New single-family house or core renovation of a house built in 1978

Good day,

my name is Ralf and my girlfriend and I are currently facing the question of whether we should build new or carry out a complete renovation of my girlfriend's inherited parental home.

The following key data:

Detached single-family house built in 1978 in solid construction.

Living area 200 sqm plus basement

Plot 1200 sqm with hillside location. Land value 150 EUR sqm. (LANDKREIS FO OBERFRANKEN BAYERN. DISTANCE Bamberg 25 km. NÜRNBERG 40 km.

Condition of the house poor. NO renovation carried out since 1985.

We would therefore have to completely renovate the house to adapt it to our needs and ideas. Starting from roof renovation, heating, electronics, windows, doors, change of floor plan, insulation etc. in other words, a proverbial complete renovation.

However, no structural damage according to the expert.

Is it possible to say in general whether in this case a complete renovation would be worthwhile or if a new build on the possibly existing plot would be better?

APPRAISED VALUE ACCORDING TO EXPERT 450,000 EURO. The place is really old and in need of renovation. I was therefore very surprised by the appraised value. Today, it seems that there is even an expert value of 250,000 Euro for houses ready for demolition.

The idea of a complete renovation arose because we have already approached several civil engineers, architects, and FH suppliers, and it seems today that a house larger than 200 sqm with basement and plot and all that goes with it probably easily comes to 650,000 Euro +. That is crazy.

Therefore, we thought that a complete renovation might be worthwhile? And that we would come off cheaper.

We had set a budget of around 200,000 - 250,000? However, really everything should be included.

Best regards

Ralf

When it comes to a complete renovation, the question is whether you like the house as it is; if not, it’s nonsense to put a lot of money into it. Aside from that, 200-250k€ is quite unrealistic, unless you want to do everything yourself. Assuming that a few outdoor areas also need to be done, especially after the construction crews have torn everything apart, I would roughly say: 30k€ gutting 250k-300k€ renovation 50k€ outdoor areas 30-50k€ miscellaneous (from KN to architect and kitchen...) Total approx. 400k€

So basically, we like the house in terms of the floor plan and the plot is also very nice. And with a floor area of about 200 sqm plus a 100 sqm basement, it is also quite large.

We would really like to have a lot of space and would rather not live in a shoebox with 120 - 150 sqm.

That's why we thought about a complete renovation of the building.

As mentioned, square meters are quite expensive nowadays and with over 200 sqm + 100 sqm basement plus plot, a new build easily reaches the mentioned 650,000 - 750,000 euros.

Together we have a net income of about 5,500 euros. Therefore, a budget of up to 350,000 - 400,000 euros would of course also be feasible.

The question is just if such a complete renovation is still worthwhile? It would still be about 300,000 euros cheaper (compared to a new build of the same size).

Just post the floor plan and exterior views here, and describe your ideas / wishes for the finished house. The feasibility and costs will then be evaluated by the forum and will help with a decision.
Regards, Nida

Are you under time pressure? Otherwise, calculate exactly how much you need to invest. At the current prices for land and house in your area, you could be cheaper with renovation.

Condition of the house is poor. NO renovations have been carried out SINCE 1985.

I wonder why at all 1985 – so only seven years after construction?
Usually in 1978, no junk was built. Often the exterior walls already had a thickness of 36.5 cm back then. How is it heated – underfloor heating with an oil burner?; and the windows were in vogue at the time made of tropical woods. "Renovating" is probably often an overstatement, at most for taste reasons due to sanitary fixtures in moss green or Bahama beige.
Between the rafters, people liked to be content with a bit of glass wool, climatically and in terms of heating costs today somewhat needing to catch up to more current standards.
Show the place, preferably in drawings and photos.
Am I right to assume that essentially the factor “house older than the owner” is responsible for the low appreciation of the outdated property?
200 sqm of living space was usually available back then in wage groups that also allowed the choice of high-quality materials. Tending to be “let’s wait and see” for now from my side.