Question about estimating the renovation costs of an old building

Hello everyone,

we are getting a house (1930s, in good condition, still inhabited) from relatives for €100,000, the value of the house is around €200,000 according to the current appraisal. The house has a basement and then the ground floor plus 2 floors. In the extension from the 70s (separate from the main house but included in the purchase) there is a 2-room rental apartment; only new flooring (laminate) and new doors are needed there.

All plans of the house are available.

Before we move in, of course we want to renovate quite a bit in the main house, namely:

- Complete electrical system (by a specialist company)
- Roof plus possibly insulation (estimate still pending, some repairs needed)
- 2 bathrooms new (we will do this ourselves and with knowledgeable friends)
- an approx. 2.50m wide breakthrough in a load-bearing wall, there is already a door there (a master bricklayer we know will do this including calculation of the steel beam/lintel)
- 11 new windows (wooden white with muntins, or aluminum/wood mix) by a specialist company
- smaller areas with drywall/ plasterboard (self-managed and helpers)

Central heating was completely installed with everything (burner, tanks, pipes, radiators) in 2000; we can leave it as is.

In the preliminary meeting at the bank regarding financing, we said we expect renovation costs of around €120,000, this is our rough but fairly realistic estimate. However, we still have to wait for the roofer’s assessment.

Now the bank wanted cost estimates from the executing companies; electrician already requested, we have been waiting for a price quotation for 2 weeks. Other companies are also requested, but everything is going very slowly. We would really like to push the financing forward and complete it. The bank has no problem with the financing amount, just the companies’ cost estimates are holding everything up.

Questions about this:

Would it perhaps be more sensible (although more expensive) to have the costs prepared by an architect, or is that too imprecise? In the end, we want to roughly get everything right and not have to pump in another €50,000...

Or how did you prepare your renovation costs?

We are lucky to know the house and can go in there anytime to measure and inspect. If it were an old one from strangers, this would hardly be possible, and renovation costs are often difficult to estimate and unforeseen problems arise after purchase...

With luck, we could handle the roof and windows through the KFW bank because the insulation is improved here, right?

It would be great if someone could share their experience regarding this. This is all new territory for us... ;-)

Thanks in advance!

Hello, depending on the requirements, 120k€ can definitely be possible. ELT minimum 10k€ Roof 30-40k€ Bathrooms each 5-10k€ All prices are open upwards. The bathroom cost depends heavily on size and equipment, but doing it yourself helps significantly. You can save on electrical work by chiseling grooves and installing boxes. Keep in mind: do it once and do it right! The roof cost depends on the condition. I would estimate a simple covering at 20k€. External insulation above the rafters is exactly right in your case. Don’t save on 2cm here either, because the costs are almost nothing in comparison. KfW also funds individual measures. Maybe call and ask...? Windows might possibly be equipped directly with blinds. Keep in mind to install electrical wiring for electric blinds at the same time. If you need it quickly, maybe call the companies and ask if it could be done a bit faster. An architect would be an option too. But I can’t comment on that.

Thank you very much, Joedreck!

We just had another conversation with a freelance/independent financial advisor who can inquire/mediate with various banks.

We explained everything that needs to be done on the house, what we will roughly do ourselves, and what will be done by companies, and came to renovation costs of around €120,000, provided the costs of the roof are under €30,000. Increasing the sum a bit wouldn’t be too dramatic because we still have rental income of about €350 cold/month (granny flat in the outbuilding).

Tomorrow I will get in touch with a master roofer who is also an energy advisor and hope that he can quickly give a ballpark figure.

Tomorrow I will gently put some pressure on the electrician so that this quote is also available; he has been working on it for over two weeks already...

We agree that everything will be done before moving in. In 10 years, it will be more complicated to get money should the roof or other expensive trades need to be done. We want to avoid that. At least in the beginning, a monthly amount will be set aside to immediately replace, for example, a defective continuous flow water heater or heating burner. As landlords, we have to be able to react immediately anyway.

I think if we do a lot ourselves with the two bathrooms, that’s probably where the greatest saving potential lies.

Regards

Would it perhaps be more sensible (although more expensive) to have the costs drawn up by an architect, or is that too inaccurate? In the end, we also want to roughly stick to the budget and not have to inject another €50,000...

Or how did you calculate your renovation costs?

I would get someone who looks at it holistically. Especially since two of your measures might be of an energetic nature (roof and new windows). That should simply fit together. Especially with the current building structure. Otherwise, you'll have more trouble than joy from the whole thing.

That's right Caspar, this is probably the path we will take and consult an architect.

The week after next, a master roofer who is also an energy consultant will come to assess the condition of the roof.

What about water / wastewater? Has anything been renewed there yet?