Turning old into new: successfully refurbishing real estate

There are many reasons to renovate a property:

• The living comfort increases,
• the heating costs decrease,
• the environment is protected and
• the value of the property increases.

What to consider and how to prevent escalating conversion costs?

Whoever buys or inherits an existing property and wants to live in it, will usually renovate it before moving in. It often happens that the sellers were already older and had hardly invested in the past years. Also, the floor plan preferences in the 1970s and 1980s were different than today. Living rooms were spacious, kitchens and rooms were rather small. Therefore, the floor plans and room layouts are often changed.

In short, anyone who moves into a freshly purchased home, even if it already has a few decades on the hump, wants it to be his dream property when he moves in.

Some important things should renovators note:

1. Make an accurate calculation of the conversion costs and plan buffer

Many have just bought the house, have to pay off a loan and the bulk of their savings has already flowed into the real estate acquisition. So there should still be enough money for the following renovation work. Incidentally, construction financing can be combined with a modernization loan, provided that it is value-increasing measures.

2. Realistically assess own workload

Whoever wants to carry out a large part of the work themselves or with friends and relatives, should realistically assess the craftsmanship and the time required. Often both are "schöngerechnet". Private helpers must also be insured against accidents via the building trade association. To it the industry organization refers expressly.

3. consideration: Which tasks do I trust myself and my helpers and which should rather be carried out by a specialist company?

To consider is whether one trusts oneself and his helpers to redesign a bath with all installation and electrical work. If a specialized enterprise takes over that one has a professional installation as well as a warranty guarantee over five years. Small beautification measures such as painting the room or laying new floor coverings can usually be carried out by non-professionals. For larger interventions in the building fabric, building applications must also be submitted and architects and structural engineers must be consulted. This applies, for example, to floor plan adjustments in which walls are removed or moved. Approval is also required for extensions such as conservatories or roof extensions, modifications to the chimney system and major alterations to the facade. Several weeks usually pass before a building application is approved. With the building may be begun only after granting of the permission.

4. Building substance of experts examine

A civil engineer or architect should check in this context also the building substance and the underground. If the building is under monument protection, the monument protection authority must be informed about planned changes. It decides, for example, when replacing windows, what kind of windows must be installed or what colors and materials are to be used.

5. Keep a construction diary

During the conversion measures, it is also advisable for builders to keep a construction diary to document the work. Photos are also helpful. That simplifies the decrease.

6. Financing: Interest-favorable loans and subsidies use

Depending on the kind of the measure there are besides interest-favorable loans and subsidies, of which can be made use. This applies, for example, to the extraction of renewable energy, better burglary protection or energy renovations. With older buildings, which are comprehensively reorganized, there is besides a duty to energetic improvements.

Nationwide there are over 6,600 promotions for building and modernizing. No matter whether for buying a house, for new construction, renovation or investing in a new heating system, a PV system, an electric vehicle, in accessibility or burglary protection - subsidies are available for all these investments.

We or our financing experts at VON POLL FINANCE will be happy to help you identify suitable subsidies or subsidized loans and use them correctly.

Make an appointment now for a telephone consultation at: www.immowissen-bocholt.de