ᐅ New Start After Owner-Occupier Termination Notice

Hello, I am Scotty from the beautiful Schleswig Holstein! We have been thinking about it a bit, and after receiving a termination notice for personal use from our landlord, we believe it makes more sense for us to finance our own house rather than someone else’s. However, we have no idea which direction to go. Finding properties to buy is like looking for a needle in a haystack, and building feels too far away and hardly feasible. Perhaps we’re considering a small Frisian-style house, nothing big. But we really don’t know what to expect financially, what to plan for regarding the plot of land and associated costs. Together, we have a household net income of roughly 3000–3400 € (approximately 3200–3600 USD), but my job income isn’t always consistent down to the exact euro. Does building even make sense in this situation?

Unfortunately, the COVID-19 crisis depleted our savings, so we would have to start completely from scratch. I would be grateful for an initial assessment from experienced home builders before we make a fool of ourselves out there in the market. Many thanks =)

Scotty6986 schrieb:

Unfortunately, the Corona crisis has eaten up our equity,

Oh, why is that? Reduced working hours?

Scotty6986 schrieb:

Together, we have a household net income of roughly 3000-3400€ (about 3,200-3,600 USD),

That probably won’t be enough for building.
What about family planning? Is it already complete? Full earners? Age? Any children planned?
Have you checked property listings on major platforms? How expensive are existing homes?
The first step is usually to contact your main bank to find out how much loan you might get. That’s nothing to be embarrassed about—it’s their job.
How about your DIY skills?

ypg schrieb:

Oh, why is that? Short-time work?

It probably won’t be enough for building.
What about family planning? Is that settled? Are you the sole earner? Age? Any plans for children?
Have you already checked the major property portals for existing homes? How expensive are they?
The first step is usually the main bank to see how much loan they would offer you. That’s nothing to be embarrassed about, it’s their job.
What about your DIY skills?

Short-time work and a revenue drop of up to 90% due to a long, continuous lockdown (taxi business, family company).
No family planning, we are not the childrearing type.
Checked ImmobilienScout and Immowelt, existing properties range from about 379,000€ (around 379,000 euros) and upwards with no limits. But at the lower end, it’s mostly fixer-uppers, so you’d probably need to invest another 100,000€ (about 100,000 euros) to have something solid for the next 30 years. Existing homes in the Segeberg and Stormarn districts are extremely scarce.
As for age, I’m turning 35 now, my partner is 30. So it’s definitely time to finance a home of our own — really the last chance, even if it’s financed over 30 years. By age 65, I want to be done with it.
DIY skills: I have worked a long time as a painter, so anything involving walls I can do myself. We could handle flooring with some friends. But when it comes to core things like heating or the roof, I have to pass. Without an expert surveyor, I wouldn’t touch anything anyway.

Hello from SH as well 😉

You’re providing a bit too little information. How many people live in the household, are there children, and exactly where is the building site? Fortunately, SH is not Bavaria, but there are still regional differences.

As a first step, I would go to the bank and ask for their opinion. Have you already checked real estate portals to see how much houses and plots cost in your area? Is there any land for development from the city or municipality nearby coming up soon?

Ok, sorry – was I too slow? 🙂

vonBYnachSH schrieb:

Hello from SH as well 😉
You’re providing too little information so far. How many people live in the household, are there children, and exactly where is the building site? Fortunately, SH is not Bavaria, but there are still regional differences.
As a first step, I would suggest going to the bank and asking for their opinion. Have you checked real estate portals to see what houses and plots cost in your area? Is there perhaps any land for development becoming available soon from the city or municipality in your vicinity?

The answers overlapped here. No children =)