Is renovating old buildings worthwhile?

After 30 years, with the new construction scenario you have a larger, like-new property. Then it may also be worth it because it is paid off later.

No, after 30 years every property is worn out and shabby, unless you have regularly renovated and refurbished. The year of construction says exactly zero about how the residents have maintained it. And you can't know yet which colors, materials, and construction methods will be fashionable in 30 years anyway.

As I said, with that budget you practically get the house at new construction standard.

First approach it emotionally: Where would you prefer to live? Then consider it economically: Demolition and new construction is significantly more capital intensive and also more expensive in the long term. You can achieve the rental income just as well by buying apartments with the price difference (or even better garages, as the rental risk is spread over several units, there are no ancillary cost statements, and fewer repairs - and depending on the area also a higher return...). And the risk assessment: Calculate a slightly higher reserve for repairs and maintenance for the old house despite renovation. The major things can be insured. Simply take these costs into account and review the overall picture again. There are also the ongoing costs: With the renovation, you will certainly carry out energy measures (partly eligible for subsidies). Of course, there remains a difference in operating costs. From an environmental perspective, preserving the existing building is more reasonable in the overall view.

You can either insulate the ground floor floor or the cellar ceiling. Put in a proper cellar door, done. We don’t notice anything from our damp cellar (that’s what it’s actually called) in terms of room climate. It’s not musty or damp, just colder. If the cellar is fine in the current wet-cold weather situation, then it will also be fine in the future and the problem, whatever it was, has been fixed. If a cellar is so wet that a musty smell develops and it spreads into the living spaces, yes, then you would have a problem. But this problem does not exist with you.

I have a civil engineer in the family who specializes in old buildings, he told me that depending on own effort, one generally says roughly 700-1200€/m2 for a renovation. In your case that would be at the upper end 198,000€, of course prices can be pushed even higher. If you can’t afford the purchase price plus renovation, then you certainly can’t afford purchase price + demolition + new build. Again my questions: How old are the electrical system, bathrooms, exterior plaster, interior plaster, roof, water pipes, heating, etc.? From the pictures I don’t even think a full renovation is necessary on the house. Of course this is a remote diagnosis and it’s always a question of what you want. But besides the “What do I want?” you also have to honestly answer yourself “What can I afford?”. If you already get nervous over a few beam changes, then this is too big a project for you, especially your plans for new construction with rental.

Ask yourselves the following questions: What is an overall budget that we can truly repay? What really has to be done and what can wait? Which investment is really worthwhile in the end?

So far we have spent about 500€/m2 for the partial renovation. We have done 2 WCs, 1 bathroom, most of the windows, floors, interior doors, attic conversion, partially replastered and repaired walls, lowered ceilings, new radiators, new electrical, new sanitary rough-in on 100m2. Heating, roof, facade still ok. Tiling, electrical and rough installation were done by companies, the rest by ourselves and what is still missing we do gradually and as fits. Otherwise we couldn’t have afforded a house.

No, after 30 years every property is worn out and shabby, unless you have regularly renovated and refurbished. The year of construction says absolutely nothing about how the occupants have maintained it. And which colors, materials, and construction methods will be trendy in 30 years you simply cannot know yet.

As I said, with the budget you practically get the house to new-build standard.

Yep. After 30 years the next expenses have long been due again. With a house, you are never done. Not with maintenance and probably never with paying it off :cool:

I would ask myself the following questions
1. Do I want to rent out? If yes, in my house or rather my home my castle and put the rest in condominium, set up garages. Let's be honest, do you really want to live in a multi-family house and your garden is, after deducting parking spaces and larger area, a rabbit enclosure
2. What advantages does a new single-family house construction bring
3. What advantages does a renovation bring
4. Would you be able to renovate in such a way that your ideas and needs are covered?
It's no use renovating if it doesn't really suit you

The basements in such old houses are not dry. They were never meant to be living space. They had to be storage rooms. Don't ask how well potatoes and wine can be stored in them.

Because of the water. Has a new residential area been developed at the top of the slope in recent years/decades?

First approach it emotionally: Where would you rather live?

In Schloss Solitude. But for that, we’d get bad conditions from the bank :p Just kidding. Surely it's nicer to be alone on your own property. Of course. But I don’t imagine living in a multi-family house to be that bad. I’ve never experienced it any other way in my life.

You can earn the rental income just as well by buying apartments from the price difference

No. We really can’t. But okay. There isn’t a huge difference either, that’s true.

And the risk assessment: calculate a somewhat higher reserve for repairs and maintenance for the old house despite renovation. The big things can be insured. Simply consider these costs and look at the overall picture again.

We actually tried that. That’s why we calculated 300k€ for renovation in the table. (Not that we have that money in savings, but considered over a few years what the renovated house would cost us)

If a basement is so wet that it produces a musty smell which then spreads into the living rooms, yes, then you’d have a problem. But that problem doesn’t exist for you guys at all.

Not currently. And those are precisely my core concerns.

If you can’t afford the purchase price plus the renovation, then you definitely can’t afford purchase price + demolition + new construction.

I don’t understand. We have to handle the renovated single-family house ourselves. For the larger multi-family house, we need rental income. Our financial burden would remain the same.

: How old are the electrical system, bathrooms, exterior plaster, interior plaster, roof, water pipes, heating, etc.? From the pictures I don’t even think the house needs a full renovation. Of course, that’s a remote diagnosis and it’s always a question of what you want.

The building services (sanitary/electrical) need to be completely redone. Exterior plaster wouldn’t be necessary. The insulation has to be redone anyway. Interior plaster must also be almost entirely redone. What’s true is that with the dormers and roof expansion, there’s no urgency yet.

If you already get nervous because of a few beam replacements, then the matter is too big for you, especially your plans for new construction with rental.

It’s not about getting nervous. I have already knocked out the entire infill, replacing beams would also be the smaller problem. I’m just thinking whether new construction would be more economical in the long term. Because invested in the old building means invested. Then there’s no way back. I’m the kind of person who believes “think first, then act.” That’s why I’m considering it.

4. Could you renovate in a way that meets your ideas and needs?
It’s no use renovating if it actually doesn’t fit you

Of course. The house would suit us. It was bought to renovate, not to tear down.