Good evening,
to gather some opinions and experiences, I have now registered in this forum after doing some reading.
Owning my own home has been a long-held dream of mine, and the desire is certainly deeply rooted in family reasons as well. Additionally, I want it as a form of retirement security, as I am currently experiencing with my parents how comfortable life can be without having to pay high rent. Whether I will really manage to make this dream come true will probably only become clear over time. For now, I just want to read some initial opinions.
Due to unfortunate events, I divorced in my early thirties and currently live with my son (6 years old) in a nice newly built apartment in a small town on the edge of the Swabian Jura. I work full-time in a senior civil service position (A13) and have lifetime tenure as a civil servant. Another partner or additional parental leave are not currently in sight, so there is no risk there. Financially, I am firmly stable. Child support is also paid regularly and reliably. However, due to the divorce, there is not much equity available.
My family is a DIY family. We really do almost everything ourselves. I am skilled in many areas, confident in my abilities, and eager to learn new things. So, a significant amount of the work will be done by ourselves. I have enough vacation time for building (feel free to criticize now ;-)). Support, experience, and contacts are also available. Detailed planning has not yet started.
My parents have provided both my brother, who is currently renovating, and me with interest-free loans of 100,000 euros each. Since I plan to build in three years (at the end of my son’s primary school years), I am currently considering whether it makes sense to buy a plot of land now and start repaying it interest-free. On the other hand, I could also save for three years and then have equity plus the interest-free loan available. However, I fear that rising land prices could erode my savings. I can also imagine that my parents would replenish the repaid amount back to 100,000 euros in three years.
My second consideration concerns the location of a potential plot. Since I come from the countryside myself, I have no problem moving back to a village. Financially, this will also be my only option. I also don’t mind being the chauffeur for my son. My parents did that for me, and I consider it part of it, even picking him up at night. Since I love winter, I could imagine moving to the Jura. That would be about 20 to 25 meters (12 to 15 miles) to my workplace. The current standard land values in the preferred locations are 109 or 124 euros per square meter. My son would then have to attend secondary school in the opposite direction from my workplace. He currently goes to primary school near where I work. We have no strong ties to our current residence (where we have lived for 2.5 years), and land there is overpriced. There is also an active community life related to my hobbies (music and a small ski lift in town).
Similar prices apply in two suburbs of the district town where I work, which would be only 12 to 15 kilometers (7 to 9 miles) from my workplace. However, these villages are less attractive, and the community activities do not really appeal to me. Since I pursue a hobby near Ulm, I would at least like to live on the right side of the Rems River, at the edge of or on the Jura, to shorten that commute.
As I said, I do not want to rush anything. I am just beginning to think about all of this. Opinions are very welcome!
Best regards
to gather some opinions and experiences, I have now registered in this forum after doing some reading.
Owning my own home has been a long-held dream of mine, and the desire is certainly deeply rooted in family reasons as well. Additionally, I want it as a form of retirement security, as I am currently experiencing with my parents how comfortable life can be without having to pay high rent. Whether I will really manage to make this dream come true will probably only become clear over time. For now, I just want to read some initial opinions.
Due to unfortunate events, I divorced in my early thirties and currently live with my son (6 years old) in a nice newly built apartment in a small town on the edge of the Swabian Jura. I work full-time in a senior civil service position (A13) and have lifetime tenure as a civil servant. Another partner or additional parental leave are not currently in sight, so there is no risk there. Financially, I am firmly stable. Child support is also paid regularly and reliably. However, due to the divorce, there is not much equity available.
My family is a DIY family. We really do almost everything ourselves. I am skilled in many areas, confident in my abilities, and eager to learn new things. So, a significant amount of the work will be done by ourselves. I have enough vacation time for building (feel free to criticize now ;-)). Support, experience, and contacts are also available. Detailed planning has not yet started.
My parents have provided both my brother, who is currently renovating, and me with interest-free loans of 100,000 euros each. Since I plan to build in three years (at the end of my son’s primary school years), I am currently considering whether it makes sense to buy a plot of land now and start repaying it interest-free. On the other hand, I could also save for three years and then have equity plus the interest-free loan available. However, I fear that rising land prices could erode my savings. I can also imagine that my parents would replenish the repaid amount back to 100,000 euros in three years.
My second consideration concerns the location of a potential plot. Since I come from the countryside myself, I have no problem moving back to a village. Financially, this will also be my only option. I also don’t mind being the chauffeur for my son. My parents did that for me, and I consider it part of it, even picking him up at night. Since I love winter, I could imagine moving to the Jura. That would be about 20 to 25 meters (12 to 15 miles) to my workplace. The current standard land values in the preferred locations are 109 or 124 euros per square meter. My son would then have to attend secondary school in the opposite direction from my workplace. He currently goes to primary school near where I work. We have no strong ties to our current residence (where we have lived for 2.5 years), and land there is overpriced. There is also an active community life related to my hobbies (music and a small ski lift in town).
Similar prices apply in two suburbs of the district town where I work, which would be only 12 to 15 kilometers (7 to 9 miles) from my workplace. However, these villages are less attractive, and the community activities do not really appeal to me. Since I pursue a hobby near Ulm, I would at least like to live on the right side of the Rems River, at the edge of or on the Jura, to shorten that commute.
As I said, I do not want to rush anything. I am just beginning to think about all of this. Opinions are very welcome!
Best regards
C
Camille198425 Jan 2019 18:19That's exactly what I plan to do anyway. The question was whether it's possible to buy a plot of land now to build on in two to three years. I'm just worried that land prices will keep rising and saving up might become pointless. Also, I could arrange the land purchase without involving a bank. But for now, I'll see what I can find.
And please read what follows with a sense of humor!
How big should the house be? Well, you have to dream, right? Ideally, 250 sqm (2,690 sq ft) with a glass facade and an open atrium. Definitely no basement—I hate basements! Everything clean and stylish, and of course with a walk-in closet. Something like the house designed by those young architects from Schöner Wohnen [ ]. And considering the size and that I’m single, of course with a cleaning lady, window cleaner, and gardener.
Now, back to reality. I have no idea how big a house I can actually afford in the end. I know the price per sqm (sq ft) formula. I think I can only get more concrete ideas through an architect or builder. I also believe I can get useful hands-on information from my brother, who’s currently going through the process himself and knows more up-to-date prices. The size and features will ultimately depend on what I can afford. If that’s enough for me, I might build. If it’s not worth the money, I’ll have to consider other options.
And please read what follows with a sense of humor!
How big should the house be? Well, you have to dream, right? Ideally, 250 sqm (2,690 sq ft) with a glass facade and an open atrium. Definitely no basement—I hate basements! Everything clean and stylish, and of course with a walk-in closet. Something like the house designed by those young architects from Schöner Wohnen [ ]. And considering the size and that I’m single, of course with a cleaning lady, window cleaner, and gardener.
Now, back to reality. I have no idea how big a house I can actually afford in the end. I know the price per sqm (sq ft) formula. I think I can only get more concrete ideas through an architect or builder. I also believe I can get useful hands-on information from my brother, who’s currently going through the process himself and knows more up-to-date prices. The size and features will ultimately depend on what I can afford. If that’s enough for me, I might build. If it’s not worth the money, I’ll have to consider other options.
From everything I have read here so far, I would say it depends on your expectations (including square meters and features) and your equity. Nothing concrete has been mentioned about either yet.
Please disregard any personal contribution of labor. If it is possible, it serves as a buffer or an extra repayment.
Otherwise, your job is an advantage, and building a house is not ruled out as such.
Don’t get discouraged, even with old 35 ;-)
Ippebson
Please disregard any personal contribution of labor. If it is possible, it serves as a buffer or an extra repayment.
Otherwise, your job is an advantage, and building a house is not ruled out as such.
Don’t get discouraged, even with old 35 ;-)
Ippebson
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