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 22:17If you had to completely rebuild this apartment from scratch, with a new bathroom, new kitchen, new flooring, and new walls, you would probably end up with additional purchase costs totaling around €450,000 (approximately $490,000). Would anyone really take on such a bottomless pit? You would just be throwing money in… I consider myself part of the middle class, and for me, the risk would be too high…
Scotty698612 Jul 2021 22:35Sorry if this sounds like trolling, I don’t have much experience, that’s why I’m here. But isn’t it true that all the walls need to be stripped, like the tiles removed, and old floors have to be redone? Everything looks quite run down. So honestly, if you’re not a tradesperson yourself and don’t have experience, materials, and time, I can’t really imagine anyone taking this on who wants something solid for themselves without a lot of risk. I mean, the property is 50 years old, so whatever could be waiting for you. As I said, it wouldn’t be for me and it’s overpriced. Especially since with $500,000 you could do something completely different with a house. I don’t mean to question your intelligence, but many people here start small, right? You don’t just buy a property straight out of your parents’ home at 18, so it’s normal to ask “stupid” questions to learn more.
Scotty6986 schrieb:
If you had to completely rebuild this apartment from scratch? With a new bathroom? New kitchen? New flooring and new walls?The bathroom will be a major challenge, agreed. But aside from that—you are a trained painter! You can also install flooring yourself and fit new doors. If the owners’ meeting minutes are fine and the community’s reserves are sufficient, this is not a bottomless pit but totally manageable. What would you pay for something like this on the outskirts of Hamburg—$500,000 or $600,000?Scotty6986 schrieb:
. Especially since with $500,000 you could work quite differently on a house Certainly, but there’s no way you can manage $500,000 with your current salary. As a starter property, though, that’s probably fine. Once you’ve paid off part of it and your financial situation improves, you can start thinking about a house. If you’re renting, it probably won’t happen, because you won’t be able to save enough equity while prices keep rising. And a condominium on the outskirts of Hamburg will always hold some value.
I think with a €50,000 (around $54,000) renovation budget and plenty of personal labor, this could become a nice home for two.
Scotty6986 schrieb:
Just found one in Norderstedt for €312,000, you haven’t seen this much basic wreckage even in Fukushima or Chernobyl. From 1974, never renovated or updated, everything’s ruined, a complete gut renovation would be necessary. Except for the foundation walls and concrete ceilings. Including an old open chimney shaft. Bathroom is totally decayed, kitchen is stripped and yellowed from smoke. So unless you can do ABSOLUTELY EVERYTHING yourself here, and happen to have the materials lying around, this place is ready for demolition. I would say, you have to buy what you can afford in this expensive area or continue renting. Unfortunately, your combined income isn’t very high for the commuter belt of a large city. (Also, there’s the question if one of you could retrain or something similar.) And you used to be a painter, right? You should be able to handle ceilings, walls, etc. yourself. You’d probably manage to install a kitchen and lay some tiles as well. Besides, you’ve only been searching for a few hours. Normally, people look for months or years, and eventually, something more attractive will come along.
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