House purchase - Renovation / Costs - Experiences

Good morning!

We are actually currently waiting for a new development area here in our city. The allocation is supposed to take place at the end of the year, but the development will take years, and so will the possible construction and moving in...
Always an option: buying an existing property.

Now, after a long time, we have a property that we will look at over the weekend, and I have a few questions about it. Please be kind if there are any "dumb" or too general questions.

Year of construction 1987, 151 sqm without basement. Ground floor, upper floor.

1. On the ground floor there is underfloor heating, but radiators can also be seen in the pictures. Why a "mixed operation"? Energy source is gas.
2. The main questions relate to possible renovations and their costs. According to known neighbors, the house "should" be in good condition. Whatever that may mean. Let’s assume windows, walls, roof, etc. are okay.

I have uploaded floor plans. We prefer an open kitchen/living/dining area, would like a straight staircase, and a guest WC downstairs with a shower. That means we would like to change the following things on the ground floor:
- Remove the wall from the kitchen to the living/dining room (unfortunately there is a fireplace in front of it), and "reduce" the kitchen towards the street for
- relocating the guest WC under the new open kitchen
- straight staircase (tear down current guest WC)
- new flooring
- new paint
- network cabling

Upper floor:
- mostly fine, possibly a separate dressing area in one bedroom
- bigger thing: a walk-in shower in the bathroom. Right now it looks too tight space-wise...
- new flooring
- new paint
- possibly pull up network cables

House price 500,000 EUR + 60,000 EUR additional costs. The renovations / redesign mentioned above with estimated 100,000-150,000 EUR. I have read through the forum and online, but didn’t really find approximate figures for individual trades. Certainly difficult, as it’s very individual.

Could someone still give their assessment here, would be nice

The "perverse" thing about it... that purchase and renovation / redesign would probably cost more in total than a new build.
Big advantage: you would probably be about 3 years earlier in your own home.

A small downside: 110 kV high-voltage line about 90 m away.

Please first get an accurate picture of the actual condition. Also check if there are enough sockets, whether the water pipes are made of copper or stainless steel. Only then can it be assessed in which price range it will fall. Also check if the windows have been replaced recently. If not, that is a construction site. The insulation of the roof is likely to be moderate as well, provided it dates from the year of construction. It is also possible that the heating system is still from the year of construction. If oil, then also the tanks. Another cost factor. In the past, there was the concept of basic heating via underfloor heating and additional radiators. What does new flooring mean? Including screed or just new floor covering? Is the location so good that you want to tackle the major renovation, or is it just the "finally into a (any) house, no matter what it costs" feeling?

Thank you for your response. I am currently creating a "questionnaire" with exactly such points. I will include the issue with the wiring. If it becomes more urgent, we would anyway consult an expert or similar. The heating is gas. The location is already good, especially for the kids (daycare, later school), and there is currently a generational change in the former development area from 1980-87. It probably resonates a bit, as we have been looking for 4-5 years.

Everything is fine so far. Changing the staircase completely due to optical preferences is, in my opinion, complete nonsense; you should reconsider that very carefully. I also consider the thesis that an equivalent new building in a comparable location and on a plot of equal size will become cheaper to be questionable.

: I partly agree with you. So the plot here is 720 sqm, standard land value 265 EUR = 191 TEUR, leaving 309 TEUR for the house + house purchase incidental costs + renovation = 191 + 309 + 60 + 150 = 710 TEUR. New build on a 500 sqm plot = 133 TEUR + 350 TEUR house + incidental costs = 350 + 120 = 600 TEUR. But as of now, probably rather without "buffer" my estimate. The staircase will probably be the first thing to be cut.

You cannot compare the standard land value with market prices in many areas. It can easily be a factor of 2 on the market. For 350K€, you won't get a comparable large house with a terrace. Additional costs for new construction also lie in the outdoor area - no, a new build certainly wouldn't be cheaper.

My thoughts:

[*]If you build near the villa - check the groundwater development to avoid getting wet feet.
[*]I like the idea of opening the kitchen towards the living area. Surely you can integrate the fireplace. The main thing is that there are no load-bearing walls - ask about that.
[*]If you install a network, you can also "increase" the number of sockets at the same time.
[*]Look at the fuses and distribution boards. In the past, fewer circuits were protected; today, more consumers are connected. Don't let it become tight.
[*]Not only water pipes, but also sewage pipes can be an unpleasant surprise. The latter can be inspected quite cheaply with a camera.
[*]Surrounding the staircase is a costly matter. I don't see a straight staircase at this spot as a gain.
[*]I consider a shower on the ground floor to be a fashion trend; one should question one's habits and the sense behind it.
[*]Check the windows well, they are also cost drivers.
[*]Because there is money for it, a hype around insulation arose, and greed sometimes eats the brain. Not every house benefits from it; many tend to develop mold afterward or get unpleasantly hot in summer when you like to have open windows and doors to the garden (practically with children).
[*]Age of the gas boiler? They don't last forever.

What the renovation costs mainly depends on your wishes regarding materials, the quality of the selected craftsmen, and personal contribution.
With 150K€ you can accomplish quite a lot, and yet things get tight quickly if you have an affinity for special features.