As housing prices in Hong Kong continue to soar, buying a new home has become out of reach for many people, while renovating old homes has become an ideal choice for more people. So, how old does a house have to be to be considered an old house? How much does it cost to renovate an old house? This article will answer your questions one by one and show you all the key details of renovating an old house!
What is an old house? How many years old is considered an old house?
In Hong Kong and other regions, there is no clear legal definition of “old housing”, but we can deduce the following criteria based on the Accelerated Redevelopment of Dangerous and Old Buildings Ordinance (hereinafter referred to as the “Dangerous and Old Buildings Ordinance”):
- House age over 30 years It is usually regarded as the starting standard for old buildings, followed by those whose earthquake resistance does not meet the statutory standards after structural safety performance evaluation.
- Improve the lack of benefits, that is, buildings where the cost of reinforcement is too high or it is recommended to be demolished and rebuilt.
- An old building without elevators or other lifting equipment.
Although most buildings over 30 years old are considered old houses, their actual habitability still depends on the structure, safety and maintenance of the house. If there are no major structural problems or safety hazards, a house that is less than 50 years old can still be lived in normally.
As housing prices in Hong Kong rise, most people find that renovating old houses may be more cost-effective than buying new buildings directly, so old houses are also a popular choice for real estate transactions. However, not all old houses are suitable for living, so it is recommended that you pay attention to the following issues before purchasing an old house:
- Are the water and electricity pipelines aging?
- Are there any illegal buildings involved? Is the house structure safe?
- Is the house a house with major defects (e.g. haunted house, sea sand house, radiation house)?
If it is confirmed that the old house is feasible to be rebuilt or renovated, you can further plan the renovation plan!
How much is the budget for renovating an old house?
The cost of renovating an old house depends mainly on the age of the building, the extent of damage and the scope of renovation required. The following is the reference price for renovation of old houses in the market:
- Basic renovation unit price:It costs about HK$1,300 to HK$1,800 per square foot. The cost may be higher for houses that are over 40 years old or severely damaged.
- Total budget for whole house renovation:It is recommended to prepare approximately HK$400,000 to HK$700,000 per room, depending on the unit area and the complexity of the project.
Budget allocation suggestions for old house renovation
When planning your renovation budget, I recommend breaking it down into the following sections:
- Basic engineering (40%): water and electricity pipeline renewal, waterproofing, wall repair, etc. These basic engineering projects are related to structural safety and are the most in need of investment.
- Interior design (20%): Based on the difficulty and requirements of the building design, hire professional designers. Some designers will charge additional per-square-foot fees and supervision fees (approximately 5%~15%).
- Decoration project (25%): including carpentry, painting, kitchen utensils and bathroom equipment, etc. You can choose materials with higher cost performance to avoid excessive spending.
- Furniture and appliances (15%): Mainly used to purchase durable appliances and necessary furniture. If the budget is tight, decorative items can be purchased later.
Things to note when renovating an old house
As a typical old building, special attention should be paid to structural reinforcement and earthquake resistance during renovation. As tenement buildings usually lack modern management and maintenance resources, renovation costs may be higher than for ordinary residential buildings. Secondly, most tenement buildings do not have elevator facilities, and the difficulty of transporting and constructing decoration materials will also affect the overall cost. It should be noted that according to Hong Kong regulations, the renovation of buildings over 30 years old may require mandatory building inspection, which is also the key point to understand before renovating an old house.
When carrying out renovation projects, I suggest that you choose to prioritize basic projects such as water, electricity, and waterproofing, and then consider interior design and decoration. It is a good idea to leave 15% to 20% in your budget as a buffer for additional expenses to account for hidden problems that may be discovered during the construction process. In addition, when choosing a construction company, you should cooperate with experienced designers and decoration companies. This can effectively improve space utilization and avoid additional expenses caused by improper management.
The goal of renovating old houses is not only to improve the quality of living, but also a way to extend the life of the building. Through reasonable planning and professional construction, an old house can be completely renewed and provide a comfortable and safe living environment for the family. At the same time, renovation of old houses can also make the building itself more valuable!