Who doesn’t dream of having their own house that meets your personal preferences in all areas? A good way to realize that dream is a new construction project or to renovate an old building entirely according to your own style and wishes. Whatever your preference, building, and renovating costs a lot of money. And often much more than you had previously estimated. That is why we have listed some tips for you for a good budget determination so that you will not be faced with surprises when creating your dream home!
How much does the construction of a house cost?
The first step of a new construction project is of course the purchase of a piece of building land. In 2017, the average price for building land in Belgium was $170.96, but there are also strong provincial differences. At this price, you have to add several other costs associated with the purchase of the land. For example, notary fees and registration fees quickly add up to 12.5% of the price of your piece of building land. If you still build a modest house on that land afterward and qualify for ‘small description’, you can still get back half of the paid registration fees afterward.
When you have bought a piece of building land, you can start planning for the construction of your home. According to MM, the association of construction entrepreneurs, the construction costs of an average house with 2 bedrooms amount to $1760 to $1885 per m². The costs for the architect have not been forgotten. Based on the example of the MM, Network Architected Vlaanderen has calculated that the fee will then be approximately $37,000. That is 10 to 11% percent of the construction budget.
The actual costs of a new-build home also depend on other factors, such as the desired degree of finish, the materials, the size of the house, and the techniques used. Look before you start, and when building your own home, look carefully in advance at which ways you can reduce costs. For example, you can compare the salaries of different architects or ask for advice from industry experts. If you are handy with jobs, you can also save costs by doing certain jobs yourself.
How much does a home renovation cost?
Those who buy an old house to renovate must also provide the necessary budget on top of the purchase price. But how much do you put aside when renovating a house? We have listed some renovations budget tips for you!
A perfect estimate is not possible
Unfortunately, it is not possible to make a perfect estimate in advance for the renovation of a house. Although there is the unofficial rule of thumb that a renovation costs between $800 and $1600 per square meter, but that is a very wide margin. For example, the renovation of a 200 square meter house would cost between $160,000 and $370,000. This is actually too big a difference to start the renovation with confidence. In addition, restoring a mansion from the early 1900s to its original state will require a completely different budget than freshening up an 80s home.
When renovating a home, it is good to look at personal preferences, which of course affect the price. Do you choose a designer kitchen or a kitchen from the cheaper Swedish furniture giant? Are you going for simple faucets or more expensive models? And do you have a wooden floor installed or do you opt for laminate in a wood look? Those who want better quality and more luxury will have to pay the price. In this case, the renovation costs will quickly add up. The advantage is that you can often spread the costs during a renovation. When the house is habitable in its current state, you don’t have to refresh everything at once.
The state and year of construction of a house
The condition of the house influences the renovation budget. And this often depends on the year of construction of a house. For example, the condition of a house from the 80s will be better than a mansion from the beginning of the last century. When your house is in worse condition, forced large-scale works often have to be done, such as the re-building of foundations, replacing rotten walls, or strengthening the subsoil. And this entails quite a few costs. So keep in mind that you will have to spend at least some of these things:
- Electricity An old house requires an inspection of the installation, and it is more often the exception to the rule that this is completely in order. Sometimes it will be necessary to replace the entire installation; the invoice for this can quickly amount to $11,000.
- Sanitary Drain pipes and water pipes in older homes are often at the end of their lifespan. The total invoice can quickly reach $6,000, and that is the price without taps, shower, or sanitary furniture.
- Heating Anyone buying a home without central heating must also provide the necessary budget for this. As a rule of thumb, the installation of a radiator, including pipes, quickly costs $700 each. For a house with 10 radiators, you will soon get $6,500. Add to that $5,500 for a high-efficiency boiler and the price rises to $12,000.
- Windows Old houses often still have single glazing or very poorly insulating double glazing. To replace this, you can apply the rule of at least $600 per square meter of windows. For a house with 30 square meters of windows, this amounts to about $16,000.
- Roofing another insulation cost that you should not wait long is that of the roof. When the roof itself is still in good condition, you only pay the price of the insulation itself. When the entire roof construction has to be reconstructed, you will soon pay 250 dollars per square meter.
- Walls After all the above works, the existing interior walls may be damaged. In most cases, plastering or occupying again is the only option. Count on just under $30 per square meter of walls and ceilings.
Those who are unlucky that all the above renovation works are needed will already have to cough up $75,000 for the total renovation of an old house. And that is then calculated without the finishing costs for paint, carpet or floor, lamps, kitchen and bathroom. But as said, you do have full control over these costs.