Should your old house be completely refurbished, or would it be more cost-effective to demolish and rebuild? Our Engel & Völkers guide for private homeowners will help you answer this question.
Some decisions are really not easy to make: the question of whether an old house should be completely refurbished or whether it’s time to replace it with a new build can cause sleepless nights for many homeowners. Lots of people are extremely attached to all the memories they associate with their home and find it difficult to imagine a new build, even if it would be more cost-effective. We have summarised the key elements involved in making such a decision.
If you are leaning towards refurbishing your charming old house, ask yourself one important question right from the start: are the structure and masonry still intact? If yes, then you can happily carry on with planning your refurbishment. If the building first needs to be gutted, however, the costs may far exceed those of a new build.
Refurbishment offers the key advantage that it allows you to maintain the soul and charm of the house. If the building structure is healthy, you can also expect lower investment costs and should find it easier to obtain a building permit. You will also be able to leave the garden as it is, including any large, mature trees, and stay in the house during the refurbishment.
However, it is important to ensure that the house is checked thoroughly by a professional before work gets underway, as a complete refurbishment can quickly cost more than a new build. The predefined spatial structure is another disadvantage: often, the rooms in old houses are small and not as spaciously designed as in a new build. In addition, even after a refurbishment, the energy efficiency cannot be compared with that of a new build and susceptibility to mould and damp remains high.
On large plots in particular, a new build offers a great deal of freedom for realising creative dreams of a spacious new home. If the utilisation ratio allows, you may even be able to build an apartment building and rent out or sell individual apartments. With a new build, you will of course also benefit from state-of-the-art energy standards and a contemporary building and spatial structure right from the start.
Compared with refurbishment, the planning and construction of a new build take significantly longer, and you will usually have to expect higher project costs than would be the case if the building structure allowed for renovation. In addition, the investment costs are not tax-deductible, which they generally are for refurbishment and value-preserving measures.
Our Engel & Völkers guide for private homeowners will tell you all about how to evaluate your options, analyse the current state of your property and much more. Do you have any more questions, or do you need help with making your decision? Our real estate experts will be happy to assist you with your dream project. Get in touch with us! We look forward to hearing from you and finding out more about your project!
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