ᐅ Buy Land, Have Your Dream Home Built

Created on: 5 Jan 2014 19:41
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yakari
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yakari
5 Jan 2014 19:41
Hello forum colleagues,

A newcomer is on board...

My small family has been searching for a house for about 8 months now. It’s more difficult than I thought. 🙄
It seems the demand is very high, but there’s a lack of reasonable offers.

Here’s my new plan: I’m looking for a nice plot of land around Essen/NRW, about 500m2 (approximately 5400 square feet),
and I want to find a company/developer who can build me an AMAZING house on it!

Does anyone have experience with this?
Is something like this even possible?

I’d be happy to hear many replies!
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HilfeHilfe
5 Jan 2014 19:57
Sure, why wouldn't something like that be possible 🙂 The question is what your wishes are and whether it can be financed. What are your framework conditions?
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yakari
5 Jan 2014 20:42
So, the requirements...

A plot of land around 500m2 (5,382 sq ft) somewhere in the Essen area with some greenery.

The house: basement, 130–160m2 (1,400–1,720 sq ft) of living space, 2 floors.
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yakari
5 Jan 2014 20:43
yakari schrieb:
So, the requirements ....

A plot of land about 500m2 (5400 sq ft) somewhere around Essen with some greenery.

The house: basement, 130-160m2 (1400-1700 sq ft) of living space, 2 floors

Both should not cost more than 300,000 euros.
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Irgendwoabaier
5 Jan 2014 20:56
Moving in together? Ready to move in? Hard to imagine.
Each 300,000€ (approx. $320,000) – it’s tight.

Problem 1: Land prices in the Ruhr area – searching the land value reference data could provide some guidance. There is also the small issue that others are looking for land as well, some for a long time, some without success. On the other hand, sellers usually face little pressure – those who don’t have to sell will have little incentive to offer a low price.
Problem 2: Rule of thumb €1,600 (approx. $1,700) per square meter of living space + extra cost for the basement + dream house features easily push the budget beyond 300,000€ (approx. $320,000)…
Just take a look at the resale market to see what young houses (less than 5 years old) with land in the desired area are going for. That will give you a rough idea…
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yakari
5 Jan 2014 21:01
Thanks first of all for the clear explanation. I thought I was in a good position with €300k.

Is there a developer you can recommend who can run the numbers for me?