ᐅ Building a Home – Getting Started Can Be Challenging – How Do You Begin?
Created on: 2 Sep 2018 17:59
T
thehax
Hello home builders,
We are a family of five (+1) from the far north, currently just starting our journey toward owning our own home. The desire is clear. Now, it’s about exploring our options, finding the right path, and trying to avoid as many potholes and dead ends along the way as possible.
Since we are complete beginners, we appreciate any advice that helps us feel more confident and welcome any questions we should be asking to move forward.
Our family consists of my wife (34), our children (6, 9, 13), and me as the father and primary earner (36). A possible sixth household member is my father (59), with whom we are considering a multigenerational house including a separate apartment.
I hope to find experience reports, tips, and guidance on the steps ahead here, as well as encounter questions we haven’t thought of yet.
How did you start your journey? How did you move from the idea to taking action? What triggered your decision, and why did you ultimately decide the way you did?
Looking forward to your responses.
Best regards,
Alex
We are a family of five (+1) from the far north, currently just starting our journey toward owning our own home. The desire is clear. Now, it’s about exploring our options, finding the right path, and trying to avoid as many potholes and dead ends along the way as possible.
Since we are complete beginners, we appreciate any advice that helps us feel more confident and welcome any questions we should be asking to move forward.
Our family consists of my wife (34), our children (6, 9, 13), and me as the father and primary earner (36). A possible sixth household member is my father (59), with whom we are considering a multigenerational house including a separate apartment.
I hope to find experience reports, tips, and guidance on the steps ahead here, as well as encounter questions we haven’t thought of yet.
How did you start your journey? How did you move from the idea to taking action? What triggered your decision, and why did you ultimately decide the way you did?
Looking forward to your responses.
Best regards,
Alex
Thank you for the comments; I would like to address the points mentioned.
Currently, we are not planning to buy a plot of land on a whim. We are just at the very beginning. For example, we are still figuring out the budget ourselves. Also, whether the idea of a granny flat (or accessory dwelling unit) is actually feasible or worthwhile is still an open question. In this case, the grandfather is currently earning a salary and will soon receive a civil servant’s pension. The homemaker and mother also plans to contribute a small amount to the household income again soon. However, I don’t want to base everything on potential scenarios but rather prefer to plan with a financial buffer.
“Princess” features have never been an issue. :-)
We would like to have a bedroom for each child and ideally also a home office or guest room, which could be part of a basement or cellar, for example.
I didn’t quite understand the question about the “son-in-law” – sorry!
And I’m still not clear on how one derives the size of the plot from a room layout.
Currently, we are not planning to buy a plot of land on a whim. We are just at the very beginning. For example, we are still figuring out the budget ourselves. Also, whether the idea of a granny flat (or accessory dwelling unit) is actually feasible or worthwhile is still an open question. In this case, the grandfather is currently earning a salary and will soon receive a civil servant’s pension. The homemaker and mother also plans to contribute a small amount to the household income again soon. However, I don’t want to base everything on potential scenarios but rather prefer to plan with a financial buffer.
“Princess” features have never been an issue. :-)
We would like to have a bedroom for each child and ideally also a home office or guest room, which could be part of a basement or cellar, for example.
I didn’t quite understand the question about the “son-in-law” – sorry!
And I’m still not clear on how one derives the size of the plot from a room layout.
H
HausbauTiNa2 Sep 2018 23:23It’s all “reading the crystal ball” if the following two points are not known:
- What is the income?
- What percentage or amount of it is available for the home purchase?
- What is the income?
- What percentage or amount of it is available for the home purchase?
In the case with a granny flat, we can expect about €1900 / month. Without the granny flat, it would be closer to €1100 / month. These amounts are just rough estimates based on current rent and what could be earned monthly on top of that. Are there any standard methods to get closer to these values?
You have requirements in the development plan regarding the floor area ratio (FAR) and site coverage ratio. The site coverage ratio indicates how much of the plot area may be covered by buildings.
A 240 sqm (2,583 sq ft) living area plus a granny flat and a triple garage require a larger plot than 200 sqm (2,153 sq ft) plus a double garage.
With a site coverage ratio of 0.3, you need a larger plot than with 0.4.
Depending on the price of the land, it can be decisive whether you can manage with 550 sqm (5,920 sq ft) or if you need 700 sqm (7,535 sq ft), which might exceed your financial capabilities.
A 240 sqm (2,583 sq ft) living area plus a granny flat and a triple garage require a larger plot than 200 sqm (2,153 sq ft) plus a double garage.
With a site coverage ratio of 0.3, you need a larger plot than with 0.4.
Depending on the price of the land, it can be decisive whether you can manage with 550 sqm (5,920 sq ft) or if you need 700 sqm (7,535 sq ft), which might exceed your financial capabilities.
H
HausbauTiNa3 Sep 2018 00:02thehax schrieb:
In the case with a secondary unit, we can expect about €1900 / month. Without the secondary unit, it would be closer to €1100 / month. These amounts are just rough estimates based on current rent and what could be earned on top of that monthly. Are there any specific methods to get closer to these values?Either way, you should plan on around €1100 per month.
It always sounds harsh, but unfortunately, Grandpa’s contribution could disappear at short notice, leaving you without support.
What are the land prices like in your area?
Depending on that, €1100, which already includes your buffer, might be too risky.
How much equity do you have?
Do you feel capable of managing a greenfield project? That is essentially what building a house involves.
HausbauTiNa schrieb:
It always sounds harsh, but Grandpa’s contribution might suddenly stop, and then you’re left in the lurch. That impression might be misleading. Grandpa (in his late 50s) is currently a civil servant, will become a retiree at some point, and also has rental income.
We are just beginning to build up our equity. Here too, it depends on whether we proceed on our own or together (with or without a separate apartment).
I’m not familiar with land prices yet, nor with the required plot size, floor area ratio, plot ratio, or greenfield development—these are new concepts to me. How can I, for example, find out where new land plots will be developed in the future and at what prices?
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