Renovation of an old building - What costs will I face?

Hello,

we are currently looking for a building plot, but that is not so easy here with us. Now we are considering whether we should also look for a used house. Such a house (from the 60s or 70s) would probably cost 400,000 - 500,000 euros (160 m² living space). Now the question is how much the renovation would cost, that is new electrics, water pipes, heating, windows, external insulation, bathrooms... whatever comes up with an older house. Are there any benchmarks for this?

Best regards
Sabine

I have just completed a renovation plan, expect 250k or more for that scope.

Thank you very much for your answers. I think the effort is too expensive for us. In the end, you have spent over 600,000 euros and still have an old house without the desired floor plan.

Best regards
Sabine

The prices for existing houses do not differ that much from our prices here. Of course, you pay a considerable amount and have the renovation risk. But in return, you live in an established area and probably more centrally than in a new development on the outskirts. For a new house in the same location, you would pay significantly more, right? You have to consider what is more important to you, the house or the location (if it's good there). I am always amazed at what people create with renovations of old houses. You don't necessarily need a new house for that. Good luck Michael

Of course, a renovation can definitely be worthwhile, but you have to be aware that you are investing a considerable amount of money. And as silly as it sounds at first, a new build is much easier to calculate. I worked for several years with a property developer who eventually became heavily involved in renovations as well. So buying old buildings, renovating them, and reselling (condominiums). He did this very successfully for 10 years, so he had experience and accordingly professionals on his team. However, he ultimately stood on the brink of insolvency because a project that was estimated to cost €1.5 million in renovation expenses ended up costing €2.8 million. Of course, this is not the rule, but unfortunately, it can happen. Friends of mine bought a house 5 years ago (from the 70s, very well maintained), where it later turned out that volatile pollutants were used in the insulation (which was still flawless in terms of insulation value and appearance) that off-gassed indoors. Renovation costs: €65,000. There are simply many unknowns, so you have to approach it with an appropriate buffer. In addition, many people overestimate their affordable personal contribution and the time required for it. Of course, any reasonably skilled person can renovate a normal living space (laying flooring, drywall on ceiling and walls, wallpapering, painting, chiseling some cable ducts), but you have to keep in mind that this does not happen within 2 days AND a house generally has 5-10 such rooms.

If the location is of course great and/or the renovation will probably be significantly cheaper than a new build, then it is of course still interesting. Additionally, there are plenty of people who love the charm of older houses. And yes, there are also many renovated properties that have been excellently executed, but many of them say afterward that they probably would have built new for less or the same price. Especially with the size of bathrooms or kitchens, you often have to make considerable compromises in old buildings.

Renovation built in 1976 (solid at the bottom, wooden frame at the top) energy-wise 60k euros. So completely new windows 34 sqm window area, new front door, new heating, underfloor heating, air conditioning, facade bottom ETICS top curtain facade with solid wood cladding, floor insulation, attic insulation. A lot of own work in the amount, no help from friends and no one in the circle of acquaintances with any craftsmanship knowledge. oh yes, also a new interior staircase. What is missing is the whole surface thing, walls, ceilings and floors will still be completely replanked, some is already done. And the bathrooms still need to be done. Electrical and water lines partially, but are in good condition. This will also all be done by ourselves as far as possible. Everything from craftsmen would have become unaffordable.

Hello,

I have read the comments here and can definitely confirm - not only for the person asking the question but also for others - that when renovating or remodeling a house, you should always consult an expert or a professional in the field of complete renovation beforehand. Only then can you assess the true condition and the corresponding costs and avoid surprises. A complete renovator is very suitable for this because they offer everything from one source and are able to coordinate all trades. This saves a lot of stress because the work does not take as long. You should definitely expect around 200,000 euros for the renovation and additionally have a buffer on the side. If there is still plenty left over, all the better, but you have ensured that money will not be lacking. "On the whole" I can only warmly recommend investing a lot of time before in finding the right property and knowing the actual costs before purchasing. And then to find a good renovator. If you do it yourself, definitely plan time and work with joy. Best regards, Herbert