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?
SumsumBiene7 Apr 2021 22:14No, nothing certain yet. The two plots just came up today. So I don’t have any information besides the address.
They are located right on the village street, so I assume they are connected to utilities?
In the nearby main village, 60 plots will be surveyed this autumn... Those will be more expensive, but 500 square meters (5,400 square feet) might be enough.
On the other hand, with a larger plot you would, of course, have the option to pass it on to the next generation later and build a small house... Just a thought...
They are located right on the village street, so I assume they are connected to utilities?
In the nearby main village, 60 plots will be surveyed this autumn... Those will be more expensive, but 500 square meters (5,400 square feet) might be enough.
On the other hand, with a larger plot you would, of course, have the option to pass it on to the next generation later and build a small house... Just a thought...
SumsumBiene schrieb:
PixelhomeThat would then be considered an outbuilding, which also requires approval. Take one step at a time. You start with the first one 😉
Joedreck schrieb:
If there is no requirement to build immediately, I would strongly recommend buying. Free plots are becoming almost impossible to find anyway, and if necessary, you can always sell it later. Yes, buy right away if there is no construction obligation and hold onto it if you are willing to pay construction costs at some point in the future. Otherwise, keep it for the next generation, as long as it’s not located in a remote village without train, bus, grocery store, daycare, primary school, gas station, bank, bakery, etc., where no young person wants to live anyway.
The same applies when selling later on. We have some villages here where only locals buy because there is just a barn and no way to leave without a car. That makes it a limited investment option.
SumsumBiene8 Apr 2021 07:23Joedreck schrieb:
If there is no construction obligation, I would strongly recommend moving forward with a purchase. Free plots are basically unavailable anyway, and in the worst case, you can always resell it. At the beginning of the week, I put our names on the interested buyers list for our central village... There will be 60 building plots available. The staff member told me that another area in the neighboring village is also planned for development. However, that will take time and still needs approval from the local council.
So it’s not really an option for starting “quickly.”
I will call the landowner today... What else should one know about buying a plot of land? It seems it has already been surveyed.
SumsumBiene8 Apr 2021 07:25Zaba12 schrieb:
Yes, if you are ready to pay the construction costs eventually, you can buy immediately without an obligation to build and just hold onto it. Otherwise, leave it for the next generation, as long as it’s not in a remote village (without train, bus, grocery store, daycare, primary school, gas station, bank, bakery, etc.) where no young person wants to live anyway.
The same applies to a future sale. We have a few villages here where only locals buy because there’s just a barn and you can’t leave without a car. That only makes it a limited investment.So, it is a really small village... but it’s only 4m (2.5 miles) outside the main town. With schools, doctors, train, etc.
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