I am single and have been considering ending my rental contract for some time now to buy my own place. I can afford to spend 800 to 900 euros per month. My current rent excluding utilities is 600 euros. I have 30,000 euros in equity. I am not very skilled in DIY or handywork, and I don’t have any friends who are craftsmen.
I live in the Augsburg suburbs.
Here are my thoughts:
1. A new condominium with 3 rooms, a garage, 80 sqm (860 sq ft), and a balcony in a village costs between 250,000 and 280,000 euros. The building has 6 units, and the monthly service charge is 250 euros. I could afford that well, and I would probably be finished just after reaching retirement age.
2. But then I think: If a new condo costs that much, then maybe I could buy a small plot of land with 300 sqm (3,230 sq ft) at 250 euros per sqm, which would be 75,000 euros. Then a turnkey prefab house without a basement but with a garage, size 100 sqm (1,076 sq ft), for 180,000 euros plus 30,000 euros in additional building costs? Similar price, but my own house.
3. Or don’t buy anything new: Older condominiums for 180,000 euros and that’s that. Problem: In this price range, there have been no nice 3-room apartments online for months at least.
What would you recommend?
Oh, and I also keep finding prefab houses with land from a well-known provider with 5 letters, advertised as turnkey for under 200,000 euros. But after the consultant didn’t follow up after a visit (I was probably not very decisive), that’s not really an option.
I live in the Augsburg suburbs.
Here are my thoughts:
1. A new condominium with 3 rooms, a garage, 80 sqm (860 sq ft), and a balcony in a village costs between 250,000 and 280,000 euros. The building has 6 units, and the monthly service charge is 250 euros. I could afford that well, and I would probably be finished just after reaching retirement age.
2. But then I think: If a new condo costs that much, then maybe I could buy a small plot of land with 300 sqm (3,230 sq ft) at 250 euros per sqm, which would be 75,000 euros. Then a turnkey prefab house without a basement but with a garage, size 100 sqm (1,076 sq ft), for 180,000 euros plus 30,000 euros in additional building costs? Similar price, but my own house.
3. Or don’t buy anything new: Older condominiums for 180,000 euros and that’s that. Problem: In this price range, there have been no nice 3-room apartments online for months at least.
What would you recommend?
Oh, and I also keep finding prefab houses with land from a well-known provider with 5 letters, advertised as turnkey for under 200,000 euros. But after the consultant didn’t follow up after a visit (I was probably not very decisive), that’s not really an option.
My situation is similar to the original poster’s, but with a bit more equity. I’m still at the beginning since I’m currently looking for a plot of land, but I have clearly decided on a detached house (alternatively, a suitable existing property, but the search for that is about as difficult). Unless I encounter unforeseen financial issues during more detailed planning, that will stay the plan.
Looking at the prices for condominiums, there isn’t much difference compared to a small house. If you don’t want to live right in the city, I see hardly any advantages to a condominium. In a house, you get peace and quiet without noisy neighbors, you have the freedom to make your own decisions, and you also get a garden (though 300cm² (about 3,230 square feet) isn’t very big ^^).
As for the potential future partner… I would at least build big enough for two people to live comfortably. If children become a possibility later, I think you would have to completely reorganize your life anyway. I don’t know how it is for the original poster, but I don’t expect that in the near future for myself.
Looking at the prices for condominiums, there isn’t much difference compared to a small house. If you don’t want to live right in the city, I see hardly any advantages to a condominium. In a house, you get peace and quiet without noisy neighbors, you have the freedom to make your own decisions, and you also get a garden (though 300cm² (about 3,230 square feet) isn’t very big ^^).
As for the potential future partner… I would at least build big enough for two people to live comfortably. If children become a possibility later, I think you would have to completely reorganize your life anyway. I don’t know how it is for the original poster, but I don’t expect that in the near future for myself.
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Bauanfänger3631 Jan 2017 18:24Professionally, I am currently somewhat tied to the region. I could try to request a transfer, but as a single person without social points, that’s not so easy. The house I would have then is certainly not suitable for a large family. However, if I get the small house instead of the expensive condominium, paying 200 euros (about 215 USD) more per month, it makes sense.
Nordlys schrieb:
@ypg :
Why not, a civil servant with a house is a good catch, right?Carsten,
There are all kinds of people. I personally consider practical skills to be more important :P
By the way, I don’t see the avatar information when using Tapatalk.
On one hand, a three-room apartment or a 100 cm² (1,076 sq ft) house can become cramped again if the person brings family or others along. On the other hand, some people just can’t relocate because of their job. A civil servant can change regions, can’t they?
Otherwise, I would recommend a small townhouse with shared walls, possibly a pre-owned property.
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Bauanfänger3631 Jan 2017 18:32There are very few townhouses available here, except for some "fixer-upper" properties from 1974 priced at 360,000 euros.
I actually see it that way too. The problem is: try finding a good used house at the moment. Prices, especially at the Baltic Sea, have gone through the roof. They are asking 220,000 for an old detached single-family house from the 1970s, and people pay it. Seriously. And no one is building new detached single-family houses right now, at least not here. If you’re lucky, you can find a turnkey semi-detached house. But even then, it’s over 220,000. So the idea is, let’s say, on 500 m² (about 5,400 sq ft) of land—300 m² (3,200 sq ft) is too small, what can you build there, a 100 m² (1,080 sq ft) bungalow, roughly 12 by 9 meters (39 by 30 feet) in footprint. Three rooms, a slightly steeper roof, around 35 degrees, with 45 m² (480 sq ft) of expandable space... that’s not a bad plan. And Scanhaus Marlow Marlow even has something like that ready in their catalog. Of course, it’s not a prestige model from Scanhaus Marlow Marlow, but it provides a roof over your head, and you can walk around it and call it “home.”
With the wooden facade instead of ETICS (external thermal insulation composite system), the house even looks quite stylish. A Swedish-style house in Bavaria.
With the wooden facade instead of ETICS (external thermal insulation composite system), the house even looks quite stylish. A Swedish-style house in Bavaria.
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Caspar202031 Jan 2017 18:41Bauanfänger36 schrieb:
Not very experienced in DIY, and no friends who are craftsmen.Whatever you do, make sure to bring expertise on board. For an existing property, have an expert inspect the building during the second or third visit. For new construction, hire an independent construction supervisor.
But a completely different question: You mentioned 800 to 900 per month (hopefully after accounting for increased additional costs for the house).
Assuming a 5% annuity rate, that corresponds to about a 250,000 volume with your equity.
However, based on your cost breakdown, I’m arriving at nearly 300,000.
Have you thought about that?
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