We have now decided to start building a house from autumn 2019, even though personally I would have much preferred to buy. On one hand, I’m happy that our long-held plans are finally coming to fruition; on the other hand, I’m currently frustrated that we spent 5 years searching in vain – 5 years of rent payments at 600 euros per month (about $650 USD) times 12 months times 5 years equals 36,000 euros (about $39,000 USD)… money we could have already paid toward a mortgage.
My parents had their mortgage paid off by age 50. According to our repayment plan, I expect to be in my early 60s when we finish.
We posted several ads, told everyone we know, left notes in mailboxes of vacant properties, and kept our eyes open everywhere… all ultimately futile. We could have bought something in November 2017 but were outbid at the last moment by about 10,000 euros (around $11,000 USD). That was not worth it to us, especially since the agent was also asking for a commission. That’s life…
One real estate agent told us that interesting properties sometimes have to be marked inactive within an hour after listing because the phone won’t stop ringing otherwise.
About 95% of the viewings we did turned out to be disappointments: mold, water damage, kilos of pigeon droppings in the attic, awkward floor plans, very old electrical installations, filthy bathrooms, no mobile reception, slow internet, impending road and sewer construction of 1.5 years duration with cost repartition, paint shops, and noisy neighbors like arcades, and so on.
Supposedly, half villages are empty here in northern Hesse and many houses are waiting for buyers. But I really don’t see that, except for some dilapidated half-timbered houses on main roads.
This year, our patience ran out because I don’t believe anything will change in the next 5 years either.
How long did it take for you? Or did you skip the “fun” and decide to build right away? I’d be glad to read about your experiences.
Have a great weekend!
My parents had their mortgage paid off by age 50. According to our repayment plan, I expect to be in my early 60s when we finish.
We posted several ads, told everyone we know, left notes in mailboxes of vacant properties, and kept our eyes open everywhere… all ultimately futile. We could have bought something in November 2017 but were outbid at the last moment by about 10,000 euros (around $11,000 USD). That was not worth it to us, especially since the agent was also asking for a commission. That’s life…
One real estate agent told us that interesting properties sometimes have to be marked inactive within an hour after listing because the phone won’t stop ringing otherwise.
About 95% of the viewings we did turned out to be disappointments: mold, water damage, kilos of pigeon droppings in the attic, awkward floor plans, very old electrical installations, filthy bathrooms, no mobile reception, slow internet, impending road and sewer construction of 1.5 years duration with cost repartition, paint shops, and noisy neighbors like arcades, and so on.
Supposedly, half villages are empty here in northern Hesse and many houses are waiting for buyers. But I really don’t see that, except for some dilapidated half-timbered houses on main roads.
This year, our patience ran out because I don’t believe anything will change in the next 5 years either.
How long did it take for you? Or did you skip the “fun” and decide to build right away? I’d be glad to read about your experiences.
Have a great weekend!
The idea of owning a house had been around for years, but out of practical reasons, I ended up buying an apartment instead, especially since I was young and single at the time. In hindsight, it probably would have been better to buy a used property back in 2003-04. Given the current return on investment, that house would almost be paid off by now.
We made the decision to build at the end of 2013 since the resale market did not meet our expectations, and the thought of renovation discouraged me.
You are familiar with the new development areas in your region, so checking prices and selecting a plot was straightforward. Back then, there was even financial support available for families, with a refund of 5,000 euros per child up to three years after the purchase.
We bought the plot in June 2014 and moved in by October 2015.
At that time, many thought we were crazy to build over 250 square meters (2,690 square feet), including a separate apartment. For about 280,000 euros plus extras of around 20,000 euros, many were happy to be able to build at such a low cost.
After three years in the house, I can say that we got almost everything right.
We made the decision to build at the end of 2013 since the resale market did not meet our expectations, and the thought of renovation discouraged me.
You are familiar with the new development areas in your region, so checking prices and selecting a plot was straightforward. Back then, there was even financial support available for families, with a refund of 5,000 euros per child up to three years after the purchase.
We bought the plot in June 2014 and moved in by October 2015.
At that time, many thought we were crazy to build over 250 square meters (2,690 square feet), including a separate apartment. For about 280,000 euros plus extras of around 20,000 euros, many were happy to be able to build at such a low cost.
After three years in the house, I can say that we got almost everything right.
At the beginning of 2017, we decided to build our own home. We were able to purchase the suitable plot of land in June 2017.
We carefully planned how our future house should look over several months. We visited show homes and held discussions with a total of seven companies.
In the end, a company from our region brought our plans to life.
We signed the contract at the end of July 2017. Work began in October 2017. The roof-raising ceremony took place in early February 2018. However, winter struck again after that. Our house, for which we had already celebrated the roof-raising, includes two extensions that, unlike the main house, do not have a basement. To build the extensions, the basement had to be completely waterproofed, which required minimum temperatures. These conditions were only met in early April. After the necessary drying times, work on the extensions continued at the end of April 2018.
Trade after trade followed. Sometimes three or four companies worked on the site simultaneously. We finally moved in at the end of September 2018 and are very happy in the new house.
Inside, everything is truly finished and exactly as we had wished. The outdoor area has also taken shape. More than 50 meters (165 feet) of wall made from L-shaped stones have been completed.
What remains now: exterior plastering, paving work, fencing—these can wait until 2019.
Best regards
Axel
We carefully planned how our future house should look over several months. We visited show homes and held discussions with a total of seven companies.
In the end, a company from our region brought our plans to life.
We signed the contract at the end of July 2017. Work began in October 2017. The roof-raising ceremony took place in early February 2018. However, winter struck again after that. Our house, for which we had already celebrated the roof-raising, includes two extensions that, unlike the main house, do not have a basement. To build the extensions, the basement had to be completely waterproofed, which required minimum temperatures. These conditions were only met in early April. After the necessary drying times, work on the extensions continued at the end of April 2018.
Trade after trade followed. Sometimes three or four companies worked on the site simultaneously. We finally moved in at the end of September 2018 and are very happy in the new house.
Inside, everything is truly finished and exactly as we had wished. The outdoor area has also taken shape. More than 50 meters (165 feet) of wall made from L-shaped stones have been completed.
What remains now: exterior plastering, paving work, fencing—these can wait until 2019.
Best regards
Axel
S
Stefan8901 Dec 2018 12:00Jean-Marc schrieb:
...on the other hand, I’m currently frustrated that we spent 5 years searching in vain – 5 years of paying rent at 600 euros per month excluding utilities x 12 months x 5 years = 36,000 euros... which we could have already paid as mortgage installments. What annoys me even more are the constantly rising prices, for example about 5-8% from 2017 to 2018 in our area.
Stefan890 schrieb:
What annoys me more are the constantly rising prices, around 5-8% here from 2017 to 2018. The construction loan interest rates are further driving this increase.
Stefan890 schrieb:
What annoys me more are the constantly rising prices, for example about 5-8% from 2017 to 2018 here.True enough, you hardly keep up with saving anymore. Friends of ours bought in spring 2016 at a price that made me think, "Are you out of your mind??" – today, you wouldn’t get anything comparable for that price anymore... In the newspapers and financial magazines I read professionally and privately, the imminent end of the real estate boom is announced every few months, only to be followed shortly by the next price jump. The market is completely overheated, and even the government’s building subsidy for families will only have a short effect and then fizzle out after a few months. After all, it only runs until the end of 2020 or until the funds are exhausted.
Jean-Marc schrieb:
Unfortunately, I don’t know which format was used in these cases. It’s possible that using DIN A1 might have generated more feedback than subtle notes. For formats ranging from postcards up to DIN A5, neighbors who empty mailboxes often have an unwritten rule to discard them without looking. Ninety-nine percent of these contain notices about used clothing collections, lost cats, promotions for hair salons, Thai massage, or new kebab shops. Cards the size of “Buy my car, no complaints, you get cash immediately” fall under the same rule.
The quickest way to reach the decision-maker for a vacant house—except in single-family home areas, where neighbors are the point of contact—is actually through the undertaker.
Jean-Marc schrieb:
True enough, it’s hard to keep up with saving money. That’s exactly why the real estate market on the buyer’s side is under extreme pressure in some areas, almost to the point of clogging. People buy steep vineyards suited for wine cultivation, then try to level them with full-story retaining walls, purely out of the mindset, “better to grab even the technically least favorable property while you still can, rather than afford nothing later.”
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