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?
SumsumBiene1 Jan 2021 13:00... And the market will only cool down if there is some kind of regulation.
If I own a house, I don't need a second one. If I am retired and still living in a house that is much too large, I can free up the space for those who need the area...
If I own a house, I don't need a second one. If I am retired and still living in a house that is much too large, I can free up the space for those who need the area...
M
motorradsilke1 Jan 2021 13:07SumsumBiene schrieb:
... And the market will only cool down if there were regulations.
If I own one house, I don’t need a second one. If I’m retired and still living in a house that is much too large, I can free up that space for those who need it....Oh no, please not more regulations. Who should decide what is reasonable? And what about someone who often has several grandchildren visiting? No, everyone should decide for themselves.N
nordanney1 Jan 2021 13:10Jean-Marc schrieb:
My question is whether that was agreed from the very beginning back then. At that time, long loan terms were not possible. With a 1% repayment rate and high interest rates, the loan period was just over 30 years (but with interest rates of 6-9%).
I’m talking about today. Why not finance until age 75? Whether I then pay $500 installments or (with guaranteed rising rents) $800 rent, or can’t afford either.
But I would rather spend 30 years in my own house than in a rental unit before old-age poverty hits me – to put it bluntly.
N
nordanney1 Jan 2021 13:14SumsumBiene schrieb:
... And the market will only cool down if there were a regulation. As successful as the rent cap in Berlin? Rents go down, but then there are no rental apartments left. Housing prices increase even more.
That’s how effective regulation is. Or if subsidies like family home grants are provided—prices go up again. And who benefits from the funding? Those who would build regardless.
That’s how politics works.
SumsumBiene1 Jan 2021 13:31nordanney schrieb:
As successful as the rent cap in Berlin? Rents have gone down, but now there are no rental apartments left. Housing prices rise even more.
That’s how regulation works. Or homebuyer grants are given – prices go up anyway. And who benefits from these subsidies? Those who were going to build anyway.
That’s politics for you. Yes, that’s true.
I don’t have a solution either, but it seems that well-off people are given many advantages while the majority have no chance at all.
Looking around here, many houses are paid for out of the savings of urban residents. Some municipalities have started charging a second-home tax, but that hardly seems to deter buyers...
I would consider buying a home going into retirement only if the remaining mortgage balance is low enough to guarantee a positive outcome from selling.
Besides, with lower monthly payments, you can save money and make additional repayments later. That way, you remain more flexible.
SumsumBiene1 Jan 2021 13:54Hausbautraum20 schrieb:
Where do all the 280 square meters (3007 square feet) go if there isn’t even a guest toilet or a bathtub?
Can’t those be added later? For me, both would almost be deal breakers.
I still don’t see you actually building. The rented attic has a new bathroom with a bathtub.
Adding them later would probably be possible. There is a storage room next to the kitchen, but the kitchen itself isn’t very large either. The living areas are simply very spacious.
After thinking it over… the garden is too small for us or basically just not really there. The house itself will be too big for us at the latest when our daughter moves out. The overall package just doesn’t suit us.