I am single and have been considering ending my rental contract for some time now to buy my own place. I can afford to spend 800 to 900 euros per month. My current rent excluding utilities is 600 euros. I have 30,000 euros in equity. I am not very skilled in DIY or handywork, and I don’t have any friends who are craftsmen.
I live in the Augsburg suburbs.
Here are my thoughts:
1. A new condominium with 3 rooms, a garage, 80 sqm (860 sq ft), and a balcony in a village costs between 250,000 and 280,000 euros. The building has 6 units, and the monthly service charge is 250 euros. I could afford that well, and I would probably be finished just after reaching retirement age.
2. But then I think: If a new condo costs that much, then maybe I could buy a small plot of land with 300 sqm (3,230 sq ft) at 250 euros per sqm, which would be 75,000 euros. Then a turnkey prefab house without a basement but with a garage, size 100 sqm (1,076 sq ft), for 180,000 euros plus 30,000 euros in additional building costs? Similar price, but my own house.
3. Or don’t buy anything new: Older condominiums for 180,000 euros and that’s that. Problem: In this price range, there have been no nice 3-room apartments online for months at least.
What would you recommend?
Oh, and I also keep finding prefab houses with land from a well-known provider with 5 letters, advertised as turnkey for under 200,000 euros. But after the consultant didn’t follow up after a visit (I was probably not very decisive), that’s not really an option.
I live in the Augsburg suburbs.
Here are my thoughts:
1. A new condominium with 3 rooms, a garage, 80 sqm (860 sq ft), and a balcony in a village costs between 250,000 and 280,000 euros. The building has 6 units, and the monthly service charge is 250 euros. I could afford that well, and I would probably be finished just after reaching retirement age.
2. But then I think: If a new condo costs that much, then maybe I could buy a small plot of land with 300 sqm (3,230 sq ft) at 250 euros per sqm, which would be 75,000 euros. Then a turnkey prefab house without a basement but with a garage, size 100 sqm (1,076 sq ft), for 180,000 euros plus 30,000 euros in additional building costs? Similar price, but my own house.
3. Or don’t buy anything new: Older condominiums for 180,000 euros and that’s that. Problem: In this price range, there have been no nice 3-room apartments online for months at least.
What would you recommend?
Oh, and I also keep finding prefab houses with land from a well-known provider with 5 letters, advertised as turnkey for under 200,000 euros. But after the consultant didn’t follow up after a visit (I was probably not very decisive), that’s not really an option.
B
Bauanfänger3631 Jan 2017 20:42Yes, I meant operating costs. Ideally, I find a nice lady who earns well, and suddenly entirely new possibilities open up.
Bauanfänger36 schrieb:
Yes, I meant operating costs. Ideally, I’d find a nice lady who earns well, and suddenly entirely new possibilities open up. Overall, I would just wait and save equity. Personally (I already own a house), the current costs for building or buying are way too high. In rural areas, prices will also drop again. Trying to force a purchase right now isn’t a good idea.
Keep an eye on the market situation, ask your bank about your options, and maybe you can have your name put on the bank’s real estate department list.
A condominium would not be an option for me at all.
Bauanfänger36 schrieb:
There are few offers for townhouses here except for some “character properties” from 1974 priced at 360,000 euros Caspar2020 schrieb:
No matter what you decide, definitely get expert advice involved. For existing properties, have a certified appraiser inspect the property at the second or third viewing. For new builds, hire an independent construction supervisor.
But a completely different question. You say 800 to 900 per month. (Hopefully after including increased additional costs for the house.)
Assuming a 5% annuity, your equity would allow you a volume of about 250,000.
Based on your cost breakdown, I calculate just under 300,000.
Have you thought about that?
H
HilfeHilfe1 Feb 2017 10:22As a family, we bought a condominium and feel comfortable.
Of course, if a partner and children join you, then you might want to reconsider the topic of building a house.
Of course, if a partner and children join you, then you might want to reconsider the topic of building a house.