Hello dear "fellow sufferers",
Next year we plan to relocate geographically. Currently, we own a house that is much too large for us (or maybe even a multi-family house, since the separate apartment has its own entrance?), and we would like to build or buy near Fritzlar (Hesse). We really like Fritzlar, and the family is practically just around the corner.
We were thinking about buying a semi-detached house. We (3 people) would live in one half, and our grown daughter with her husband and 4 children in the other. Therefore, each half would need to be somewhat larger (around 150m² (1,615 sq ft)). So we need a semi-detached house with a total living area of about 300m² (3,230 sq ft). In catalogs, it’s hard to find a house that large, and if there is one, it’s practically unaffordable.
As much as we like the idea of a semi-detached house, what particularly bothers me is that one side would naturally have no windows at all. The other extreme is the price. Now we’re considering what it would be like to live in a two-family house. In principle, we’ve already done something similar. Our current house is not really a two-family house, but classified as a single-family house with an apartment. The lower floor has only 100m² (1,076 sq ft) and too few rooms—impractical for 6 people. That’s why they had to move out. Back then, it was reluctantly accepted, but now, 5 months later, they (and we) realize how nice it was and how we want to have that again. So a two-family house would need to offer 150m² (1,615 sq ft) of living space downstairs, the same amount upstairs (for us), plus about 60m² (645 sq ft) for our beauty studio.
Have you ever faced a similar decision between a semi-detached house or a two-family house? If yes, what did you decide and why?
How did the prices compare?
Did you find a good builder or developer, and were you satisfied?
Well, you know how it is... There are so many questions, but during house construction, you will surely experience things you never expected before—and therefore never thought to ask.
Thanks in advance.
Have a nice Sunday.
Cu
Chris
Next year we plan to relocate geographically. Currently, we own a house that is much too large for us (or maybe even a multi-family house, since the separate apartment has its own entrance?), and we would like to build or buy near Fritzlar (Hesse). We really like Fritzlar, and the family is practically just around the corner.
We were thinking about buying a semi-detached house. We (3 people) would live in one half, and our grown daughter with her husband and 4 children in the other. Therefore, each half would need to be somewhat larger (around 150m² (1,615 sq ft)). So we need a semi-detached house with a total living area of about 300m² (3,230 sq ft). In catalogs, it’s hard to find a house that large, and if there is one, it’s practically unaffordable.
As much as we like the idea of a semi-detached house, what particularly bothers me is that one side would naturally have no windows at all. The other extreme is the price. Now we’re considering what it would be like to live in a two-family house. In principle, we’ve already done something similar. Our current house is not really a two-family house, but classified as a single-family house with an apartment. The lower floor has only 100m² (1,076 sq ft) and too few rooms—impractical for 6 people. That’s why they had to move out. Back then, it was reluctantly accepted, but now, 5 months later, they (and we) realize how nice it was and how we want to have that again. So a two-family house would need to offer 150m² (1,615 sq ft) of living space downstairs, the same amount upstairs (for us), plus about 60m² (645 sq ft) for our beauty studio.
Have you ever faced a similar decision between a semi-detached house or a two-family house? If yes, what did you decide and why?
How did the prices compare?
Did you find a good builder or developer, and were you satisfied?
Well, you know how it is... There are so many questions, but during house construction, you will surely experience things you never expected before—and therefore never thought to ask.
Thanks in advance.
Have a nice Sunday.
Cu
Chris
Your 300k in equity is certainly a significant amount, but it will need to cover two residential units. This puts things into perspective.
I agree with the general opinion that approximately 300 square meters will cost you around 600k. In addition, there are land costs, additional construction-related expenses, possibly a garage/carport, landscaping, further ancillary building costs, and interior fittings.
And a 300k loan for two families is probably on the low side. Most people here in the forum will have taken out loans exceeding 150k.
I agree with the general opinion that approximately 300 square meters will cost you around 600k. In addition, there are land costs, additional construction-related expenses, possibly a garage/carport, landscaping, further ancillary building costs, and interior fittings.
And a 300k loan for two families is probably on the low side. Most people here in the forum will have taken out loans exceeding 150k.
That won’t work.
With that budget, only existing properties are possible.
However, multi-family homes in the existing building stock usually do not include apartments large enough for 6 people.
Perhaps a maisonette setup, but you would need a lot of luck to find something suitable.
Realistic new construction costs:
Land 130,000
House 300m² (3,230 sq ft) 660,000
Additional costs / landscaping 150,000
Total ~940,000
I also don’t understand why the project isn’t based on two sources of income? Is the family with four children completely without financial means?
With that budget, only existing properties are possible.
However, multi-family homes in the existing building stock usually do not include apartments large enough for 6 people.
Perhaps a maisonette setup, but you would need a lot of luck to find something suitable.
Realistic new construction costs:
Land 130,000
House 300m² (3,230 sq ft) 660,000
Additional costs / landscaping 150,000
Total ~940,000
I also don’t understand why the project isn’t based on two sources of income? Is the family with four children completely without financial means?
Am I correct in assuming that the second family with the four children is only going to live with you as tenants?
I also have some concerns about the beauty salon. I believe it will require a good location, parking spaces, etc., which means the land price could quickly exceed 130,000€ (about 140,000 USD) depending on the region. How much do the plots of land you find interesting cost? The forum name suggests Frankfurt.
I also have some concerns about the beauty salon. I believe it will require a good location, parking spaces, etc., which means the land price could quickly exceed 130,000€ (about 140,000 USD) depending on the region. How much do the plots of land you find interesting cost? The forum name suggests Frankfurt.
Wow, wow! There’s really a lot going on here and some truly valuable information as well. Thanks for that first of all. I can only learn from you.
Regarding the costs: Yes, a loan of 400,000 (four hundred thousand) would be possible since I would have rental income. But that would really be the limit for me. In the end, I don’t want to leave my daughter (who is still very young) with a mountain of debt.
The future tenants are relatively low-income. Yes, he works, but it’s just enough for the family plus rent (if it isn’t too high). We have already rented to them before and didn’t ask for too much. We want to do the same again. The apartment here is now too small.
You have made some good calculations. Based on this, it will probably be a resale property when the time is right. For now, we will rent elsewhere and take our time with our decisions. Maybe that one moment will come when everything fits. We’ll see.
Currently, we live in the commuter belt around Frankfurt/Main, correct.
All these abbreviations are still unfamiliar to me as a layperson. Is there a legend or key for them?
WR? MI? WA?
Regarding the costs: Yes, a loan of 400,000 (four hundred thousand) would be possible since I would have rental income. But that would really be the limit for me. In the end, I don’t want to leave my daughter (who is still very young) with a mountain of debt.
The future tenants are relatively low-income. Yes, he works, but it’s just enough for the family plus rent (if it isn’t too high). We have already rented to them before and didn’t ask for too much. We want to do the same again. The apartment here is now too small.
You have made some good calculations. Based on this, it will probably be a resale property when the time is right. For now, we will rent elsewhere and take our time with our decisions. Maybe that one moment will come when everything fits. We’ll see.
Currently, we live in the commuter belt around Frankfurt/Main, correct.
All these abbreviations are still unfamiliar to me as a layperson. Is there a legend or key for them?
WR? MI? WA?