ᐅ Is it Practical to Build a Single-Family Home as a Single Person?
Created on: 28 Oct 2016 23:34
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p2007
Hello,
I am currently in the planning phase for my own home. A little about me: I am 31 years old and a civil servant. My current net income is €2,650 and it is expected to rise to around €3,300 net over the next 10 years. Recently, I inherited a 700m² (7,535 sq ft) plot of land, valued at approximately €250,000 according to the local land price index. I would like to build on this property. Besides the land, I have about €15,000 in savings. The plan is to build a single-family house worth around €300,000. I have an architect in the family who is providing the full planning and coordination free of charge.
The idea is that I will build the house on my own. Although I have a girlfriend, she would at most contribute some rent and therefore would not be officially involved. However, I have the following question:
Does it make sense to build a house as a single person?
I have a girlfriend, but we have not been together long enough for me to be sure it is a lasting relationship. I keep going back and forth, wondering if the comfort and luxury of owning a home justifies the high monthly expenses. I am quite worried that I might be overestimating myself and that I could end up living alone in the house, unable to manage the costs. On the other hand, I think I can start financing a home now that will be paid off by the time I retire. Does anyone else experience these constant doubts, and what have your experiences been afterward? I keep telling myself that as a “single” person, I shouldn’t build a house.
Thank you for your replies and have a great evening!
Best regards, Chris
I am currently in the planning phase for my own home. A little about me: I am 31 years old and a civil servant. My current net income is €2,650 and it is expected to rise to around €3,300 net over the next 10 years. Recently, I inherited a 700m² (7,535 sq ft) plot of land, valued at approximately €250,000 according to the local land price index. I would like to build on this property. Besides the land, I have about €15,000 in savings. The plan is to build a single-family house worth around €300,000. I have an architect in the family who is providing the full planning and coordination free of charge.
The idea is that I will build the house on my own. Although I have a girlfriend, she would at most contribute some rent and therefore would not be officially involved. However, I have the following question:
Does it make sense to build a house as a single person?
I have a girlfriend, but we have not been together long enough for me to be sure it is a lasting relationship. I keep going back and forth, wondering if the comfort and luxury of owning a home justifies the high monthly expenses. I am quite worried that I might be overestimating myself and that I could end up living alone in the house, unable to manage the costs. On the other hand, I think I can start financing a home now that will be paid off by the time I retire. Does anyone else experience these constant doubts, and what have your experiences been afterward? I keep telling myself that as a “single” person, I shouldn’t build a house.
Thank you for your replies and have a great evening!
Best regards, Chris
C
Che.guevara29 Oct 2016 09:45There are two important points for me when it comes to building.
Either a duplex from the start to generate rental income or positioning the house on the plot in a way that allows for densification later with another house or an extension. You can always use the subdivided plot as a financial fallback later on.
Either a duplex from the start to generate rental income or positioning the house on the plot in a way that allows for densification later with another house or an extension. You can always use the subdivided plot as a financial fallback later on.
The key issue pointed out by BeHaElja is that most people would build quite differently in both size and floor plan layout for one or two persons compared to a family with two children.
There is no one-size-fits-all solution, and what you might want if you have children (such as larger kids’ rooms, an additional hobby room) is often far too much space for a single person to maintain and clean.
There is no one-size-fits-all solution, and what you might want if you have children (such as larger kids’ rooms, an additional hobby room) is often far too much space for a single person to maintain and clean.
I briefly considered building a semi-detached house, but somehow I really want something completely my own and would prefer not to share the plot with anyone else. That’s how I grew up, and I can’t imagine building a house without a garden or with very little garden space. For that reason, I’m also willing to invest a bit more. Besides, the plot is inherited, so I don’t have to buy it.
I would definitely build the house so that later on, four of us could live there, as having a family and children is definitely a big wish. I plan to start with the house first and then begin the family project afterwards.
I’m not sure what else I should be waiting for... Professionally, I am tied to this location as a civil servant and cannot be transferred. Financially, the mortgage payments would be manageable with a suitable long fixed interest rate, given the current low interest rate environment, especially if you consider that I plan to retire at age 63 and have everything paid off by then. Another advantage is that I currently still have plenty of free time after work. I’m not a skilled craftsman, but I believe I can handle some of the work myself.
On the other hand, I do wonder whether I can manage everything on my own, regardless of financing. There are a lot of decisions to be made that will be difficult to change later on. Also, I know from many friends and acquaintances that building a house is stressful and exhausting. So I’m not going into this blindly or ignoring the challenges that lie ahead.
I also reassure myself by thinking that I could rent out or sell the house if everything went wrong. Ultimately, I believe I could exit at any time without a loss. Of course, that’s only a worst-case scenario solution, but in my opinion, it’s something you should plan for. You never know what might happen... A plot of this size and location simply isn’t affordable for someone with an average income. Still, you wouldn’t believe how many people have already asked if the plot is for sale.
Regards,
Chris
I would definitely build the house so that later on, four of us could live there, as having a family and children is definitely a big wish. I plan to start with the house first and then begin the family project afterwards.
I’m not sure what else I should be waiting for... Professionally, I am tied to this location as a civil servant and cannot be transferred. Financially, the mortgage payments would be manageable with a suitable long fixed interest rate, given the current low interest rate environment, especially if you consider that I plan to retire at age 63 and have everything paid off by then. Another advantage is that I currently still have plenty of free time after work. I’m not a skilled craftsman, but I believe I can handle some of the work myself.
On the other hand, I do wonder whether I can manage everything on my own, regardless of financing. There are a lot of decisions to be made that will be difficult to change later on. Also, I know from many friends and acquaintances that building a house is stressful and exhausting. So I’m not going into this blindly or ignoring the challenges that lie ahead.
I also reassure myself by thinking that I could rent out or sell the house if everything went wrong. Ultimately, I believe I could exit at any time without a loss. Of course, that’s only a worst-case scenario solution, but in my opinion, it’s something you should plan for. You never know what might happen... A plot of this size and location simply isn’t affordable for someone with an average income. Still, you wouldn’t believe how many people have already asked if the plot is for sale.
Regards,
Chris
In the other thread, you mentioned a draft plan of 190 square meters (2,045 square feet), but your target is 160 square meters (1,722 square feet). Is that just for you or with your girlfriend?
That includes two children’s rooms.
To me, that totally misses the actual need. Just because you suddenly have a lot of assets at once, I wouldn’t force myself into building a family home if there is no family yet.
Don’t underestimate the nesting instinct of women. Your current girlfriend, okay, she is involved in the house building, but it is still your house, not hers. If another woman comes along later and moving in together becomes an issue, it’s clear to you that she would have to move in with you. But is that clear to her as well, or might she want to build a home (together) herself at some point... You are whole on your own, and the partner is expected to adapt to you. That only leads to stress.
I would probably sell the plot of land. With the current seller’s market, you could certainly make a good profit.
That includes two children’s rooms.
To me, that totally misses the actual need. Just because you suddenly have a lot of assets at once, I wouldn’t force myself into building a family home if there is no family yet.
Don’t underestimate the nesting instinct of women. Your current girlfriend, okay, she is involved in the house building, but it is still your house, not hers. If another woman comes along later and moving in together becomes an issue, it’s clear to you that she would have to move in with you. But is that clear to her as well, or might she want to build a home (together) herself at some point... You are whole on your own, and the partner is expected to adapt to you. That only leads to stress.
I would probably sell the plot of land. With the current seller’s market, you could certainly make a good profit.
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