Old building core renovation; ideas, budget planning, etc.

Hello everyone,

We are considering purchasing an old building and therefore I would like to outline some thoughts/ideas we have had so far and hope for support, suggestions, criticism, or even proposals for changes!

First of all, the key points:
- Plot approx. 1120m² (standard land value 20€/m²)
- House approx. 180 m² living space on 2 floors, attic could still be converted (later?).

We have targeted a purchase price of €40,000; the house is located in a village with 300 inhabitants and based on experience, the number of interested parties for properties there is very limited! Furthermore, no major investments in renovations or similar have been made for at least 40 years. However, we have not yet entered into negotiations with the seller!

About our ideas:
- Roof: complete insulation + new roof tiles (material costs only)
- Facade: complete facade insulation. (material costs only, approx. 1/6 currently covered with Eternit panels ---> higher disposal effort!)
- Windows: completely new, possibly additional windows, floor-to-ceiling windows in the living area to be retrofitted, double or triple glazing?
- Heating: no heating present! Underfloor heating to be retrofitted. Heating energy source oil or pellet/wood chips? Solar thermal? (Installation/laying of underfloor heating material costs only)
- Electrical installation: completely new. (material costs only) KNX?
- Plumbing: water + wastewater completely new (material costs only)
- Floors: completely new, bathrooms + kitchen tiles, rest ---> parquet (parquet laying material costs only)
- Interior: 1 main bathroom + 1 guest bathroom, kitchen and doors etc. completely new
- Garage: none available, possibly double garage + driveway newly paved and expanded (partial own work)
- Exterior area: garden well maintained, allotment sown. New fence. (material costs only)
- Basement: fully basemented, possibly renovate if budget allows, otherwise later

Photovoltaic system with own consumption and possibly (later?) storage? (separate financing possibly with Kfw or similar?)

Budget (target): €185,000, we actually do not want to spend more. I find it interesting that with this sum you can be out of the deal after 10 years (end of the fixed interest period)!

I look forward to any feedback, gladly also suggestions, experiences, or criticism! Above all, I would be happy about your experiences regarding the costs of individual trades listed above!

Thanks in advance!

Regards

However, we have not yet conducted any negotiations with the seller!

Do that first; discussing unhatched eggs doesn't really make sense ;-) Construction expert on the go

Ever thought about demolition and new construction?

Even if you apparently want/can do a lot yourselves, that's already quite a big deal. In the end, you will end up with costs that are not far from those of a new build. Additionally, unexpected costs always arise during renovation. I would plan with a 20% buffer.

Ultimately, it remains an old house. That means low cellar heights, partly clay ceilings, crooked/uneven walls. Small kitchens, bathrooms, windows, etc. Most of that can be changed, but only with considerable costs. The only things you can use are the exterior and interior walls.

The resale price will also probably not correspond anywhere near to what you are investing. So if you plan it as a retirement home, that's okay. But if there is a possibility that you might want to sell it someday, that will be very difficult. You are now also planning to pay only slightly more than the land value.

Before I finalize the purchase, you should take an expert/surveyor along to see if the building structure is suitable for renovations at all and whether your ideas are feasible.

Hi,

that's quite ambitious. 180k with a new garage construction – in the middle of nowhere in Hessen with a lot of own work? I would have a few craftsmen provide a cost estimate, then you'll see more clearly. We've also been calculating for about a year now and are only starting to see things more clearly slowly. Considering the falling interest rates, not so bad...

Would also consider demolition and new construction for an entire house. Although you can do a lot when renovating an old building, the finished house will still hardly compare to a new build. With an old building, you always have to accept certain compromises, there’s no way around it. In my opinion, it all comes down to the costs. If it won’t be much cheaper in the end than a new build, then why renovate?

1. things turn out differently and 2. than you think...:) We ended up buying a different house at the end of last year, so this thread can be closed by an admin! Thanks for all the replies!