Bastock
2016-10-07 22:04:14
- #1
Hello community,
I currently have the opportunity to buy my parents’ rental building, but significantly below the current market value.
Customarily, I would pay 140,000 euros for 700m² of land. I am getting 1700m² for the amount "x" including the rental building.
At the moment, all 3 units are rented.
Since I want to move in there myself after purchase and there is a backlog of work in the house, it obviously makes sense to renovate/refurbish before moving in.
Here are the details:
General data: Year built 1948
Plot size 10x13m, masonry approx. 38cm brick
Roof, façade, basement without insulation (or standard of 1948)
Windows and gas boilers approx. 25 years old per floor
Bathrooms approx. 20 years old per floor
Water, electricity approx. 20 years old
Façade repainted about 3 years ago, partly newly plastered, no cracks
Basement to ground floor - concrete ceiling
Ground floor to 1st floor - hollow floor
1st floor to 2nd floor - hollow floor
2nd floor to attic - hollow floor
Basement:
- Partly basemented
Stairwell:
- Generally good condition
- Looks like from the 70s or 80s
- Wooden stairs with wooden railing
Condition: appearance corresponds to age, condition good
Ground Floor (95m²):
- Walls replastered 3 years ago
- Floor coverings completely renewed 3 years ago
Condition: last renovation 3 years ago
Apartment could be rented out immediately
1st Floor (95m²)
Condition: last renovation 10 years ago
Used condition but could also be rented out immediately
2nd Floor (70m²)
Condition: last renovation 20 years ago
Apartment in poor, neglected condition, definitely cannot be rented out as is (everything needs to be redone once)
Attic:
- Roof approx. 30 years old
- Beams in good condition
I have thought of the following renovation or conversion options:
Option 1 (for own use 1st and 2nd floor, ground floor for renting):
Combine 1st and 2nd floor
Limit stairwell to ground and 1st floor
Stairs within the apartment – 1st floor to 2nd floor
Option 2 (only for own use):
Remove roof
Remove 2nd floor
Install new roof on 1st floor
No stairwell
Stairs inside the apartment from ground floor to 1st floor
In any case, the gas boilers need to be replaced, possibly conversion to central heating when replacing.
The roof should meet today’s standards – I think everything will need to be replaced here as well.
Possibly a gallery is also possible through the hollow floor (partially opening – observe statics!)
The house has been in the family from the beginning. There have been no water damages, fires, etc.
A fact for me/us is that we want to buy a house or will do so. Currently the question is how high the costs for renovation option 1 or renovation option 2 are.
For roof, gas boiler or central heating, insulation, windows, etc. there are guideline values everywhere to be found.
Unfortunately, I cannot find any price information per m² or m³ on what it would cost to remove a floor.
By my understanding, if the roof would have to be completely redone and completely removed, it would make sense to tear down or remove the 2nd floor.
Background: - You would be completely alone in a single-family house. Furthermore, I could eliminate the stairwell – after considerable research it is quite astonishing what “just” a stairwell costs.
Here are the actual questions:
- What would it cost if the 2nd floor is torn down?
- Which type of heating would you opt for?
- Is it possible to “open” the hollow floor and insert a gallery?
Hope I haven’t forgotten anything so far and look forward to your answers.
Until then, best regards
Bastock
I currently have the opportunity to buy my parents’ rental building, but significantly below the current market value.
Customarily, I would pay 140,000 euros for 700m² of land. I am getting 1700m² for the amount "x" including the rental building.
At the moment, all 3 units are rented.
Since I want to move in there myself after purchase and there is a backlog of work in the house, it obviously makes sense to renovate/refurbish before moving in.
Here are the details:
General data: Year built 1948
Plot size 10x13m, masonry approx. 38cm brick
Roof, façade, basement without insulation (or standard of 1948)
Windows and gas boilers approx. 25 years old per floor
Bathrooms approx. 20 years old per floor
Water, electricity approx. 20 years old
Façade repainted about 3 years ago, partly newly plastered, no cracks
Basement to ground floor - concrete ceiling
Ground floor to 1st floor - hollow floor
1st floor to 2nd floor - hollow floor
2nd floor to attic - hollow floor
Basement:
- Partly basemented
Stairwell:
- Generally good condition
- Looks like from the 70s or 80s
- Wooden stairs with wooden railing
Condition: appearance corresponds to age, condition good
Ground Floor (95m²):
- Walls replastered 3 years ago
- Floor coverings completely renewed 3 years ago
Condition: last renovation 3 years ago
Apartment could be rented out immediately
1st Floor (95m²)
Condition: last renovation 10 years ago
Used condition but could also be rented out immediately
2nd Floor (70m²)
Condition: last renovation 20 years ago
Apartment in poor, neglected condition, definitely cannot be rented out as is (everything needs to be redone once)
Attic:
- Roof approx. 30 years old
- Beams in good condition
I have thought of the following renovation or conversion options:
Option 1 (for own use 1st and 2nd floor, ground floor for renting):
Combine 1st and 2nd floor
Limit stairwell to ground and 1st floor
Stairs within the apartment – 1st floor to 2nd floor
Option 2 (only for own use):
Remove roof
Remove 2nd floor
Install new roof on 1st floor
No stairwell
Stairs inside the apartment from ground floor to 1st floor
In any case, the gas boilers need to be replaced, possibly conversion to central heating when replacing.
The roof should meet today’s standards – I think everything will need to be replaced here as well.
Possibly a gallery is also possible through the hollow floor (partially opening – observe statics!)
The house has been in the family from the beginning. There have been no water damages, fires, etc.
A fact for me/us is that we want to buy a house or will do so. Currently the question is how high the costs for renovation option 1 or renovation option 2 are.
For roof, gas boiler or central heating, insulation, windows, etc. there are guideline values everywhere to be found.
Unfortunately, I cannot find any price information per m² or m³ on what it would cost to remove a floor.
By my understanding, if the roof would have to be completely redone and completely removed, it would make sense to tear down or remove the 2nd floor.
Background: - You would be completely alone in a single-family house. Furthermore, I could eliminate the stairwell – after considerable research it is quite astonishing what “just” a stairwell costs.
Here are the actual questions:
- What would it cost if the 2nd floor is torn down?
- Which type of heating would you opt for?
- Is it possible to “open” the hollow floor and insert a gallery?
Hope I haven’t forgotten anything so far and look forward to your answers.
Until then, best regards
Bastock