This seems like the never ending thread but despite everything that has been said about the topic I find myself to still be confused around this.
I’m currently progressing with 2 options, either buy a plot and self build or buy an existing house and renovate. Now the overwhelming consensus seems to be that renovation is extremely risky and often described as a money pit.
My lack of understanding lies in the following: doesnt that entirely depend on the type of property you buy and what you mean by “renovation”?
I can imagine that if you buy a ruine, the amount of money it would take to renovate it would vastly outgrow the amount you’d need for a self build. But if you buy a house with all the important elements in tact (plumbing/electric) and only need a “cosmetic” renovation which you plan to do yourself (new bathroom, kitchen etc.) with the help of a contractor for the more complicated elements, surely this can be done on a reasonable budget?
Reason why I’m asking is that so far my search has led me to believe that buying a plot and self build a house of approximately 160m2 can become very hard and costly as it covers:
- Plot (say 60k)
- All projects which have to be done by an architect (10k)
- Permissions (??)
- Foundation (18k)
- The house kit (70k)
- Construction (80k)
- Plumbing/Electric (30k)
- Finishing (40k)
Making the entire project go over 250,000 Euro.
For a renovation, I often see good houses for 130,000-150,000 Euro with plumbing/electric in tact with only cosmetic renovation needed which a budget of 100,000 - 120,000 Euro should be able to cover.
Any thoughts/experiences you have to share to help me out? (region is Savoie or Haute-Savoie)