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!
Nordlys schrieb:
Observation: .... know places where the hearse is likely ......Now I’m wondering, how do you recognize that, or at what age is it likely to happen?
B
Buchweizen5 Dec 2018 06:52The imminent passing of one or more owners does not mean that the houses will then be available at bargain prices.
Buchweizen schrieb:
The imminent passing of one or another owner does not mean that the houses will then be available at bargain prices.A single house in a good and desirable location certainly not, that’s true. Usually, someone already has a claim on it or the group of heirs is in conflict. Such properties rarely come on the open market. We once attended an open house—along with about 20 other interested parties who parked their SUVs all along the street and crowded around the real estate agent. No chance!
You can expect some relief starting from lower-tier locations with a high average age when several houses are listed in a short period. At the moment, even the most rundown energy-inefficient 1950s houses only sell because buyers fear that nothing will come up for a long time afterwards. But if I know or can estimate that houses regularly come up for sale in that area, then my negotiating position changes. In lower-tier D and E locations, this is already true here. If I were willing to commute 50-60 km (30-37 miles) to Kassel for work, I could own my own home before Christmas and avoid the stress of building.
We wanted to build at some point but weren't actively looking. One Saturday in January 2015, we went for a walk and took a left instead of right, stumbling upon a development area with 15 building plots. We called the land development company on Monday. Three weeks later, we signed the notary contract. Between February and May, we gathered quotes, completed financing in May, and signed the construction contract. Construction started at the end of August, and we moved in May 2016.
All in all, it took 16 months from the decision to move in.
All in all, it took 16 months from the decision to move in.
Jean-Marc schrieb:
In my parents’ residential street, almost everyone is over 60 now. Will these people really invest tens of thousands of euros again in heating, insulation, windows, barrier-free renovations, etc., or will they put their houses on the market beforehand? Do they still want to spend hours gardening and heating 150 sqm (1,615 sq ft) for two people? Why not? The children are finally gone, you finally have everything to yourself, you might still have 7 years left to work or not, everything is planned, including the home savings contract for renovations was arranged in time... whatever the case.
Today’s 60+ is the old 50.
In our development, families are now the minority; many residents aged 50+ or even 65(+) have built their homes.
You can no longer generalize based on age. Many only start to thrive at that age, others have already moved abroad earlier.
We didn’t plan on building a house at all. Then we passed by that development (there was only the show home with the office). Leasehold plots. We gathered information and found it feasible and suitable.
We didn’t have much time for planning: I was looking for a production home, a model with more space downstairs and less upstairs. A bungalow wouldn’t have been enough for us. I planned mostly on my own, with a lot of naivety at the time. I hardly participated in the forum back then, as I was mainly working on the floor plan. But I’m also glad I didn’t get caught up in petty details like others here, whether to move the toilet 10 cm (4 inches) or whatever.
Plot reservation 09.13
House sale RH 12.13
Signing of production home contract 01.14