Hello Iowa,
basically, I consider your project financially feasible. However, the prices give me pause.
280,000 for the renovation is a lot of money, and from your list I can’t see why it is so expensive. I’ll write how my gut feeling would be for the individual measures: Windows: 20,000 + "close to the floor" 3,000 + 3 front doors 12,000 + hallway 8,000 + removing walls and reinforcing structurally 8,000 + drywall and painter attic 9,000 + bathroom 20,000 + screed 80sqm with insulation 2,000 + downpipes, pipes, meters 5,000 + 2 pellet stoves with chimney 10,000 + remaining house painting work 7,000 + balcony 15,000 + flooring materials 12,000
That is initially less than half. Even in Bavaria, or if I am overlooking something, I don’t understand it. You don’t have a new roof, no new facade, etc.
What would still be missing are repairs on the roof from the outside. The facade will be replastered and repainted. The base of the house is crumbling and will also be repaired. The electrical system on the upper floor will be renewed and on the attic newly done. A floor heating will be installed in the bathroom. In addition, the old oil heating will be replaced, as well as 2 solar units for hot water installed on the roof. The WC on the ground floor will also be renovated.
Basically, the 280k is not yet final but a first offer on which we wanted to build because it is currently the cheapest out of 10 offers. How far we can still push it down remains to be seen.
There was a lot included that we don’t actually need or want to have done. Also included were all equipment features like floors, tiles, complete bathroom furnishings (down to the detail of the towel holder). Floors and bathroom furnishings in particular are omitted because 1. we don’t need a bathroom from our most expensive regional bathroom supplier and 2. we prefer to buy those ourselves. We will also source and lay the floors ourselves. Only the tiles I don’t dare to do myself, especially in the bathroom with the walk-in shower and the slope.
Today we happened to have the meeting with the person responsible. Let’s see how far he goes along. Otherwise, we will get more offers. So it is safe to assume 280k max. We are not in a hurry and can take our time because we don’t have to move out of another apartment or anything.
I have to have many things done because I’m not much of a handyman and I don’t want to burden my father who has already had 3 slipped discs (even if emotionally he can’t help himself ^^).
Basic things like laying floors, demolition and dismantling work, finalizing the home network, repainting the base of the house, painting interior rooms etc. we can do ourselves.
Hello,
are there more children who could throw a "wrench" in your plans? If parents die within 10 years after a gift, there could be reclaim claims here. Also if a care case occurs...
That also comes to mind in this context. Otherwise, have the "donations" checked whether they are taxable since they count as rent or as a gift...
Otherwise, 280k for core renovation. hmm I also find that gigantic... some people build for
More children in the sense of my brother? Yes, but we already handled that via the notary, plus signatures of all parties. So I do not have to pay him out.
I will have the matter of the donations checked. Thanks for the tip!
Currently, it is planned that when bills (e.g. electricity, oil, insurance) come in, my parents simply want to cover a certain share. In the liquidity plan, that counts as rent since I calculated those costs per month. Many costs come only once a year, so no money will flow there monthly.
Still, thanks for the hint, I will check that as I said. Anyway, because of "later." Eventually, my parents will no longer be around – unfortunately – then we want to rent out the ground floor.