
[*]Painter and plastering €15,000
[*]Lighting?
[*]Doors?

Some of this is optional or can also be available in a cheaper variation. But especially pipes, electrical, and heating are indispensable.

I consider your estimate realistic. I have renovated twice myself. As long as the basement is dry, nothing seems to be missing at first glance. Underfloor heating is sensible, especially with a heat pump. The basement ceiling insulation also plays a role here. By the way, I find your costs to be set high. For good material, I paid €1000 plus adhesive. But it was self-performed work. Otherwise, with your comprehensive approach, you are doing everything right. You will then have peace and an energetically modern house. Would you like to explain why self-performance is not an option? Two left hands? No desire? No time?