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?
H
Hausbautraum2030 Dec 2020 20:20Nordlys schrieb:
Managed with 300 in 2017, but that was back in 2017.With a 5 percent increase, it would already be 383k in 2022, which is part of the problem.
SumsumBiene30 Dec 2020 20:30@ypg: I even mentioned the child first! (see first post).
I just received an "offer" in response to our advertisement. It sounds almost too good, or maybe too large. 280 m² (3,014 sq ft) plus basement, no need for renovation, for 285,000. We will take a look tomorrow.
I just received an "offer" in response to our advertisement. It sounds almost too good, or maybe too large. 280 m² (3,014 sq ft) plus basement, no need for renovation, for 285,000. We will take a look tomorrow.
W
WilderSueden30 Dec 2020 20:33~1000€ per square meter including basement? I would be skeptical as well.
SumsumBiene schrieb:
I even mentioned the child first! (see first post).Oh, sorry 🤨Nordlys schrieb:
What is possible? Land under 100 per square meter. House from a solid construction team and then stick to the standard, as tough as that may be. Garden, driveway, etc. as self-performed work.
We managed with land at 115 per square meter for 590 square meters (about 6350 square feet) in 2017 with 300 left over, but that was in 2017 and the house is under 120 square meters (about 1290 square feet). Karsten's feedback is the most relevant information for the original poster regarding feasibility throughout the entire thread.
Hausbautraum20 schrieb:
To be honest, I don’t understand why everyone agreed that it wouldn’t work for Jana, who has a better income (and is younger), but here it is supposed to work??? Every situation is different. Compared to Jana, I believe the original poster here leads a frugal lifestyle and plans for a modest house on an inexpensive plot of land. In addition, the family planning is complete, which provides stable circumstances.
Still, owning a horse is an expensive hobby, and the child is reaching an age where costs tend to increase.
I also don’t yet see how a house costing €300,000 (about $320,000) is feasible in this case, especially if it is supposed to be fully paid off within 20 years by retirement age. According to a quick online calculator, that would mean a monthly mortgage payment of roughly €1,370 (about $1,460).
SumsumBiene schrieb:
Since June, we have saved around €8,000 (about $8,600). So together, we can save between €1,000 and €1,300 (about $1,065 to $1,385) per month. The rent at €600 (about $640) is quite cheap (but as I said, we don’t feel comfortable). If the €600 (about $640) rent is the basic rent excluding utilities, then it might still be manageable on paper. However, there would be absolutely no financial buffer left for additional expenses like the kitchen, garden, or everyday items that may break down. A vacation would also be nice occasionally.
Similar topics