After all the feedback that a standard house with 120 sqm (1300 sq ft) and two floors plus land will likely not be available for less than 300,000 euros, and that I should rather focus on buying a condominium, I have looked at a few condos in the past weeks, but none of them were even remotely suitable. I am single and imagine living in about 80 to 90 sqm (860 to 970 sq ft) with three rooms. Prices in the Augsburg surrounding area:
Prices for new condos in rural areas: 3000 euros per sqm (279 sq ft)
Prices for new condos in (small) towns: 3500 to 4500 euros per sqm (325 to 418 sq ft)
Prices for older condos in rural areas: 2500 euros per sqm (232 sq ft)
Prices for older condos in (small) towns: 3000 to 3500 euros per sqm (279 to 325 sq ft)
So, in the best case, I would pay 200,000 euros plus additional purchase costs for an older condo with 80 sqm (860 sq ft), but I would likely need to budget for new flooring, possibly some windows, and potential upcoming repairs to the building’s facilities (underground parking, stairwell). This means the total cost in the best case would be around 220,000 euros for a used apartment with 80 sqm (860 sq ft) and three rooms.
Many sellers of new condos now want 270,000 euros for apartments that will only be finished at the earliest in 1.5 years.
And I keep thinking, this can’t be right??? So I reviewed my budget again and cut some expenses (streaming services, clothing subscriptions, expensive phone contract...). I can afford 1000 euros per month and I have a permanent civil service job.
New plan: a “single house”
a) Buy a plot of land with 300 to 400 sqm (3200 to 4300 sq ft) for 80,000 to 100,000 euros
b) Buy a simple prefab house without luxury, about 90 sqm (970 sq ft) without a basement, turnkey (including additional building costs, painting, and tiling) for 180,000 euros.
My questions to the community here:
1. Do you think this plan is realistic?
2. How would you proceed?
Would you meet with the well-known prefab house manufacturers?
Or local construction companies first? Or an architect?
[Feel free to send recommendations or warnings via PM]
3. Is there an aspect I seem to have completely overlooked or forgotten?
Thank you very much in advance.
Prices for new condos in rural areas: 3000 euros per sqm (279 sq ft)
Prices for new condos in (small) towns: 3500 to 4500 euros per sqm (325 to 418 sq ft)
Prices for older condos in rural areas: 2500 euros per sqm (232 sq ft)
Prices for older condos in (small) towns: 3000 to 3500 euros per sqm (279 to 325 sq ft)
So, in the best case, I would pay 200,000 euros plus additional purchase costs for an older condo with 80 sqm (860 sq ft), but I would likely need to budget for new flooring, possibly some windows, and potential upcoming repairs to the building’s facilities (underground parking, stairwell). This means the total cost in the best case would be around 220,000 euros for a used apartment with 80 sqm (860 sq ft) and three rooms.
Many sellers of new condos now want 270,000 euros for apartments that will only be finished at the earliest in 1.5 years.
And I keep thinking, this can’t be right??? So I reviewed my budget again and cut some expenses (streaming services, clothing subscriptions, expensive phone contract...). I can afford 1000 euros per month and I have a permanent civil service job.
New plan: a “single house”
a) Buy a plot of land with 300 to 400 sqm (3200 to 4300 sq ft) for 80,000 to 100,000 euros
b) Buy a simple prefab house without luxury, about 90 sqm (970 sq ft) without a basement, turnkey (including additional building costs, painting, and tiling) for 180,000 euros.
My questions to the community here:
1. Do you think this plan is realistic?
2. How would you proceed?
Would you meet with the well-known prefab house manufacturers?
Or local construction companies first? Or an architect?
[Feel free to send recommendations or warnings via PM]
3. Is there an aspect I seem to have completely overlooked or forgotten?
Thank you very much in advance.
P
Peanuts7414 Feb 2017 10:49I don’t know which area of Saxony you live in, but I have a friend who is currently building a house about 30km (19 miles) from Chemnitz in a rural area.
The house will also be less than 100m² (1,076 square feet).
As for urbanization, that might apply to some people, but not “everyone” wants to live in the city. On the contrary, I have always preferred not to live in the city, but rather near the forest for walking or biking, where I don’t have to deal with city traffic on my motorcycle and can instead enjoy cruising on country roads, and so on.
Living outside a major city doesn’t mean living in a village of 80 people (including cows and chickens). In a town of 5,000 to 20,000 residents, you can still find pretty much everything you need for daily life, including doctors, schools, daycare centers, and so forth.
I have often heard lately that many people want to leave the city again because many urban neighborhoods are increasingly becoming run-down.
Thanks to remote work and similar options, this has become more feasible in many jobs. I would rather work on my laptop on the terrace, breathe cleaner air, and avoid noise than sit on the tiny balcony of my city apartment.
Especially when it comes to single-family homeowners or those interested in buying, who I assume constitute most of the members here, you rarely find them in places like Maximilianstraße in Munich, for example.
The house will also be less than 100m² (1,076 square feet).
As for urbanization, that might apply to some people, but not “everyone” wants to live in the city. On the contrary, I have always preferred not to live in the city, but rather near the forest for walking or biking, where I don’t have to deal with city traffic on my motorcycle and can instead enjoy cruising on country roads, and so on.
Living outside a major city doesn’t mean living in a village of 80 people (including cows and chickens). In a town of 5,000 to 20,000 residents, you can still find pretty much everything you need for daily life, including doctors, schools, daycare centers, and so forth.
I have often heard lately that many people want to leave the city again because many urban neighborhoods are increasingly becoming run-down.
Thanks to remote work and similar options, this has become more feasible in many jobs. I would rather work on my laptop on the terrace, breathe cleaner air, and avoid noise than sit on the tiny balcony of my city apartment.
Especially when it comes to single-family homeowners or those interested in buying, who I assume constitute most of the members here, you rarely find them in places like Maximilianstraße in Munich, for example.
Grym schrieb:
and when the kids have left home, many move back to the city/inner city with public transport, local amenities, cultural offerings, “city life”, restaurants within walking distance, doctors within walking distance, etc.Are we talking about rural areas or the suburbs/belt around the city, where the parents/providers have their workplace in the city and reach it by public transport or good road connections?
Even when the kids have moved out, people still want their quiet garden and nice house – after all, the infrastructure is already there... it was chosen especially because of the children back then.
So why would I put up with a flat in a big city when I’m over 50, if I have already chosen my location?
We’re not talking about frailty, which eventually occurs, maybe only around the age of 80. And nursing homes are also being built in rural areas… but that’s another topic.
However, anyone who expects to go to the cinema, theater, and so on every week already has that expectation when the kids are young and weighs city versus “country” life accordingly. Or, well – they might be single and love the active nightlife of the big city.
Off topic 1: Sometimes I get the feeling that builder-parents around the age of 30 (+/-) think that life without children doesn’t justify having a house, or that anyone over 50 can no longer experience quality of life.
Although we’ve already had a discussion about whether the single here even wants/has to remain single.
B
Bauanfänger3614 Feb 2017 19:18I will definitely let you know how my main bank views the situation and continue to find out what is possible regarding a "single-family house."
It will probably come down to me saving a bit more equity and/or accepting a higher monthly payment.
For an additional 200 euros (about $220) on 1,200 euros (about $1,320), I could theoretically borrow 320,000 euros (about $350,000) and have everything paid off by retirement.
It will probably come down to me saving a bit more equity and/or accepting a higher monthly payment.
For an additional 200 euros (about $220) on 1,200 euros (about $1,320), I could theoretically borrow 320,000 euros (about $350,000) and have everything paid off by retirement.
B
Bauanfänger3610 Mar 2017 15:10A brief update for all interested readers:
- Up to 300,000 euros, the mortgage lender doesn’t see any major issues.
- My plan: first buy a plot of land, then build at the earliest in 2-3 years.
- Plot in a rural area; I have two offers: one is 1,300 m2 (14,000 sq ft) for 120,000 euros, partly serviced, and the other is 550 m2 (5,920 sq ft) for 90,000 euros, fully serviced. I will visit both on Monday. They are located in small rural villages; 15 kilometers (9 miles) west, prices rise to around 500 to 600 euros per square meter (about 47 to 56 USD per sq ft) for building land, but that’s more suburban.
- Up to 300,000 euros, the mortgage lender doesn’t see any major issues.
- My plan: first buy a plot of land, then build at the earliest in 2-3 years.
- Plot in a rural area; I have two offers: one is 1,300 m2 (14,000 sq ft) for 120,000 euros, partly serviced, and the other is 550 m2 (5,920 sq ft) for 90,000 euros, fully serviced. I will visit both on Monday. They are located in small rural villages; 15 kilometers (9 miles) west, prices rise to around 500 to 600 euros per square meter (about 47 to 56 USD per sq ft) for building land, but that’s more suburban.
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