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?
K
knalltüte30 Dec 2020 22:25This is not meant as criticism of your post but simply as a note that this is possible. Notice the " 🙂 " at the end...
Zaba12 schrieb:
Karsten’s feedback is the most relevant information for the original poster regarding feasibility throughout the entire thread. How funny. I already wrote that yesterday. After that, it didn’t align with your opinion 😉
ypg schrieb:
At TM, the Bungalow 100 costs €160,000 including some special features and necessary extras.
That leaves €30,000 for the terrace, driveway, lawn, carport, and flooring. With some manpower from the dog club or the men of the horse enthusiasts, that is doable.
Keep at it! SumsumBiene schrieb:
East Coast Hello,
just that alone is already very valuable...
SumsumBiene schrieb:
Who is Jana? That’s quite an interesting story...
...try searching for "variable loans"
Hausbautraum20 schrieb:
Honestly, I don’t understand why everyone agreed it wouldn’t work for Jana with the better income (and being younger), but it’s supposed to work here?? Somehow there were unrealistic expectations combined with resistance to advice.
Nordlys schrieb:
Forgot the fitted kitchen and some lights, it comes to 15, Well, if you absolutely need a "fully loaded designer kitchen" with Miele appliances.
About 3-4 years ago, we bought a complete kitchen from Schüller at a small kitchen studio in Cologne for around €6500 (about $7,000) including installation.
It included all appliances, countertops in an L-shape about 4.5m (15 feet) by 3m (10 feet), upper cabinets, and so on.
That kitchen was enough for us, since it was only for a rental apartment and a temporary solution, but it will probably last at least 10 years. If the next tenant doesn’t take it over, we might even take it with us when moving to Schleswig-Holstein.
Best regards, Olli
ypg schrieb:
How funny. I already wrote that yesterday. After that, it didn’t go your way, right? 😉It doesn’t, does it? Or do you think Karsten could build the house today for the same amount he paid back then? Definitely not! And that’s exactly the point. 2017 is not 2022.This is not normal when it comes to the increase in construction costs.
But how are other prices developing (food, gasoline, electricity, etc.)?
It’s just less noticeable there because the amounts are smaller.
We originally planned to build in Schleswig-Holstein in about 4-5 years, but with an increase of around 5% per year, saving up just can’t keep up.
With such large sums, that quickly means an additional 1,000 - 1,500 € (1,000 - 1,500 USD) per month in extra costs.
So, we prefer to go ahead now.
Best regards, Olli
But how are other prices developing (food, gasoline, electricity, etc.)?
It’s just less noticeable there because the amounts are smaller.
We originally planned to build in Schleswig-Holstein in about 4-5 years, but with an increase of around 5% per year, saving up just can’t keep up.
With such large sums, that quickly means an additional 1,000 - 1,500 € (1,000 - 1,500 USD) per month in extra costs.
So, we prefer to go ahead now.
Best regards, Olli
hausnrplus2531 Dec 2020 01:56Especially since there are no benefits for saving. Real estate as a safe investment. Everyone who makes it happen can only hope that it stays that way.
I don’t see equity or little to no government subsidies as a problem. The downside is having no backup and quickly moving toward additional financing.
Have a very honest talk with yourself about whether you want to commit half of your income long-term (and it’s uncertain if that will increase) to a house, whether you plan to work full-time until retirement, what standard of living you currently have in your apartment, and what you can (or cannot) do without. Ask yourself if owning a house just for the sake of having one will make you happy. Be prepared for a lot of patience, accepting that you’ll gradually develop the outdoor area and initially still have a construction site around you, even if the fence and patio roof are already installed by the time you move in. Try to keep all temptations—such as electrical fittings, tiles, stairs, energy efficiency standards (building codes like KfW), new furniture, kitchen, etc.—to a minimum…
I don’t see equity or little to no government subsidies as a problem. The downside is having no backup and quickly moving toward additional financing.
Have a very honest talk with yourself about whether you want to commit half of your income long-term (and it’s uncertain if that will increase) to a house, whether you plan to work full-time until retirement, what standard of living you currently have in your apartment, and what you can (or cannot) do without. Ask yourself if owning a house just for the sake of having one will make you happy. Be prepared for a lot of patience, accepting that you’ll gradually develop the outdoor area and initially still have a construction site around you, even if the fence and patio roof are already installed by the time you move in. Try to keep all temptations—such as electrical fittings, tiles, stairs, energy efficiency standards (building codes like KfW), new furniture, kitchen, etc.—to a minimum…