Renovate an old house or build a new house?

We are considering whether to renovate an old house or have a new house built!

The "old," detached single-family house, built in '77, (external dimensions 10x10m) is situated on a very small plot, estimated living area about 150 m²!
Features in brief:
Basement with 2 medium-sized utility rooms, party room and bathroom,
Ground floor with large living/dining area including fireplace, small kitchen and bathroom,
1st floor with 3 rooms and bathroom (all rooms have 'extreme' sloping ceilings)
Attic

We would only be able to take over the house with an outstanding debt of approx. 100,000 euros within the family.

However, many works are necessary:

completely new exterior cladding,
an alternative must be found for a wall element made of glass blocks, it looks very old-fashioned!
new underfloor heating in the ground and first floor,
complete renovation of bathrooms on ground and first floor,
completely new kitchen, wall demolition & connection with living area,
a sauna is to be installed in the old bathroom in the basement,
party room completely renovated,
of course, re-wallpapering throughout the house,
the floors can stay as they are for now.

I don’t know if we might be better off financially if we simply buy a new house directly or have it built the way we want.
Maybe there are experienced people here who could possibly give me a few tips, including how I might get an idea of the costs involved in renovation or new construction.

Hello Lisa!! Well, you have a very difficult assessment ahead of you. The big problem for me is first of all how the foundation, soil conditions, roof truss + covering, etc. look. Then also how the pipelines for water, electricity, heating look?? Well, those were a few things from my side, but I myself could imagine that such a complete renovation can be expensive and one should really consider maybe tearing down the cabin and building anew from the ground up. My tip for you: You should approach all this calmly and not rush anything and calculate carefully. Best regards.

For a house built in '77, one should also consider the topic of insulation. This can also become quite elaborate. Additionally, it is to be expected that a few significant expenses will arise for you in the next few years. Keyword: roof, electrical system, other wiring, facade ...

With a build year of '77 and a remaining debt of 100,000, I wonder what the whole thing cost.

For a new build, you have to expect about €1200 - €1600 per m² of living space until a move-in ready house is standing.

Renovating an old house can often be much more work than building a new house. If you know someone who specializes in renovating, then you can consider it, but in general, I would rather say do not renovate, build new. Especially with the new regulations, I would not hesitate twice.

Hi everyone!

I also think that with the work you mentioned, it can quickly become expensive. The alternative is that you can do a lot yourselves. However, you should have a bit of expertise in the field. We decided to buy and renovate a 100-year-old house instead of building a new one. However, the price and the plot size are right. We will probably do most of the work ourselves or with friends, as many things would otherwise be unaffordable.

Regards
Peter

Hello LisaR! In such a case, I would always have the costs determined as independently as possible. If necessary, check which subsidies are possible and what can be activated as personal contribution. Then there are facts on which one can base a decision, of course there are also other criteria, living location, cherished heirloom, parental home, proximity to workplace,... Best regards