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There's a good heap of questions - you've no plans for additional flooring cover even if it's just a rug?
[Slowly editing] there's no reasonable reason to cause condensation
It's potential that very fixed secure insulation will transfer sound or alter acoustics (as will altering the floorboards thickness from aggressive sanding)
Ceilings are quite a few degrees higher than the room temperature , at worse the insulation would act like a fridge and not transfer that heat through [I've given up there before asking about lighting]I'd put the money in a big shaggy rug
So having just had a chimney breast out, new bathroom and bedroom on the first floor, Im now fixing the fairly bodged and crappy floorboards that were under the old carpet. Going to relay them, add some new reclaimed ones to replace some and then sand and oil.
The question is, while I have the boards up, should I insulate in between the joists like i dod with the ground floor? Will I get any insulation out of it and will it help with noise reduction or will it just create a condensation nightmare?