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?
askforafriend8 Apr 2021 10:13In addition to my parents' house, another property became available – it was sold about 6 years ago for around 300,000. Now, due to a divorce, the owners are moving out and selling the house for 450,000.
Musketier schrieb:
Then I am 11 months old. 🤨Alright, younger than 43...
And after young doesn’t immediately come old. That’s when the so-called “best age” begins.
SumsumBiene8 Apr 2021 10:21I think this is very individual and also changes over time. Now the child can get on their bike and ride to school, etc. If we had moved to another village 8 years ago, we obviously wouldn’t appreciate this flexibility and would be driving more.
We also bought a plot of land for 78k in a small town, or rather a very small town – we have a daycare, supermarket, pharmacy, and good highway access.
But with a budget of 350k, you won’t be able to do much. Or was there additional equity that I missed? For the land alone, you’re probably looking at around 100k including all costs (based on our experience). That leaves about 250k for the house and additional construction-related costs, which is quite tight at current building prices. It can work, but the house won’t be very large and there won’t be any room for special requests. Is that okay for you?
But with a budget of 350k, you won’t be able to do much. Or was there additional equity that I missed? For the land alone, you’re probably looking at around 100k including all costs (based on our experience). That leaves about 250k for the house and additional construction-related costs, which is quite tight at current building prices. It can work, but the house won’t be very large and there won’t be any room for special requests. Is that okay for you?
SumsumBiene8 Apr 2021 12:21We don’t want a particularly large house anyway. 100 to 120 square meters (1,076 to 1,292 square feet) will be enough for us. We currently live in 75 square meters (807 square feet) with a 25 square meter (269 square feet) garden plus a terrace... and annoying neighbors.
We would like four rooms and an additional guest toilet would be great.
Our equity isn’t very significant. Right now, we have 20,000. There are also 12,000 in the Riester account that could be used if necessary. We’re currently saving around 1,000 per month. A bit more is coming in on top of that.
We also have a large circle of acquaintances who could probably be involved in some tasks from time to time. Of course, we would want to pay them for that... so some of the equity would have to be held back for this.
We would like four rooms and an additional guest toilet would be great.
Our equity isn’t very significant. Right now, we have 20,000. There are also 12,000 in the Riester account that could be used if necessary. We’re currently saving around 1,000 per month. A bit more is coming in on top of that.
We also have a large circle of acquaintances who could probably be involved in some tasks from time to time. Of course, we would want to pay them for that... so some of the equity would have to be held back for this.
Zaba12 schrieb:
I’m from the Ruhr area and had to move to the countryside (Lower Rhine) when I was 19. I hated it, even though I already had a car back then. Hi,
good thing we’re finally moving away from NRW – only 6 weeks left 😀
Musketier schrieb:
We only made one mistake. We only bought one plot of land. Now it’s worth three times as much. You learn in hindsight.
Our house near H. is now worth more in euros than what we paid back then (1999) in deutschmarks.
Our current building plot has probably also tripled in value, if you can even get one.
Regards, Olli