Hello everyone,
I’ve already read some interesting threads here and now I’d like to ask a question myself:
About me: I’m 28 years old and married—no children yet, but we do want some in the future. My husband and I have been searching for properties, plots of land, etc., for about 2.5 months. We are quite open to options like condominiums, building a new home on a lot, or an existing property.
We are both industrial engineers and currently earn a combined gross annual income of 120,000 EUR. Our current savings amount to 120,000 EUR. We only finished our master’s degrees 3 and 4 years ago. Right now, we live in 60 sq m (645 sq ft) for 1,000 EUR (about 1,000 USD) all-inclusive rent. It’s hardly possible to find cheaper here without significantly increasing the commute to work. Currently, we can bike to work.
At the moment, we are looking at a 1,200 sq m (12,917 sq ft) plot with a new build. The prefabricated house provider would be Bien-Zenker. Our meeting with them left a solid impression compared to two other manufacturers.
We have received an offer that includes almost everything: a 165 sq m (1,776 sq ft) house without a basement, a double garage, the land, and utility connections for just under 670,000 EUR. Something like the kitchen is, of course, not included. So we’re assuming about 700,000 EUR in total.
I am extremely uncertain whether we should proceed with this. Also, whether the financing will work out. Our main bank said it should be possible... but they would prefer us to have a guarantor. My in-laws would support us with about 30,000 EUR, but my parents wouldn’t help financially. My uncle could assist with a low-interest loan. Since all this came up so quickly, we still need to schedule more appointments to clarify the financing. Our decision deadline is about four weeks.
I wanted to ask if there are people here who have been in a similar situation or could offer an assessment.
Thank you very much!
I’ve already read some interesting threads here and now I’d like to ask a question myself:
About me: I’m 28 years old and married—no children yet, but we do want some in the future. My husband and I have been searching for properties, plots of land, etc., for about 2.5 months. We are quite open to options like condominiums, building a new home on a lot, or an existing property.
We are both industrial engineers and currently earn a combined gross annual income of 120,000 EUR. Our current savings amount to 120,000 EUR. We only finished our master’s degrees 3 and 4 years ago. Right now, we live in 60 sq m (645 sq ft) for 1,000 EUR (about 1,000 USD) all-inclusive rent. It’s hardly possible to find cheaper here without significantly increasing the commute to work. Currently, we can bike to work.
At the moment, we are looking at a 1,200 sq m (12,917 sq ft) plot with a new build. The prefabricated house provider would be Bien-Zenker. Our meeting with them left a solid impression compared to two other manufacturers.
We have received an offer that includes almost everything: a 165 sq m (1,776 sq ft) house without a basement, a double garage, the land, and utility connections for just under 670,000 EUR. Something like the kitchen is, of course, not included. So we’re assuming about 700,000 EUR in total.
I am extremely uncertain whether we should proceed with this. Also, whether the financing will work out. Our main bank said it should be possible... but they would prefer us to have a guarantor. My in-laws would support us with about 30,000 EUR, but my parents wouldn’t help financially. My uncle could assist with a low-interest loan. Since all this came up so quickly, we still need to schedule more appointments to clarify the financing. Our decision deadline is about four weeks.
I wanted to ask if there are people here who have been in a similar situation or could offer an assessment.
Thank you very much!
Tine996 schrieb:
House with 165 sqm (1,776 sq ft), no basement, double garage, plot and development for just under 670,000 euros. Something like the kitchen is of course still missing. So let's assume 700,000 euros. Tine996 schrieb:
The calculated house price is 450,000. nordanney schrieb:
How can everything together be so cheap? Because, of course, a lot of additional costs will still come up. I assume it’s a standard purchase offer with the minimum scope of supply. We know that catalog prices are often exceeded by about one third if you want to get an adequate and livable house. And by that I don’t mean the kitchen or landscaping.
It’s even possible that the foundation slab isn’t included.
Especially Bien-Zenker advertises with colorful pictures of fancy houses, where the shown special features are not included in the price.
On top of the mentioned 670,000 euros, you have utility connections, additional construction costs, and landscaping, and with common optional extras, painting, and flooring you’d be around 800,000 euros (without furniture/kitchen).
nordanney schrieb:
Why do you only have four weeks to decide? A house design for the new build Not for the house design, but to decide whether to buy the plot. Four weeks is usually enough for someone who already knows their financing limit to have the bank review the offer or recalculate and plan their financing limit.
Tine996 schrieb:
The property transfer tax should only apply to the land, Tine996 schrieb:
that was also the advisor’s statement). The seller/real estate agent is lying.
Tine996 schrieb:
The little problem: I see this less as a problem since you’ve only been searching for about 2.5 months. In my experience and as I’ve heard from others, you should allow yourself several months for preparation to examine the market and your own ideas and let them develop.
You don’t take the first option.
At this age, I don’t necessarily see this as the house you buy or build for 20/30 years, but rather a starter property—whether somewhat smaller and more affordable, or something to renovate and get to know—then relax with the first child before you need or want to live in a larger home and your situation changes.
What is the land like? Completely flat or sloped? If it is sloped, is that taken into account in the Bien-Zenker offer?
If the soil quality is generally poor, is soil replacement included or is it an additional cost?
These are two examples of things that can add to the offer price.
For me, a tied deal like this would not be an option, because by purchasing the land, you automatically commit yourself to the house builder.
If the soil quality is generally poor, is soil replacement included or is it an additional cost?
These are two examples of things that can add to the offer price.
For me, a tied deal like this would not be an option, because by purchasing the land, you automatically commit yourself to the house builder.
@Konsument4
We will definitely not do that! I have already read about people who signed with such manufacturers and, due to the land service, didn’t get anything "reasonable," then wanted to cancel and suddenly faced a $50,000 contractual penalty.
Konsument4 schrieb:
Hmm,
if the consultant, who is probably more of a salesperson anyway, is already making claims that are so easy to refute, then of course confidence in everything else decreases. Applying pressure and acting as if is of course standard practice in the industry. The days when people would rush to builders or land sellers are over for now. I'd guess the salesperson is under more pressure than you are.
That’s true, previous comments here have also made me seriously question the accuracy of the statements.
She also emphasized that construction numbers have declined, but Bien-Zenker is still doing "very well."
So the plot is designated as building land but is not yet developed. Is there already a soil report? You need one anyway, even if building without a basement. Who is responsible for and covering the costs to ensure that Bien-Zenker can actually build on the plot "later"? Is it contractually fair, or is everything left to you?
Supposedly there is already a report. More details will be given after the second report (?). I only know that the report showed groundwater starting at 2.20 meters (7.2 feet) below ground level. At first, that sounded "deep" to me, but upon closer consideration, it seems rather shallow. What do you think?
You need advice from an independent expert. The salesperson is neither independent nor, I assume, an expert. Of course, that will cost initially, but it is probably well-invested money and will be negligible in the overall budget. Without an expert, it can get expensive.
Does the expert only look at the soil and ground conditions or the entire construction project?
Absolutely do not sign anything in good faith. Bien-Zenker also makes a lot of money if you want to exit the contract later. Check the contract for this. Is there already a draft?
We will definitely not do that! I have already read about people who signed with such manufacturers and, due to the land service, didn’t get anything "reasonable," then wanted to cancel and suddenly faced a $50,000 contractual penalty.
ypg schrieb:
Because of course, there are still a lot of additional costs. I assume this will be a standard purchase offer with the minimum level of detail. We know that catalogue prices are often exceeded by about one-third when you want a proper, livable house. And I don't mean the kitchen or the landscaping.
It’s even possible that the foundation slab will be an extra cost.
Especially Bien-Zenker advertises with colorful pictures of houses full of extras, but the special features shown are not included in the price.
With the quoted 670,000€ (about $715,000), the utility connection fees, additional construction costs, and landscaping are not included. With typical upgrades, painting, and flooring, I’d estimate around 800,000€ (about $855,000), excluding furniture and kitchen.
I asked about this during a discussion—they said the foundation slab is always included. Additional construction costs are calculated at 50,000€ (about $53,000) (though whether that will cover everything is unclear). We would arrange painting and flooring ourselves. She estimated about 10,000€ (about $11,000) for that. Furniture and kitchen would be extra.
I don’t really see the issue, considering you have only been searching for 2.5 months. Based on my experience and what I’ve heard from others, it’s important to take several months to research and develop your ideas to understand the market properly.
You don’t just take the first option.
At your age, I wouldn’t necessarily expect to find the house you’ll live in for 20 or 30 years, but rather a starter home, either smaller and more affordable or something to renovate and experience. That way, you can settle in comfortably with your first child, and then move to a larger home when needed or wanted, as your situation changes. By now, I am increasingly of the opinion that we could plan for our first child while still living in our current rental apartment; the only issue is that my husband is more hesitant because he thinks the child needs a separate bedroom, etc. That’s probably why we are putting pressure on ourselves, I’m afraid. Compared to some, 2.5 months of searching is not much at all. But you also don’t want to miss any opportunities, especially with a topic like this.
hanse987 schrieb:
What is the plot like? Flat or sloped? If sloped, is this taken into account in the Bien-Zenker quote?
If the soil is generally poor, is soil replacement included or is that additional?
Just two examples of costs that can be added on top of the quoted price.
For me, such a package deal wouldn’t work, since buying the land ties you directly to the builder. The plot is located in a slight depression. There are trees and bushes on it. So it needs to be excavated and filled to be level with the street.
We already have quotes from companies that can handle this, and it has been included in the offer. Whether that will be realistic in the end, I can hardly assess.
@Konsument4
On the topic:
"The plot is designated as building land but isn’t yet serviced. Is there already a soil survey? You need one anyway when building without a basement. Who is responsible and covers the costs to ensure that Bien-Zenker can actually build on the plot later? Is this contractually fair, or is everything left to you?"
We don’t know that yet. But we probably have to agree on the superficial excavation of the plot with the owner. Can Bien-Zenker say: “Oh, the soil is too poor, so we won’t build with warranty on it”?
On the topic:
"The plot is designated as building land but isn’t yet serviced. Is there already a soil survey? You need one anyway when building without a basement. Who is responsible and covers the costs to ensure that Bien-Zenker can actually build on the plot later? Is this contractually fair, or is everything left to you?"
We don’t know that yet. But we probably have to agree on the superficial excavation of the plot with the owner. Can Bien-Zenker say: “Oh, the soil is too poor, so we won’t build with warranty on it”?
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