H
haussucher10 Apr 2011 20:08Hello, we are new to this forum and have many questions.
There are only two of us left, and we would like to either build a new house or buy a used one.
My wife is afraid to build new because she is already 50, and I am 46.
We have set a limit for the monthly loan payment in our financing.
It is difficult to find something suitable among used properties, so now we have a new offer: a small house of 100 sqm (1,076 sq ft).
Our equity will be mainly our own labor for the interior finishing. It is unlikely that we will fully pay off the mortgage before retirement.
Is my wife’s uncertainty justified? What do you think?
Best regards..
There are only two of us left, and we would like to either build a new house or buy a used one.
My wife is afraid to build new because she is already 50, and I am 46.
We have set a limit for the monthly loan payment in our financing.
It is difficult to find something suitable among used properties, so now we have a new offer: a small house of 100 sqm (1,076 sq ft).
Our equity will be mainly our own labor for the interior finishing. It is unlikely that we will fully pay off the mortgage before retirement.
Is my wife’s uncertainty justified? What do you think?
Best regards..
B
Bauexperte11 Apr 2011 09:58Hello,
There are many people your age building for the first or even second time. The question should be why you want to build and what you expect from a new build?
It always sounds simple to rely on physical labor for the interior finishing – but it’s anything but easy, especially if you only have evenings and weekends to work on it. You should consider this carefully, since this approach will likely keep you busy for a good nine months if everything goes well. What are the expected costs for the land and house, and what budget have you planned for the interior finishing?
Kind regards
haussucher schrieb:
There are only two of us left and we would like to either build or buy a used house. My wife is afraid of building new since she is already 50, I am 46. We have set a limit regarding the loan repayment rate.
There are many people your age building for the first or even second time. The question should be why you want to build and what you expect from a new build?
haussucher schrieb:
It is difficult to find something suitable as a used property, so now we have a new offer, a small house of 100 sqm (1,076 sq ft).
Our equity is mainly physical labor for the interior work; it probably won’t be fully paid off before retirement.
It always sounds simple to rely on physical labor for the interior finishing – but it’s anything but easy, especially if you only have evenings and weekends to work on it. You should consider this carefully, since this approach will likely keep you busy for a good nine months if everything goes well. What are the expected costs for the land and house, and what budget have you planned for the interior finishing?
Kind regards
A
Außerhalb11 Apr 2011 12:35Hello,
Is 50 already too old to build? I certainly hope not.
We are both over 50 and signed the contract on Saturday for our first self-built solid house.
However, we are not new to housing; until now, we have always lived in used homes (3), which we renovated or partly rebuilt to varying degrees, only to move again later because the space became too tight.
If I didn’t have any equity and my husband had to do most of the work himself, the situation would be quite different.
Best regards
Is 50 already too old to build? I certainly hope not.
We are both over 50 and signed the contract on Saturday for our first self-built solid house.
However, we are not new to housing; until now, we have always lived in used homes (3), which we renovated or partly rebuilt to varying degrees, only to move again later because the space became too tight.
If I didn’t have any equity and my husband had to do most of the work himself, the situation would be quite different.
Best regards
H
haussucher11 Apr 2011 21:43The house costs 131,000€ including the land. Own labor is estimated at 5,500€ for non-load-bearing walls and ceilings/sloping roofs, as stated in the initial offer. Used properties usually cost between 110,000€ and 125,000€, plus renovation costs and realtor fees, and are rarely available within our price range.
A new build should be an alternative solution. My wife would prefer a used property over a new build because she is afraid of new construction.
Regards..
A new build should be an alternative solution. My wife would prefer a used property over a new build because she is afraid of new construction.
Regards..
B
Bauexperte12 Apr 2011 11:20Hello,
So roughly €40,000 (about $43,000) for the land and the rest for a shell house?
If a used property doesn’t fit your budget, how is a new build supposed to work? In addition to the budget for land + house + finishing costs, there are still considerable additional expenses amounting to around €30,000 (about $32,000). I have already written to you about the time commitment involved.
Kind regards
haussucher schrieb:
House costs including land €131,000 (about $141,000) with personal work €5,500 (about $6,000) for non-load-bearing walls and ceilings/roof slopes, that’s how it is stated in the offer
So roughly €40,000 (about $43,000) for the land and the rest for a shell house?
haussucher schrieb:
Used properties usually cost between €110,000 and €125,000 (about $118,000 to $134,000) plus renovation costs and real estate agent fees, and are rarely within our price range
If a used property doesn’t fit your budget, how is a new build supposed to work? In addition to the budget for land + house + finishing costs, there are still considerable additional expenses amounting to around €30,000 (about $32,000). I have already written to you about the time commitment involved.
Kind regards
H
haussucher12 Apr 2011 19:12Thanks in advance for your answers.
My last figures were a bit low, so the house price minus own labor:
94,500 plus the land 12,000, the rest is for construction costs such as architect fees, utility connections, surveying costs, finishing materials, property transfer tax, insurance, cistern, etc. Total price 130,000.
Own labor includes non-load-bearing walls, painting, carpet installation, and exterior work.
Do you think this will be more expensive than a used house? I would say my last viewing was a property for 115,000 at 120 m² (1,292 ft²). The electrical system needed to be renewed, the heating system was fifteen years old, the bathroom had to be installed, so there were some minor renovation costs plus agent fees. The land was a bit larger and included a garage.
Regarding the older house, my wife wouldn’t have as many concerns as with a new build. There is a lot of negative experience shown on TV related to new construction.
Regards...
My last figures were a bit low, so the house price minus own labor:
94,500 plus the land 12,000, the rest is for construction costs such as architect fees, utility connections, surveying costs, finishing materials, property transfer tax, insurance, cistern, etc. Total price 130,000.
Own labor includes non-load-bearing walls, painting, carpet installation, and exterior work.
Do you think this will be more expensive than a used house? I would say my last viewing was a property for 115,000 at 120 m² (1,292 ft²). The electrical system needed to be renewed, the heating system was fifteen years old, the bathroom had to be installed, so there were some minor renovation costs plus agent fees. The land was a bit larger and included a garage.
Regarding the older house, my wife wouldn’t have as many concerns as with a new build. There is a lot of negative experience shown on TV related to new construction.
Regards...
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