Hello,
I am a bit torn...
Last year, we inherited an old house.
We have partially renovated it (built in 1931, semi-detached, 85 sqm (915 sq ft), 343 sqm (3,690 sq ft) plot).
New electrical wiring, new windows and front door, newly plastered walls, new flooring, new stainless steel chimney pipe, and new fireplace...
There would still be heating (central heating), a new roof or extension, and completely new water pipes with a new bathroom to be renovated...
We have not carried out the remaining renovations yet because until now, we didn’t know if we would even like living there.
Our feeling was right... a semi-detached house is really not our thing. Also, renovations by external contractors in an occupied house would not be feasible.
Now my question: Would buying a house even be an option at current prices? Or should we consider new construction instead?
We might possibly have the opportunity to buy a plot of land, but unfortunately, I don’t know the exact prices.
In our area, house prices are around +/- 3300/sqm (around $310/sq ft) (outskirts of Nuremberg).
What do you think!?
I am a bit torn...
Last year, we inherited an old house.
We have partially renovated it (built in 1931, semi-detached, 85 sqm (915 sq ft), 343 sqm (3,690 sq ft) plot).
New electrical wiring, new windows and front door, newly plastered walls, new flooring, new stainless steel chimney pipe, and new fireplace...
There would still be heating (central heating), a new roof or extension, and completely new water pipes with a new bathroom to be renovated...
We have not carried out the remaining renovations yet because until now, we didn’t know if we would even like living there.
Our feeling was right... a semi-detached house is really not our thing. Also, renovations by external contractors in an occupied house would not be feasible.
Now my question: Would buying a house even be an option at current prices? Or should we consider new construction instead?
We might possibly have the opportunity to buy a plot of land, but unfortunately, I don’t know the exact prices.
In our area, house prices are around +/- 3300/sqm (around $310/sq ft) (outskirts of Nuremberg).
What do you think!?
450,000 for a detached single-family house (semi-detached and terraced houses are excluded) within 30km (19 miles) of Nuremberg is quite ambitious. If you want something without major renovation costs, maybe somewhere towards Großhabersdorf, Dietenhofen (further towards Ansbach it gets more expensive again), or Kirchensittenbach, Aspersthofen. All of these have rather poor connections to Nuremberg. Neunkirchen am Brand and Eckental are almost more expensive due to their proximity to Erlangen or the B2 road. Acquaintances have already paid over 470,000 for a house built around 2000 in Kunreuth.
Z
Zimtstern271 Sep 2020 22:37RomeoZwo schrieb:
450k for a detached single-family house (semi-detached and terraced houses are out of the question) within 30km (19 miles) of Nuremberg is really ambitious. If you want something without major renovation costs, perhaps somewhere near Großhabersdorf, Dietenhofen (further toward Ansbach gets more expensive again) or Kirchensittenbach, Aspersthofen. All of these have rather poor connections to Nuremberg. Neunkirchen am Brand and Eckental are almost more expensive again due to their proximity to Erlangen or the B2 highway. Acquaintances already paid over 470k for a house built around 2000 in Kunreuth. Yes, it’s really intense here. In our neighborhood, a 1945 house (in need of renovation) with only a 200 sqm (2,150 sq ft) plot was sold for 345k. To me, that no longer seems reasonable… That’s why I’m considering building new instead. We might possibly have the chance to get an affordable plot.
Z
Zimtstern271 Sep 2020 23:59kbt09 schrieb:
Why do you think even older houses still fetch relatively high prices? Because land for new builds is expensive and nowadays you have to budget around 2200 euros/sqm (204 sq ft) for new construction.Yes, I recently watched an interesting report that mainly focused on demographic changes. Fewer children are being born, and the property boom is expected to decline over the coming decades. Prices will drop significantly in rural areas because most people have already secured their properties in urban centers. This will lead to more vacancies, and there will be an increased demand for age-appropriate housing! Currently, we have low interest rates... but who knows if everyone will be able to afford refinancing later on.People are already thinking about these issues.
My mother currently lives in the countryside in a house with 200 sqm (2,152 sq ft) of living space.
Properties like this might still be in demand for now, but probably not in 20 years! Who really needs 10 rooms and a 1000 sqm (10,764 sq ft) plot of land with just two children? Especially when the nearest city is 40 km (25 miles) away?
It's all quite complicated...
Z
Zimtstern272 Sep 2020 00:02RomeoZwo schrieb:
If it’s something without major expenses for renovationsIn our semi-detached house, we completely renovated walls, floors, and windows ourselves. I’m not afraid of hard work.Who knows what will happen in 20 or 30 years? Why invest so much energy into it now?
Of course, it’s possible that property prices might drop for various reasons.
At the same time, the opposite could happen, as the pandemic has accelerated digitalization and people are moving towards rural areas. Focus on the present. Right now, you have an income of €2500 (about $2700). You currently have a more or less comfortable living situation.
Increase your income, complete the renovation of your home, and then reassess. A loan of €150,000 (about $160,000) including an extension is not a large debt considering the location. In the meantime, you can look for an affordable plot of land and possibly buy it directly. But once again: in this location, you likely won’t find a newly built home with land for under €700,000 (about $750,000). Personally, I wouldn’t go for it.
Of course, it’s possible that property prices might drop for various reasons.
At the same time, the opposite could happen, as the pandemic has accelerated digitalization and people are moving towards rural areas. Focus on the present. Right now, you have an income of €2500 (about $2700). You currently have a more or less comfortable living situation.
Increase your income, complete the renovation of your home, and then reassess. A loan of €150,000 (about $160,000) including an extension is not a large debt considering the location. In the meantime, you can look for an affordable plot of land and possibly buy it directly. But once again: in this location, you likely won’t find a newly built home with land for under €700,000 (about $750,000). Personally, I wouldn’t go for it.