Hello, I am Scotty from the beautiful Schleswig Holstein! We have been thinking about it a bit, and after receiving a termination notice for personal use from our landlord, we believe it makes more sense for us to finance our own house rather than someone else’s. However, we have no idea which direction to go. Finding properties to buy is like looking for a needle in a haystack, and building feels too far away and hardly feasible. Perhaps we’re considering a small Frisian-style house, nothing big. But we really don’t know what to expect financially, what to plan for regarding the plot of land and associated costs. Together, we have a household net income of roughly 3000–3400 € (approximately 3200–3600 USD), but my job income isn’t always consistent down to the exact euro. Does building even make sense in this situation?
Unfortunately, the COVID-19 crisis depleted our savings, so we would have to start completely from scratch. I would be grateful for an initial assessment from experienced home builders before we make a fool of ourselves out there in the market. Many thanks =)
Unfortunately, the COVID-19 crisis depleted our savings, so we would have to start completely from scratch. I would be grateful for an initial assessment from experienced home builders before we make a fool of ourselves out there in the market. Many thanks =)
Scotty698612 Jul 2021 18:38The landlord situation here is that he is trying to fraudulently evict us from the apartment. He is a real estate agent and owns almost all the properties he rents out himself. Not long ago, he built several apartments—around 60 units— all newly rented out. There was also an apartment next door on our property that had been vacant for a long time and has just been newly rented. He should have considered these units first BEFORE terminating our lease. Moreover, he owns a large townhouse here in town, as well as a big house further north. The whole matter is with a lawyer, and there is other serious evidence against him, which I won’t go into detail about now. Even though we are 98% likely to win the case, as all the lawyers currently assume, it would be morally unacceptable for me to keep handing over my money to this “person.” This kind of behavior deserves severe punishment. This property was a new build, is now exactly three years old, and experienced people will know what he plans next—right, the grace period is over, and it will be sold. Back to the topic.
Rents here for a nice, modern 80–90m² (860–970 sq ft) three-room apartment within a 30km (19 mile) radius are roughly €1000–1100 per month excluding utilities. I specify three rooms because I need an office where I can work quietly. When I calculate all costs for a single-family house, I can afford €1100–1200 per month for the mortgage repayment, and I estimate about €450 per month for running costs typical for a house. This also includes €150 per month set aside in a separate account for repairs and maintenance. Insurance costs are also factored in. Altogether, that leaves €1637.50 per month for two people, without children. It might sound odd, but is that really unrealistic? With the rents, buying seems cheaper—assuming the bank (or one of several I’m comparing) cooperates. We can skip the discussion about not having to pay rent well above €1500 per month with my pension in 30 years. A home is a home. That was my thought process so far, but that’s why I’m here: to have experienced home builders help me sort out this line of thinking. Thanks for every reply so far, great forum =)
Rents here for a nice, modern 80–90m² (860–970 sq ft) three-room apartment within a 30km (19 mile) radius are roughly €1000–1100 per month excluding utilities. I specify three rooms because I need an office where I can work quietly. When I calculate all costs for a single-family house, I can afford €1100–1200 per month for the mortgage repayment, and I estimate about €450 per month for running costs typical for a house. This also includes €150 per month set aside in a separate account for repairs and maintenance. Insurance costs are also factored in. Altogether, that leaves €1637.50 per month for two people, without children. It might sound odd, but is that really unrealistic? With the rents, buying seems cheaper—assuming the bank (or one of several I’m comparing) cooperates. We can skip the discussion about not having to pay rent well above €1500 per month with my pension in 30 years. A home is a home. That was my thought process so far, but that’s why I’m here: to have experienced home builders help me sort out this line of thinking. Thanks for every reply so far, great forum =)
How much does a condominium cost where you are? Owning a house will be difficult without a very long commute. And even if you don’t like owning a condominium that much, it’s better to pay off your condo than to rent one.
How is your income divided? Would either of you consider changing jobs?
How is your income divided? Would either of you consider changing jobs?
Scotty698612 Jul 2021 20:18Since I’m not allowed to post links, I have to write it down. A relatively modern condominium built in 2002, with 3 rooms and 88m² (950 sq ft), is priced at 348,000 €. If I go to a rough neighborhood, with 7-8 floors, it’s 100,000 € less. But I wouldn’t move in there even if it was given to me for free.
A few new construction projects are planned nearby, with units around 80m² (860 sq ft) priced between 378,000 and 398,000 €.
A few new construction projects are planned nearby, with units around 80m² (860 sq ft) priced between 378,000 and 398,000 €.
Hello, welcome to the forum.
I suggest scheduling an appointment soon with your local bank or a mortgage broker. Determine the maximum amount you can borrow to understand what is feasible. I think it will probably end up being a renovation project. That said... how much do the plots of land you are interested in cost?
I suggest scheduling an appointment soon with your local bank or a mortgage broker. Determine the maximum amount you can borrow to understand what is feasible. I think it will probably end up being a renovation project. That said... how much do the plots of land you are interested in cost?
Scotty698612 Jul 2021 20:24I haven’t been able to find a plot of land under 500K yet. I also don’t know where plots are listed, does anyone know? City hall? I already have bank appointments scheduled for the next few days, hopefully something useful will come out of that. However, I don’t have high hopes: A) without equity, and B) without paying a ton in interest, since banks love to make money off risky borrowers like me, risk and all :-P
Scotty6986 schrieb:
Since I’m not allowed to share links, I have to write it down. A relatively modern condo built in 2002, with 3 rooms and 88m² (946 sq ft), costs around €348,000. If I go to a rough neighborhood with 7-8 floors, it’s €100,000 less.
But I wouldn’t move in there even if it was free.
A few new construction projects are planned nearby, with about 80m² (861 sq ft) units priced between €378,000 and €398,000. But that’s in Hamburg, right? I think you’ll have to look more in the outskirts for condos.