Particularly when buying a property, it is essential to plan generously for renovation costs in addition to the acquisition costs in order to avoid unpleasant surprises. It makes sense to appoint a building expert to plan the measures and estimate the costs.
The costs of a refurbishment are influenced by the age and size of the property, by the structural condition, the possible personal contribution of the building owners and the desired standard after the refurbishment (from simple to luxurious). In addition, the currently unpredictable price fluctuations for building materials make it difficult to precisely estimate the costs of the refurbishment.
How high the actual refurbishment costs for a property will be can only be determined on the concrete object. Age always plays an important role. For houses up to 25 years old, you have to assume about 20% of the purchase price for a complete renovation. If the houses are 30 years old or older, the costs quickly reach 20%-50% of the purchase price.
For pre-war buildings even up to 60% of the purchase price. If the house to be renovated is in poor condition, the renovation costs per square meter increase significantly. It must also be remembered that increasing window areas, demolishing load-bearing walls, and creating new living space require obtaining the appropriate permits. This also increases the cost of the refurbishment and must be planned for.
And yet, while energy retrofits cost money, they also save money in the long run. A new roof covering, new windows, a high-quality front door, the energetic insulation of the house facade, the use of solar panels or a modernization of the heating system can noticeably reduce energy costs. In times of extremely rising energy prices, this is an increasingly important argument for renovations.
Good to know: Renovation measures that increase the energy efficiency of a house are subsidized by the KfW as well as the BAFA (Federal Office of Economics and Export Control) if they meet the corresponding specifications. Grants of up to EUR 75,000 per property are available for the energy refurbishment of older buildings.