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
Camille1984 schrieb:
Insurance can help against inherited debts. It seems to me that a "k" is missing (?)
Camille1984 schrieb:
And yes, I’m relieved that I wasn’t immediately talked out of it, Why should you be? A realistic self-assessment reflects a manageable debtor profile, I would say. Otherwise, you often see lots of dream home descriptions like your first one (but without the note that it wasn’t meant seriously). And last but not least, A13 is not the ultimate wisdom, and at 35 there is still plenty of time to turn advice into more experienced counsel.
https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
C
Camille198427 Jan 2019 16:16Thank you also for the recent replies. Of course, I need to have my own life experiences, but hearing some opinions about my idea gives me a bit of encouragement.
At least I have already been through the risk of divorce. No one knows what role life will bring me next, but I wouldn’t be opposed to new challenges. I would describe myself as a creator with ideas, and that is easier in a management position – plus it comes with better pay. But first, the child needs to get past the toughest phase.
Regarding living in old age, I can’t say much yet. I only see my parents. They live in a very large house, and about 1.5 of the 3 floors are basically empty or cluttered ;-). However, I don’t get the impression that they want to move out of their home. Having a cleaning service certainly helps with that attitude.
Personally speaking, I do not feel that my need for space is any smaller than it was with a partner, since largely the same rooms are needed.
I will now start looking for plots of land and hope not to face a harsh reality check. However, I now believe that buying a plot of land is a good first step because then I only have to pay property transfer tax on the land itself. That is an advantage for me.
Regarding insurance: I was thinking about term life insurance combined with a mortgage repayment insurance. And yes, I am not building in order to leave an inheritance for my child. If my son inherits the house later and sells it, he is welcome to keep the profits. For me, the house is not an investment hoping for financial gains. I am building it as a dream come true and as retirement security. If he ends up with something from it in the end, that would be nice.
At least I have already been through the risk of divorce. No one knows what role life will bring me next, but I wouldn’t be opposed to new challenges. I would describe myself as a creator with ideas, and that is easier in a management position – plus it comes with better pay. But first, the child needs to get past the toughest phase.
Regarding living in old age, I can’t say much yet. I only see my parents. They live in a very large house, and about 1.5 of the 3 floors are basically empty or cluttered ;-). However, I don’t get the impression that they want to move out of their home. Having a cleaning service certainly helps with that attitude.
Personally speaking, I do not feel that my need for space is any smaller than it was with a partner, since largely the same rooms are needed.
I will now start looking for plots of land and hope not to face a harsh reality check. However, I now believe that buying a plot of land is a good first step because then I only have to pay property transfer tax on the land itself. That is an advantage for me.
Regarding insurance: I was thinking about term life insurance combined with a mortgage repayment insurance. And yes, I am not building in order to leave an inheritance for my child. If my son inherits the house later and sells it, he is welcome to keep the profits. For me, the house is not an investment hoping for financial gains. I am building it as a dream come true and as retirement security. If he ends up with something from it in the end, that would be nice.
Before it makes sense to delve deeper into the topic, you first need to have a plot of land in sight.
This varies a lot depending on the region, but in my area, the open market often asks for twice the standard land value. The even bigger problem, however, is simply finding any land at all because the market is completely empty.
You need to know the price of your land. Based on this, you can then determine whether there is enough money left for a house.
This varies a lot depending on the region, but in my area, the open market often asks for twice the standard land value. The even bigger problem, however, is simply finding any land at all because the market is completely empty.
You need to know the price of your land. Based on this, you can then determine whether there is enough money left for a house.
Here is also a 35-year-old teacher, unfortunately not a civil servant 😉
I am also single and moved into my house exactly one year ago. I was lucky to have received the plot (also in a rural area) from my parents. Otherwise, my house is 155 m² (1,670 sq ft), and I really built it cheaply (no basement, white plastic windows but made in Germany, no mechanical ventilation system, laminate flooring, no KNX system, no electric blinds on the upper floor, etc.). I had a lot of personal help from my father (a trained bricklayer) and other relatives, and I also benefited from their contacts (a neighbor did all the electrical work, an acquaintance did all the tiling, etc.). Nevertheless, despite all the limitations, I made sure to fulfill my biggest wishes (large window areas, wooden doors made by a carpenter, my dream wooden staircase, external venetian blinds on the ground floor, etc.). I built it for €250,000 (40 minutes from Munich, between Munich and Augsburg, so not a cheap area). Although it will take some time until the driveway is paved, pictures are hung everywhere, and everything is decorated down to the last detail, I already live here in my dream home. If I had a larger budget, I would have chosen real wood parquet floors, wood-aluminum windows, and a steam oven in the kitchen, but it was important to me that I could finance everything well. That’s why I am completely satisfied. I think it all depends on what is important to you.
So, just take courage and good luck!
I am also single and moved into my house exactly one year ago. I was lucky to have received the plot (also in a rural area) from my parents. Otherwise, my house is 155 m² (1,670 sq ft), and I really built it cheaply (no basement, white plastic windows but made in Germany, no mechanical ventilation system, laminate flooring, no KNX system, no electric blinds on the upper floor, etc.). I had a lot of personal help from my father (a trained bricklayer) and other relatives, and I also benefited from their contacts (a neighbor did all the electrical work, an acquaintance did all the tiling, etc.). Nevertheless, despite all the limitations, I made sure to fulfill my biggest wishes (large window areas, wooden doors made by a carpenter, my dream wooden staircase, external venetian blinds on the ground floor, etc.). I built it for €250,000 (40 minutes from Munich, between Munich and Augsburg, so not a cheap area). Although it will take some time until the driveway is paved, pictures are hung everywhere, and everything is decorated down to the last detail, I already live here in my dream home. If I had a larger budget, I would have chosen real wood parquet floors, wood-aluminum windows, and a steam oven in the kitchen, but it was important to me that I could finance everything well. That’s why I am completely satisfied. I think it all depends on what is important to you.
So, just take courage and good luck!