Hello,
Actually, we have been looking for an existing property since last summer. According to our mortgage broker, we have a budget of around 300,000 (all-in), which a bank is likely to approve.
The market here in Schleswig-Holstein has also become very tight, and the houses on offer are often in need of renovation, so you easily exceed the budget (especially since many city dwellers laugh at our house prices and like to secure a holiday home here).
Now the question is whether it would be possible to build a house within our budget (assuming we can get a building plot). Our requirements are not very high; it doesn’t need to be a huge house. 120 square meters (1300 square feet) would be completely sufficient.
In a neighboring village, plots are currently being developed. The price isn’t fixed yet but is expected to be below 100 euros per square meter. The plots are about 700 square meters (7500 square feet) in size. Unfortunately, we have no experience with this topic at all, and I definitely don’t want to miscalculate.
We can only contribute limited personal labor. We are not unskilled, but both fully employed with a child, dog, and horse. What are your thoughts?
Actually, we have been looking for an existing property since last summer. According to our mortgage broker, we have a budget of around 300,000 (all-in), which a bank is likely to approve.
The market here in Schleswig-Holstein has also become very tight, and the houses on offer are often in need of renovation, so you easily exceed the budget (especially since many city dwellers laugh at our house prices and like to secure a holiday home here).
Now the question is whether it would be possible to build a house within our budget (assuming we can get a building plot). Our requirements are not very high; it doesn’t need to be a huge house. 120 square meters (1300 square feet) would be completely sufficient.
In a neighboring village, plots are currently being developed. The price isn’t fixed yet but is expected to be below 100 euros per square meter. The plots are about 700 square meters (7500 square feet) in size. Unfortunately, we have no experience with this topic at all, and I definitely don’t want to miscalculate.
We can only contribute limited personal labor. We are not unskilled, but both fully employed with a child, dog, and horse. What are your thoughts?
Zaba12 schrieb:
No idea why some people here say that 300,000€ all-in could work without special requests. Then those people can also give Jana the green light without any doubts.Hi,that sums it up well.
Olli
SumsumBiene30 Dec 2020 17:20Zaba12 schrieb:
I have no idea why some people here say that 300,000€ all-in could work without any special requests. Then those people can also confidently give Jana the green light. So please don’t apply double standards! SH is not BY or BA, but it’s also not Poland or the Czech Republic.
The answer is simple: it won’t work all-in, not even a little. Why is the budget so tight? What does your net monthly income look like? What are your expenses? Finishing in 20 years is also a significant factor. That means 1,450€ interest and principal repayment plus monthly additional costs of 400€. So 1,850€ per month just for housing. Will that work? S
Sir_Batman30 Dec 2020 17:34Where in Schleswig-Holstein are you looking? West coast? How tied to a specific location are you?
H
Hausbau202230 Dec 2020 17:36For an all-in budget of 300k, better to forget it. The margin is very tight since the property is older and high loan repayment is necessary.
Better to rent and still have something left to enjoy life, but without knowing the salaries and everything else, it’s hard to say anything here.
Better to rent and still have something left to enjoy life, but without knowing the salaries and everything else, it’s hard to say anything here.
SumsumBiene30 Dec 2020 17:49Zaba12 schrieb:
No idea why some people say that €300,000 all-in could work without any extras. If that were true, they could just give Jana the green light without any doubts. So please don’t apply double standards! SH is not BY or BA, but it’s also not Poland or the Czech Republic.
The answer is simple: all-in doesn’t work, not even a little bit. Why is the budget so tight? What is your monthly net income? What are your expenses? Finishing in 20 years is also a challenge. That means €1,450 interest and principal repayment plus monthly additional costs of €400. So €1,850 monthly just for housing. Can you manage that? It might be possible, but I really don’t want to be a slave to the house. Together, we have a net income of €4,000 (approximately $4,400) plus one child benefit payment. We simply couldn’t save any equity because we both completed a second training to get out of the low-wage sector. I only found a permanent full-time job this October that’s manageable with a child (before that I only worked part-time).
75 sqm (800 sq ft) is definitely too small. It should be at least 100 sqm (1,075 sq ft), including space for a small workshop or creative room.
Until summer, I basically only looked at rental houses/flats, and what would be an option usually costs around €1,000 (about $1,080) cold rent. That’s why we got in touch with one, actually two financial advisors in total.
Regarding self-construction (owner-builder), I’m worried about underestimating the time required. I’m usually home between 3 and 4 pm. My husband mostly comes home around 6 to 6:30 pm. The horse is still young, and the dog is old… neither are big time sinks. Our 10-year-old daughter has a large group of friends and is very independent. We definitely need guidance, but we know several acquaintances and friends from various fields.
I appreciate any input because I don’t like surprises and want to hear as many perspectives as possible. Even just looking through house catalogs (I have Fjorborg and Allkauf Haus here) raises questions because so many different components come together.
…who is Jana, anyway?
…East Coast and tied to the location because we don’t want to uproot our daughter.
Jean-Marc schrieb:
I still remember offers from 2013/2014 where several turnkey semi-detached houses were being sold here for 250k/260k, and they remained unsold for a long time because they were considered overpriced.
... Considering that this price includes the plot of land, garage, and outdoor landscaping, it was already at the lower end of the forum average back then. However, it must be said that the forum average that has developed here is just that—an average. This doesn’t mean that building more affordably isn’t possible if you stick to the standard instead of upgrading every single detail.