Hello,
Actually, we have been looking for an existing property since last summer. According to our mortgage broker, we have a budget of around 300,000 (all-in), which a bank is likely to approve.
The market here in Schleswig-Holstein has also become very tight, and the houses on offer are often in need of renovation, so you easily exceed the budget (especially since many city dwellers laugh at our house prices and like to secure a holiday home here).
Now the question is whether it would be possible to build a house within our budget (assuming we can get a building plot). Our requirements are not very high; it doesn’t need to be a huge house. 120 square meters (1300 square feet) would be completely sufficient.
In a neighboring village, plots are currently being developed. The price isn’t fixed yet but is expected to be below 100 euros per square meter. The plots are about 700 square meters (7500 square feet) in size. Unfortunately, we have no experience with this topic at all, and I definitely don’t want to miscalculate.
We can only contribute limited personal labor. We are not unskilled, but both fully employed with a child, dog, and horse. What are your thoughts?
Actually, we have been looking for an existing property since last summer. According to our mortgage broker, we have a budget of around 300,000 (all-in), which a bank is likely to approve.
The market here in Schleswig-Holstein has also become very tight, and the houses on offer are often in need of renovation, so you easily exceed the budget (especially since many city dwellers laugh at our house prices and like to secure a holiday home here).
Now the question is whether it would be possible to build a house within our budget (assuming we can get a building plot). Our requirements are not very high; it doesn’t need to be a huge house. 120 square meters (1300 square feet) would be completely sufficient.
In a neighboring village, plots are currently being developed. The price isn’t fixed yet but is expected to be below 100 euros per square meter. The plots are about 700 square meters (7500 square feet) in size. Unfortunately, we have no experience with this topic at all, and I definitely don’t want to miscalculate.
We can only contribute limited personal labor. We are not unskilled, but both fully employed with a child, dog, and horse. What are your thoughts?
SumsumBiene1 Jan 2021 17:54That really depends on personal preference. You could also sell the house and buy a motorhome to travel around the world.
The advantage is simply that your money goes into something tangible.
Our initial budget for the monthly expenses was between 750 and 900 euros. That would correspond to buying a house costing around 200,000 euros. If we found something suitable to rent, the rent would be between 1,000 and 1,200 euros per month. But that money would then be gone forever, and you wouldn’t be able to spend it on major purchases either.
Our priority is primarily buying an existing property, but if nothing suitable comes up or the renovation costs become too high, you start thinking about new construction and ask in a house-building forum about its feasibility (since a new build at least keeps reserves for maintenance and heating costs relatively low).
Two weeks ago, we looked at a semi-detached house. Good location, large plot with many outbuildings, fully basemented, and with a nicely calculated 85 m² (915 sq ft) of living space for 140,000 euros. We really thought about it for a long time but decided against it because so many changes would have been necessary to make it somewhat suitable. That would have brought the price up to around 250,000 euros. But it’s still just a semi-detached house...
The advantage is simply that your money goes into something tangible.
Our initial budget for the monthly expenses was between 750 and 900 euros. That would correspond to buying a house costing around 200,000 euros. If we found something suitable to rent, the rent would be between 1,000 and 1,200 euros per month. But that money would then be gone forever, and you wouldn’t be able to spend it on major purchases either.
Our priority is primarily buying an existing property, but if nothing suitable comes up or the renovation costs become too high, you start thinking about new construction and ask in a house-building forum about its feasibility (since a new build at least keeps reserves for maintenance and heating costs relatively low).
Two weeks ago, we looked at a semi-detached house. Good location, large plot with many outbuildings, fully basemented, and with a nicely calculated 85 m² (915 sq ft) of living space for 140,000 euros. We really thought about it for a long time but decided against it because so many changes would have been necessary to make it somewhat suitable. That would have brought the price up to around 250,000 euros. But it’s still just a semi-detached house...
W
WilderSueden1 Jan 2021 17:59SumsumBiene schrieb:
But it’s still just a semi-detached house.... Don’t take this the wrong way, but I’m not sure if you can afford these expectations. We’ve been calculating in the thread for quite a while now how building a single-family house might just be possible. The semi-detached house would be the safer option and wouldn’t push your financial limits as much as the new-build single-family house (the better but riskier option).
H
Hausbautraum201 Jan 2021 17:59SumsumBiene schrieb:
Two weeks ago, we viewed a semi-detached house. Good location, large plot with many outbuildings, fully basemented, with a nicely calculated 85 sqm (915 sq ft) of living space for 140,000. We really thought about it for a long time but finally decided against it because so many changes would have been needed to make it fairly suitable. Then the price might have ended up around 250,000. But it would still only be a semi-detached house.... What would have needed to be changed?
And personally, this surprises me now.
“Only” a semi-detached house?
I know many people who earn significantly more than you and live “only” in a townhouse/semi-detached house.
Why is that not good enough for you?
Wolkensieben1 Jan 2021 18:04SumsumBiene schrieb:
But it is still just a semi-detached houseWhat you want is a castle in the sky with kangaroo financing. Big ambitions with an empty wallet.
Sorry for my honesty, but my neighbor is the chief physician at a hospital, drives a Japanese SUV, and was only able to build a semi-detached house.
SumsumBiene1 Jan 2021 18:11Hausbautraum20 schrieb:
What would have needed to be changed there?
And personally, I’m a bit surprised now.
“Only” a semi-detached house?
I know many people who earn significantly more than you and live in “just” a townhouse/semi-detached house.
Why isn’t that good enough for you? It’s not necessarily about what’s good enough.
Basically, we would have had to move every wall. The upper floor would have needed to be expanded with dormers at least. An extension on the lower addition would have also been possible. The bathroom is in the basement. On the ground floor, there’s only a small half bathroom, and upstairs there are two tiny rooms with steep sloping ceilings. The windows and electrical system would also have to be replaced. The roof will need work in the foreseeable future, too.
The cost estimate could also be quite far off given all these uncertainties.
SumsumBiene1 Jan 2021 18:13Wolkensieben schrieb:
What you want is a castle in the air with kangaroo financing. Big leaps with an empty wallet.
Sorry for my honesty, but my neighbor is the chief physician at a hospital, drives a Japanese SUV, and could only afford to build a semi-detached house. ... Even on 85 sqm (915 sq ft)? Respect.
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