Hello everyone,
I’m new here. My wife and I have been looking for a suitable plot of land for quite some time. We have now found a 605 sqm (6500 sq ft) plot that we like. After consulting with the local municipality, we had to submit an application for the plot. Today, we received an email from the mayor informing us that we have been awarded the plot. So far, we do not have a planned house design nor financing approval for either the land or the house. Our first appointment is on Friday at the prefab house exhibition in Erlangen. I am now wondering what the best approach is: to fully finance the land and house separately or to finance everything together.
Best regards,
Marcus
I’m new here. My wife and I have been looking for a suitable plot of land for quite some time. We have now found a 605 sqm (6500 sq ft) plot that we like. After consulting with the local municipality, we had to submit an application for the plot. Today, we received an email from the mayor informing us that we have been awarded the plot. So far, we do not have a planned house design nor financing approval for either the land or the house. Our first appointment is on Friday at the prefab house exhibition in Erlangen. I am now wondering what the best approach is: to fully finance the land and house separately or to finance everything together.
Best regards,
Marcus
G
Grillhendl23 Jul 2020 16:55DaSch17 schrieb:
So about 600 m² (6500 sq ft) of land?
Fully serviced? Ready to go for 40 EUR/m² (4.50 USD/sq ft)? Which region are you planning to build in? That sounds similar to our situation in Upper Franconia.
In the village, a fully serviced plot is around 29 EUR/m² (3.35 USD/sq ft), and in the “town,” it’s about 50–75 EUR/m² (5.75–8.50 USD/sq ft), depending on location.
I think the budget is already very tight.
We financed everything and took out a loan of 280,000 EUR (about 300,000 USD). However, our plot was not serviced. I am still waiting to find out the costs for connecting utilities. We will see.
The house price for us was 220,000 EUR (235,000 USD). So we had a buffer of 60,000 EUR (64,000 USD).
At the moment, we have spent around 250,000 EUR (267,000 USD), including full furnishing, and only have the final invoice of about 6,000 EUR (6,400 USD) and the outstanding utility connection remaining.
So purchasing a house with a basement and land for 237,000 EUR (253,000 USD) is almost impossible.
G
Grillhendl23 Jul 2020 17:02However, it should be mentioned that I had earthworks, underground utilities, and soil replacement listed as zero cost in the calculation because my partner is a site supervisor in civil engineering, and we did it ourselves, so we only had to cover the fuel for the excavator and the materials. The entire surveying was also done in exchange for a crate of beer.
And these items can definitely add up to a significant amount...
And these items can definitely add up to a significant amount...
G
Grillhendl23 Jul 2020 17:04Tolentino schrieb:
May I ask how far something like this would be from the nearest metropolitan area?
Considering that I had to pay ten times as much, and it still counts as a bargain... It’s nearby—about 25 minutes from Bayreuth (if that means anything to you).
It’s just under an hour to Nuremberg, and about 1.5 hours to Leipzig.
That reassures me a bit (completely without judgment).
After all, I will be living directly in Berlin. However, by now, a look at my future bank account makes the Polish border area look increasingly attractive. Well, I can always sell again when I retire. It will probably have increased tenfold by then, while land prices near Frankfurt (Oder) remain stagnant. Then I’ll buy 1 hectare (2.5 acres) there. *Dream*
After all, I will be living directly in Berlin. However, by now, a look at my future bank account makes the Polish border area look increasingly attractive. Well, I can always sell again when I retire. It will probably have increased tenfold by then, while land prices near Frankfurt (Oder) remain stagnant. Then I’ll buy 1 hectare (2.5 acres) there. *Dream*
G
Grillhendl23 Jul 2020 17:15Yes, nobody wants to move to the former border zone area, even though it is really nice here.
I still have an apartment in Freising, but since my partner moved in with me, we wanted to upsize in the Munich commuter belt... no way, the 3-bedroom apartments start at 700,000 EUR.
So, we are keeping the “small” apartment (as long as we are still working) and have basically built the house for more space and for retirement on the family’s land.
Despite the financial double burden, overall we still pay less than for a 2.5 to 3-room rental apartment in Munich.
It is so sad.
I still have an apartment in Freising, but since my partner moved in with me, we wanted to upsize in the Munich commuter belt... no way, the 3-bedroom apartments start at 700,000 EUR.
So, we are keeping the “small” apartment (as long as we are still working) and have basically built the house for more space and for retirement on the family’s land.
Despite the financial double burden, overall we still pay less than for a 2.5 to 3-room rental apartment in Munich.
It is so sad.
Similar topics