Should one buy an old house and renovate everything or build a new house?
hello...
the thing is sometimes you might still want that house even if you have to do a lot of work.
it’s about the location, schools, sports halls, shops, the plot, corner plot, flat plot, expansion possibilities, neighbors, and so on.
if you get all this, you should go for it, I think.
I’m not going to settle in the woods and be forced to drive the kids whenever they need to train, go to school, see friends, etc., with the only neighbor being the moose, even if the house is good... no no.
this is a question of priorities, what you’re looking for, want to do, can afford, have time for, energy, knowledge, a good other half, if you’re an athlete and have time for other hobbies and if you have kids, I think a comprehensive renovation should not be undertaken.
in my case, we didn’t have kids until the first floor was done, but the big part was already kjlar.
in our case, the entire construction is so incredibly well-planned in every detail, sure, many things you have to solve along the way but overall planned.
honest as I am, I will not do such a renovation again, this IS big and to be honest, you’re kind of crazy to do it like I have.
this was a test, and it succeeded, and we live cheaply.
the total cost for this house and plot, double garage with an upper floor of 21 m2, shed, newly drained, ground source heating, and so on, is 1,480,000 SEK for everything, including the house purchase.
in other words - such a house of 290 m2 new you won’t get for this money, along with such a garden, etc., hence the choice to renovate.
the next house I will go for will be a 150m2 single-story house with a large new double garage!
hope I managed to write something good here now?
regards
estwing
the thing is sometimes you might still want that house even if you have to do a lot of work.
it’s about the location, schools, sports halls, shops, the plot, corner plot, flat plot, expansion possibilities, neighbors, and so on.
if you get all this, you should go for it, I think.
I’m not going to settle in the woods and be forced to drive the kids whenever they need to train, go to school, see friends, etc., with the only neighbor being the moose, even if the house is good... no no.
this is a question of priorities, what you’re looking for, want to do, can afford, have time for, energy, knowledge, a good other half, if you’re an athlete and have time for other hobbies and if you have kids, I think a comprehensive renovation should not be undertaken.
in my case, we didn’t have kids until the first floor was done, but the big part was already kjlar.
in our case, the entire construction is so incredibly well-planned in every detail, sure, many things you have to solve along the way but overall planned.
honest as I am, I will not do such a renovation again, this IS big and to be honest, you’re kind of crazy to do it like I have.
this was a test, and it succeeded, and we live cheaply.
the total cost for this house and plot, double garage with an upper floor of 21 m2, shed, newly drained, ground source heating, and so on, is 1,480,000 SEK for everything, including the house purchase.
in other words - such a house of 290 m2 new you won’t get for this money, along with such a garden, etc., hence the choice to renovate.
the next house I will go for will be a 150m2 single-story house with a large new double garage!
hope I managed to write something good here now?
regards
estwing
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I have done a similar renovation as estwing, plus another one in the current house where I did the foundation/drainage/stormwater/water-sewage and a new roof, and bathroom and kitchen and the rest
I think you, estwing, wrote it very well, that's exactly how it is and I will NEVER do it again either, even though it's been worth the effort, but now enough is enough.
The next house will have a double garage of at least 64 m2 (8x8 m in other words) :wow: because now it's the car hobby's turn
I think you, estwing, wrote it very well, that's exactly how it is
and I will NEVER do it again either, even though it's been worth the effort, but now enough is enough. The next house will have a double garage of at least 64 m2 (8x8 m in other words) :wow: because now it's the car hobby's turn
Yes, one truly admires you!
I would never even dare, I'm completely sure I'd end up on TV then!
I would never even dare, I'm completely sure I'd end up on TV then!
Dare? The line between courage and foolishness can be hard to see sometimescederbusch said:Yes, one truly admires you!
Would never even dare, I'm completely sure I'd end up on TV then!
On TV? I don't think so, it's simple in theory, do one thing at a time even if you're tearing down the whole house. It's important to finish things so you get that amazing feeling of having completed something :wow:
AND even if you do practically EVERYTHING yourself, you have to know when to bring in help.
Those who meet angry-Anders do everything at once without completing anything + they also make temporary solutions for electricity and plumbing without knowing the difference between electricity and water
Hello everyone, a very strange question for all of you, and estwing, jan-Å etc.,,
those of you talking about your renovation projects, completed and ongoing projects and future projects, how often do you actually change houses???.. do you live in one for a couple of years and then move to another house or??, you all aren't 80 years old, right, because then you might have had a few houses, but I assume you are adults and somewhere between 30-45 or so, have you already managed to change houses a few times???,,, ehehe and I haven't even owned my first car yet, I feel very sorry for myself for not having what others have....
and if I may ask all of you again, those who are a bit experienced, today's newly built houses cost between 2.5 to 3 million or maybe even 3.5 million, who can actually afford such a loan, is it aimed at self-employed people with good income, or those consultative employees who receive high salaries, or doctors??,,, can someone explain to me how an ordinary person with a normal standard salary can have the opportunity to own a house, what loan amount is suitable, and those of you with loans, can you explain how your loans look and how your monthly salary is used, just discuss this question a little,,, if it's not too private,,
and to Estwing,,,
YOU who have a 290 sqm house, with no children, maybe 1 now I think, how come you have such a big house, isn't it hard to clean??, sure it's fun with large areas to be in, but 290 sqm is very very large for a normal family with children, in your case just 1 child,, isn't it expensive with heating, cleaning, is it haunted ehehe I want a 2-story myself but it's probably really expensive for something like that, right??+, I've heard it's cheaper to build 2-story compared to 1-story houses since 1-story costs a lot for the foundation, in any case, 1.5-story is cheaper,,, estwing, which is the cheapest if you want about 180 sqm, is it 2-story then??
take care everyone...
those of you talking about your renovation projects, completed and ongoing projects and future projects, how often do you actually change houses???.. do you live in one for a couple of years and then move to another house or??, you all aren't 80 years old, right, because then you might have had a few houses, but I assume you are adults and somewhere between 30-45 or so, have you already managed to change houses a few times???,,, ehehe and I haven't even owned my first car yet, I feel very sorry for myself for not having what others have....
and if I may ask all of you again, those who are a bit experienced, today's newly built houses cost between 2.5 to 3 million or maybe even 3.5 million, who can actually afford such a loan, is it aimed at self-employed people with good income, or those consultative employees who receive high salaries, or doctors??,,, can someone explain to me how an ordinary person with a normal standard salary can have the opportunity to own a house, what loan amount is suitable, and those of you with loans, can you explain how your loans look and how your monthly salary is used, just discuss this question a little,,, if it's not too private,,
and to Estwing,,,
YOU who have a 290 sqm house, with no children, maybe 1 now I think, how come you have such a big house, isn't it hard to clean??, sure it's fun with large areas to be in, but 290 sqm is very very large for a normal family with children, in your case just 1 child,, isn't it expensive with heating, cleaning, is it haunted ehehe I want a 2-story myself but it's probably really expensive for something like that, right??+, I've heard it's cheaper to build 2-story compared to 1-story houses since 1-story costs a lot for the foundation, in any case, 1.5-story is cheaper,,, estwing, which is the cheapest if you want about 180 sqm, is it 2-story then??
take care everyone...
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I understand that you have many thoughts Regarding loans of 3-5 million, I also don't understand how people can afford it with normal salaries. Of course, the money is enough (at least with the current interest rate), but you also want a little left for other things
Now I don't know where you live, but my advice is not to expect your dream house right from the start. Try to find a cheaper house that might need some renovation (but not a big project) and live there for a few years. That way, you can get a feel for what it's like to live in a house, with everything it entails, and you can also save up some more money or spend the money to renovate your house a bit.
If you don't have to live in close proximity to the big cities, there are many nice houses for reasonable money. Around here, there are houses that are nice for 1-1.5 million.
Regarding loans of 3-5 million, I also don't understand how people can afford it with normal salaries. Of course, the money is enough (at least with the current interest rate), but you also want a little left for other things Now I don't know where you live, but my advice is not to expect your dream house right from the start. Try to find a cheaper house that might need some renovation (but not a big project) and live there for a few years. That way, you can get a feel for what it's like to live in a house, with everything it entails, and you can also save up some more money or spend the money to renovate your house a bit.
If you don't have to live in close proximity to the big cities, there are many nice houses for reasonable money. Around here, there are houses that are nice for 1-1.5 million.
No, there probably isn't an average-income family that takes out a 5 million loan as their first mortgage. I was over 40 years old before I could afford to buy a house (with about 2.5 million in loans, based on two people's incomes). This was after taking the long route from a small condo that once cost 375,000, which was then sold at a good profit enabling us to afford a 4-room condo, which has now been sold and allowed us to take out a loan for a house. Admittedly a fixer-upper, since that's all one can afford in my area.
Regarding loans, it's common to have non-amortizing mortgages in metropolitan areas, but unfortunately, you're still forced to put a large part of your income into housing. Otherwise, you do what b8q does, gradually upgrading, starting with what you can afford, renovating and selling for a profit, and so on. Here's our story in brief:
Bought (1984) a miner's cottage about 80 m2 built-in 1878, which was remodeled and extended, plus a garage, all built with loose timber following our own design with help from my father, father-in-law, and two brothers-in-law, sold it with a decent profit in 1994.
Bought (1994) a split-level house about 260 m2 built in 1968 outside U-a, renovated the basement and changed the boiler (wood-oil-electric with a storage tank heated with wood), installed underfloor heating plus resurfaced the upper floor, sold with a substantial profit in 1999.
Bought a co-op apartment "in the city center" which was totally renovated, painted and wallpapered walls/ceilings, installed parquet flooring throughout the apartment, replaced all appliances including stove/oven, painted cabinet doors and changed handles, sold with even more profit in 2002.
Bought (2002) a single-story house with a basement built in 1964 in blue concrete, with dramatic renovation needs throughout the house with an exemption clause; the only usable part in the whole house was the FTX system installed in '86. (The advantage was only 3 families came to the viewing compared to the usual 40, and the price was half a million below the area’s normal price; its value has since doubled at least) We still live here; we’ve replaced EVERYTHING in the house except the windows, which have "only" been re-puttied and painted, and the front door, which will be replaced when the stairs are enclosed. One bathroom remains to be renovated inside otherwise it's finished (well, it’s never really finished, but you get it )
I'm 52 and a half years old, I used to enjoy renovating old American cars before I bought a house, you have to have something to do when you're not working, besides coaching both sons' floorball teams over a 10-year period.
Bought (1984) a miner's cottage about 80 m2 built-in 1878, which was remodeled and extended, plus a garage, all built with loose timber following our own design with help from my father, father-in-law, and two brothers-in-law, sold it with a decent profit in 1994.
Bought (1994) a split-level house about 260 m2 built in 1968 outside U-a, renovated the basement and changed the boiler (wood-oil-electric with a storage tank heated with wood), installed underfloor heating plus resurfaced the upper floor, sold with a substantial profit in 1999.
Bought a co-op apartment "in the city center" which was totally renovated, painted and wallpapered walls/ceilings, installed parquet flooring throughout the apartment, replaced all appliances including stove/oven, painted cabinet doors and changed handles, sold with even more profit in 2002.
Bought (2002) a single-story house with a basement built in 1964 in blue concrete, with dramatic renovation needs throughout the house with an exemption clause; the only usable part in the whole house was the FTX system installed in '86. (The advantage was only 3 families came to the viewing compared to the usual 40, and the price was half a million below the area’s normal price; its value has since doubled at least
) We still live here; we’ve replaced EVERYTHING in the house except the windows, which have "only" been re-puttied and painted, and the front door, which will be replaced when the stairs are enclosed. One bathroom remains to be renovated inside otherwise it's finished (well, it’s never really finished, but you get it ) I'm 52 and a half years old, I used to enjoy renovating old American cars before I bought a house, you have to have something to do when you're not working, besides coaching both sons' floorball teams over a 10-year period.
I'm 30 but don't feel that grown-up.
Unfortunately, I completely missed the housing market, meaning buying condos and selling them for a profit. I blame my parents, who never mentioned you could do that.
So my purchases have been made with loans and saved funds. No juicy inheritance or rich wife either. The first house, or cottage I should say, we bought in May 2008. It cost around 400k SEK. And we didn't sell it for a profit after factoring in expenses for certain renovations. However, we lived there incredibly cheaply and have now purchased the second house outside the city for a decent price. Financed with loans. But we've managed to save enough that we can now renovate quite a bit without taking out loans or waiting for more income. That feels good. We both have pretty normal salaries. We'll have loans of just under 1.5 million SEK. And I don't want more than that. I'll probably pay off the loan pretty quickly too.
But you should know that we don't live luxurious lives. We actually spend very little money on consumption. It's both a conscious choice (sustainable consumption) but also because we simply don't need more or better stuff and other junk that capitalists want to convince us we need. And we don't live and won't live in excess, nothing super modern or perfect in any way. But good enough to meet all our needs.
You, dvd1234, need to consider what YOU think is a normal standard and what YOUR needs are. Because if you want to live like they do in various interior design magazines, you need to renovate for many years, have above-average income, or take out massive loans. It's as simple as that.
Unfortunately, I completely missed the housing market, meaning buying condos and selling them for a profit. I blame my parents, who never mentioned you could do that.
So my purchases have been made with loans and saved funds. No juicy inheritance or rich wife either. The first house, or cottage I should say, we bought in May 2008. It cost around 400k SEK. And we didn't sell it for a profit after factoring in expenses for certain renovations. However, we lived there incredibly cheaply and have now purchased the second house outside the city for a decent price. Financed with loans. But we've managed to save enough that we can now renovate quite a bit without taking out loans or waiting for more income. That feels good. We both have pretty normal salaries. We'll have loans of just under 1.5 million SEK. And I don't want more than that. I'll probably pay off the loan pretty quickly too.
But you should know that we don't live luxurious lives. We actually spend very little money on consumption. It's both a conscious choice (sustainable consumption) but also because we simply don't need more or better stuff and other junk that capitalists want to convince us we need. And we don't live and won't live in excess, nothing super modern or perfect in any way. But good enough to meet all our needs.
You, dvd1234, need to consider what YOU think is a normal standard and what YOUR needs are. Because if you want to live like they do in various interior design magazines, you need to renovate for many years, have above-average income, or take out massive loans. It's as simple as that.
Regarding this business of changing homes, the house you live in is not a "bargain item." Moving is incredibly tough, and if you have a family and children, it's like uprooting. Therefore, it may seem like the real estate career is just about buying and selling, but for most people, it's not that way.
thanks jan-å, then I got something in the text at least.dvd1234 said:
I say as I do to everyone, when you buy a house whether it’s 10 years old or more DON'T START RENOVATING AND KNOCKING DOWN WALLS IMMEDIATELY) live in it first.
this is so important.
I promise you that you can change your mind 100 times before you start and you change your mind during the process too.
the reason I have such a big house does not mean I have 14 rooms and a kitchen here.
I built my dream house, all that was missing was a little barn too.
now we have our newly built and finished mansion.
we have a large cinema room of 35 m2
large bathroom of 14 m2 in the basement with spa, a big laundry room, and a boiler room.
the entrance floor is a big kitchen because this is where you're the most, large living room in stages.
a guest toilet and office.
the upper floor has a big common room in the middle with a cinema feel with a ceiling height of 4.7 m, 2 children's rooms, our bedroom which is large with a big walk-in closet and cinema in the room.
then a smaller bathroom too.
I love large spaces not a bunch of long corridors with doors and nooks.
this I have prioritized away and thought through.
I have a carpenter’s salary and you know it's not good plus my partner works at daycare and that's really bad.
I'm 34 now ugh.... and bought the house when I was 24 years old.
I set a 10-year period and I managed just in time.
during the journey, I had many interim goals.
I didn’t start everywhere like many do, they start in one room, get stuck a little and think it's boring, start tearing down a bathroom etc. and poof-stomach ulcers and run into a wall. q(;^
pthose people SHOULD seek construction help.
building 2 stories or 180m2?
yes, 2 stories means more yard space left than 180m2 and I think you get a more separate area on the upper floor.
single-story is more practical, but it requires more yard space to carry out.
you avoid stairs etc. and this is what I want to avoid when I sell later.
this is my first house and lived in a rental apartment before (attic apartment of 65 m2) for 2 years.
the house was just 200 m from the apartment and read that house viewing was today (10 years ago).
we went to have a look, and I burst out laughing when I saw it. oh man it was ugly. but we went to the viewing.
I saw an opportunity right away, the plot, the location etc.
the asking price was 7900000. placed a bid of 590000 for fun.
10 bids came in, and we were the lowest. we bid 805000 then we were 2 left.
the bids were 1K all the time until we reached 825000 then we raised by 5k.
then we got it, it turned out my friend was the one bidding haha.
an inspector was called,
I pointed out that the roof needed replacing and drainage.
we put forward that 100000 had to be spent.
the seller agreed to 50000 and the total price of the shack became 780000 kr.
so that's how it went a bit quickly.
a drainage went on immediately
amount 10900 kr.
my friend was a machine operator and drove, and I did the job.
then a 56m2 double garage was built with a 21 m2 upper floor.
here I could have my tools and paint materials, etc. amount 46000 kr.
after this, the plot was completely redone, you should just see the pictures of this plot and what we have done here, imagine you drove around the house and down into the garage in the house.
now all refilled and yes when you see these pictures, it's like the same pictures as when you tore the house down if you understand.
an 11 m2 storage shed was quickly built to keep all private stuff and clothes etc. when we would tackle the house. 7000 kr
3 years later, the basement project started, it took about 1.5 years.
rest for a couple of months to then 2005 start the mega home makeover project.
today I only have the guest toilet left in the entrance.
actually painting today and well, tiling soon as well.
gosh, did I write a lot now.
probably super boring to read...
best regards
estwing
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I definitely agree with you on "Settle in first."
This applies to both the house and the garden. Where I live now, I've created four driveways before getting it right. The first one was good in the summer but sloped too much sideways, the second was okay but then we extended the house and had to move it. The third was too steep in one section (great downhill in the winter), and now I have the fourth. It needs some edging stones and a good dose of weed killer, but otherwise
This applies to both the house and the garden. Where I live now, I've created four driveways before getting it right. The first one was good in the summer but sloped too much sideways, the second was okay but then we extended the house and had to move it. The third was too steep in one section (great downhill in the winter), and now I have the fourth. It needs some edging stones and a good dose of weed killer, but otherwise
Exactly. In other words, you must not rush; you have to plan and plan, draw and look. Ponder for a few weeks and months, look again, and new ideas have come. Let outsiders look; they have ideas and so on. Otherwise, you end up in the bad swamp I've mentioned. If I had built exactly as we thought the first time, I would be so dissatisfied today. Back then, I didn’t know about planning. Today, I do, with experience, and I can build, and this works.... shorter text this time mats... haha:eek:mats_o said:No worries, and I can't emphasize enough how much I agree with you on "Live in it first."
This applies to both the house and garden. Where I live now, I've made four driveways before it turned out right. The first one was good in the summer, but sloped too much to the side. The second was okay, but then we expanded the house and had to move it. The third was too steep in one part (went downhill very well in the winter), and now I have the fourth one. It needs some edging stones and a hefty dose of weed killer, but otherwise, it's good.
Best regards, estwing
BUY NEW!!
You NEVER get everything you want when buying an old house.
Moreover, old houses often end up being MORE EXPENSIVE than new builds.
However, there is a saying of three words that fits quite well in how you should choose between new and old, and that is:
"location, location, location" i.e., the place you are going to build on.
EVERYTHING else can be changed but not the place you want/consider building on.
You NEVER get everything you want when buying an old house.
Moreover, old houses often end up being MORE EXPENSIVE than new builds.
However, there is a saying of three words that fits quite well in how you should choose between new and old, and that is:
"location, location, location" i.e., the place you are going to build on.
EVERYTHING else can be changed but not the place you want/consider building on.
Yes, my housing career then:
First owned - BR-two-bedroom in Uppsala 1988, sold in 1996 - barely managed to pay off the loan, as there had been an interest rate crisis and real estate crash in between.
Then (with my wife) newly built BR-three-bedroom on the outskirts of Solna municipality, bought in 1996, sold in 1999 with a small profit.
After that (1999) newly built semi-detached house far out in the northern suburbs, sold in 2005 with another small profit - altogether now a few hundred tkr to take with us.
At that point, we needed a larger house and also wanted to be closer to the city. Considered building new, but that would mean being far out to have a decent plot that didn't cost more than the house, and besides, we liked old houses. Didn't have huge financial possibilities, I earned quite well, but my wife rather modestly at that time. So it became a house that was old, large enough, and close to the city but ugly - a 1920s house renovated in the '70s style and very worn out. A renovation project, in other words.
I had no renovation experience, the previous residences were newly built, but I thought I could manage. Partly, my father comes from a farmer's family and has an attitude that you can handle things yourself, which I guess I inherited in some way. Partly, I had done a lot on the semi-detached house's newly laid-out plot, just grass initially: laid stone, built a retaining wall and wooden steps, extended the decking, etc. This had given me some kind of confidence that I could figure things out and tackle the work. I already knew I was decent at painting.
So... a two and a half mkr loan and four children to raise on a good and an average income. There was no room for any extravagance in the beginning, no package holidays (very expensive if you're one of those odd ones with four kids...family discounts are based on having two) but especially my wife has improved her salary greatly since then. Neither of us earns a huge amount but still well above the average, and the combined strength is quite significant. And the house? It took more time than I could have imagined, but in about a year or so, the entire entrance floor will be finished (and that's where there was the most to do), plus some other things. And it will be nice, it has unusually good spaces for this area and is quite close to Stockholm city. Renovated and then well maintained, it will take a lot before the price falls to what we borrowed - the 20-30% decreases that some have predicted won't come close. Not that we see it as an investment, we plan to live here for a long time, but it feels like a safety net.
First owned - BR-two-bedroom in Uppsala 1988, sold in 1996 - barely managed to pay off the loan, as there had been an interest rate crisis and real estate crash in between.
Then (with my wife) newly built BR-three-bedroom on the outskirts of Solna municipality, bought in 1996, sold in 1999 with a small profit.
After that (1999) newly built semi-detached house far out in the northern suburbs, sold in 2005 with another small profit - altogether now a few hundred tkr to take with us.
At that point, we needed a larger house and also wanted to be closer to the city. Considered building new, but that would mean being far out to have a decent plot that didn't cost more than the house, and besides, we liked old houses. Didn't have huge financial possibilities, I earned quite well, but my wife rather modestly at that time. So it became a house that was old, large enough, and close to the city but ugly - a 1920s house renovated in the '70s style and very worn out. A renovation project, in other words.
I had no renovation experience, the previous residences were newly built, but I thought I could manage. Partly, my father comes from a farmer's family and has an attitude that you can handle things yourself, which I guess I inherited in some way. Partly, I had done a lot on the semi-detached house's newly laid-out plot, just grass initially: laid stone, built a retaining wall and wooden steps, extended the decking, etc. This had given me some kind of confidence that I could figure things out and tackle the work. I already knew I was decent at painting.
So... a two and a half mkr loan and four children to raise on a good and an average income. There was no room for any extravagance in the beginning, no package holidays (very expensive if you're one of those odd ones with four kids...family discounts are based on having two) but especially my wife has improved her salary greatly since then. Neither of us earns a huge amount but still well above the average, and the combined strength is quite significant. And the house? It took more time than I could have imagined, but in about a year or so, the entire entrance floor will be finished (and that's where there was the most to do), plus some other things. And it will be nice, it has unusually good spaces for this area and is quite close to Stockholm city. Renovated and then well maintained, it will take a lot before the price falls to what we borrowed - the 20-30% decreases that some have predicted won't come close. Not that we see it as an investment, we plan to live here for a long time, but it feels like a safety net.