We have now decided to start building a house from autumn 2019, even though personally I would have much preferred to buy. On one hand, I’m happy that our long-held plans are finally coming to fruition; on the other hand, I’m currently frustrated that we spent 5 years searching in vain – 5 years of rent payments at 600 euros per month (about $650 USD) times 12 months times 5 years equals 36,000 euros (about $39,000 USD)… money we could have already paid toward a mortgage.
My parents had their mortgage paid off by age 50. According to our repayment plan, I expect to be in my early 60s when we finish.
We posted several ads, told everyone we know, left notes in mailboxes of vacant properties, and kept our eyes open everywhere… all ultimately futile. We could have bought something in November 2017 but were outbid at the last moment by about 10,000 euros (around $11,000 USD). That was not worth it to us, especially since the agent was also asking for a commission. That’s life…
One real estate agent told us that interesting properties sometimes have to be marked inactive within an hour after listing because the phone won’t stop ringing otherwise.
About 95% of the viewings we did turned out to be disappointments: mold, water damage, kilos of pigeon droppings in the attic, awkward floor plans, very old electrical installations, filthy bathrooms, no mobile reception, slow internet, impending road and sewer construction of 1.5 years duration with cost repartition, paint shops, and noisy neighbors like arcades, and so on.
Supposedly, half villages are empty here in northern Hesse and many houses are waiting for buyers. But I really don’t see that, except for some dilapidated half-timbered houses on main roads.
This year, our patience ran out because I don’t believe anything will change in the next 5 years either.
How long did it take for you? Or did you skip the “fun” and decide to build right away? I’d be glad to read about your experiences.
Have a great weekend!
My parents had their mortgage paid off by age 50. According to our repayment plan, I expect to be in my early 60s when we finish.
We posted several ads, told everyone we know, left notes in mailboxes of vacant properties, and kept our eyes open everywhere… all ultimately futile. We could have bought something in November 2017 but were outbid at the last moment by about 10,000 euros (around $11,000 USD). That was not worth it to us, especially since the agent was also asking for a commission. That’s life…
One real estate agent told us that interesting properties sometimes have to be marked inactive within an hour after listing because the phone won’t stop ringing otherwise.
About 95% of the viewings we did turned out to be disappointments: mold, water damage, kilos of pigeon droppings in the attic, awkward floor plans, very old electrical installations, filthy bathrooms, no mobile reception, slow internet, impending road and sewer construction of 1.5 years duration with cost repartition, paint shops, and noisy neighbors like arcades, and so on.
Supposedly, half villages are empty here in northern Hesse and many houses are waiting for buyers. But I really don’t see that, except for some dilapidated half-timbered houses on main roads.
This year, our patience ran out because I don’t believe anything will change in the next 5 years either.
How long did it take for you? Or did you skip the “fun” and decide to build right away? I’d be glad to read about your experiences.
Have a great weekend!
S
Silent01030 Nov 2018 11:18For us, it was very similar; renting has always only been a temporary solution.
We viewed nearly 20 houses over 5 years. Often, the houses were already sold privately before being publicly listed, there was frequently a significant defect (which had been omitted in the listing), and everything that remained was overpriced.
When we found a plot of land in consideration, the decision was made very quickly.
We viewed nearly 20 houses over 5 years. Often, the houses were already sold privately before being publicly listed, there was frequently a significant defect (which had been omitted in the listing), and everything that remained was overpriced.
When we found a plot of land in consideration, the decision was made very quickly.
We had actually planned to buy as well and have kept an eye on the market over the past few years, even though it was clear that, due to our professional situation—where it was still uncertain where exactly we would settle—we wouldn’t be buying yet. Here in central Hesse, there are mostly very old houses that require extensive work or quite new ones, which of course come with a fairly high price. In the end, we concluded that by the time a house is in the condition you need or want it when buying, the costs would hardly be lower than those of a new build. Therefore, we started looking more for plots of land, and when friends of ours said they had one they didn’t need and were happy to sell it to us, the decision was made. We then began the process by choosing a contractor, and once our professional situation changed, we signed the contract. We are currently gathering the last documents for the building permit / planning permission, and construction will begin after the winter.
In March 2013, we bought a plot of land. The idea gradually formed to build a bungalow there when I’m close to retirement. Land doesn’t lose value, so we decided to hold on to it. Especially since in 2013, we were able to buy it for 48 per square meter (about 4.46 per square foot) … ready to build with utilities connected. - Pause.-
In autumn 2015, the decision was made to start the project. We first looked at existing homes alongside new builds. But what we wanted wasn’t really available—single-story homes, or they were too expensive... In January 2016, things started moving. My wife’s cousin wanted to buy our semi-detached house, and the price was acceptable. Should we seriously go for it? Quick decision—yes. In March, we went to the notary and looked for an apartment to live in temporarily.
We found one. - My wife complained. She no longer liked the plot of land. She didn’t want to build there anymore. She wanted a different one. I wasn’t thrilled but accepted the situation and listed our plot in a portal in May at what I thought was a proud price—nearly 100% profit... Imagine: it was posted on a Friday and sold by Monday. Incredible. Now things had to move fast. No more semi-detached house, no more original plot, loads of cash with no interest, and a temporary rental contract until September 1, 2017. In June 2016, we bought my wife’s dream plot in a residential development area of the Volksbank. It was much more expensive than the old one, but due to the considerable profit, which unfortunately had to be taxed, still reasonably priced: 115 per square meter (about 10.7 per square foot), ready to build, with lake view. And now the house. At the same time, brochures and offers piled up; in the final selection, only two remained: Specht Fehmarn and Team Massiv Büdelsdorf. We decided based on feeling. Building with Specht meant planning the house without a sales representative, dealing directly with the owner, who inspired great trust. With Team, there was a salesperson involved, who was not unpleasant but somehow different, more polished. We’re not the polished type. The decision for Specht was final in September. The third meeting with him sealed it. Floor plan and so on final, price fixed, last adjustments, last discounts... Looking each other in the eyes, three people sat around a table, coffee in the middle, we all stood up ceremoniously, shook hands over the offer, that was the contract… there was never a written one… Handover was on September 1, 2017, move-in on September 11, 2017. Perfect timing. Karsten
In autumn 2015, the decision was made to start the project. We first looked at existing homes alongside new builds. But what we wanted wasn’t really available—single-story homes, or they were too expensive... In January 2016, things started moving. My wife’s cousin wanted to buy our semi-detached house, and the price was acceptable. Should we seriously go for it? Quick decision—yes. In March, we went to the notary and looked for an apartment to live in temporarily.
We found one. - My wife complained. She no longer liked the plot of land. She didn’t want to build there anymore. She wanted a different one. I wasn’t thrilled but accepted the situation and listed our plot in a portal in May at what I thought was a proud price—nearly 100% profit... Imagine: it was posted on a Friday and sold by Monday. Incredible. Now things had to move fast. No more semi-detached house, no more original plot, loads of cash with no interest, and a temporary rental contract until September 1, 2017. In June 2016, we bought my wife’s dream plot in a residential development area of the Volksbank. It was much more expensive than the old one, but due to the considerable profit, which unfortunately had to be taxed, still reasonably priced: 115 per square meter (about 10.7 per square foot), ready to build, with lake view. And now the house. At the same time, brochures and offers piled up; in the final selection, only two remained: Specht Fehmarn and Team Massiv Büdelsdorf. We decided based on feeling. Building with Specht meant planning the house without a sales representative, dealing directly with the owner, who inspired great trust. With Team, there was a salesperson involved, who was not unpleasant but somehow different, more polished. We’re not the polished type. The decision for Specht was final in September. The third meeting with him sealed it. Floor plan and so on final, price fixed, last adjustments, last discounts... Looking each other in the eyes, three people sat around a table, coffee in the middle, we all stood up ceremoniously, shook hands over the offer, that was the contract… there was never a written one… Handover was on September 1, 2017, move-in on September 11, 2017. Perfect timing. Karsten
Where good existing properties are expensive and scarce, plots of land are also rare and costly. So your situation may not improve.
And thinking further... even if new building zones are designated, you still have to secure a plot, often due to local allocation models or informal agreements.
I don’t want to be overly pessimistic, but we had to search for five years before we could buy.
And thinking further... even if new building zones are designated, you still have to secure a plot, often due to local allocation models or informal agreements.
I don’t want to be overly pessimistic, but we had to search for five years before we could buy.
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