Hello everyone,
I’ve already read some interesting threads here and now I’d like to ask a question myself:
About me: I’m 28 years old and married—no children yet, but we do want some in the future. My husband and I have been searching for properties, plots of land, etc., for about 2.5 months. We are quite open to options like condominiums, building a new home on a lot, or an existing property.
We are both industrial engineers and currently earn a combined gross annual income of 120,000 EUR. Our current savings amount to 120,000 EUR. We only finished our master’s degrees 3 and 4 years ago. Right now, we live in 60 sq m (645 sq ft) for 1,000 EUR (about 1,000 USD) all-inclusive rent. It’s hardly possible to find cheaper here without significantly increasing the commute to work. Currently, we can bike to work.
At the moment, we are looking at a 1,200 sq m (12,917 sq ft) plot with a new build. The prefabricated house provider would be Bien-Zenker. Our meeting with them left a solid impression compared to two other manufacturers.
We have received an offer that includes almost everything: a 165 sq m (1,776 sq ft) house without a basement, a double garage, the land, and utility connections for just under 670,000 EUR. Something like the kitchen is, of course, not included. So we’re assuming about 700,000 EUR in total.
I am extremely uncertain whether we should proceed with this. Also, whether the financing will work out. Our main bank said it should be possible... but they would prefer us to have a guarantor. My in-laws would support us with about 30,000 EUR, but my parents wouldn’t help financially. My uncle could assist with a low-interest loan. Since all this came up so quickly, we still need to schedule more appointments to clarify the financing. Our decision deadline is about four weeks.
I wanted to ask if there are people here who have been in a similar situation or could offer an assessment.
Thank you very much!
I’ve already read some interesting threads here and now I’d like to ask a question myself:
About me: I’m 28 years old and married—no children yet, but we do want some in the future. My husband and I have been searching for properties, plots of land, etc., for about 2.5 months. We are quite open to options like condominiums, building a new home on a lot, or an existing property.
We are both industrial engineers and currently earn a combined gross annual income of 120,000 EUR. Our current savings amount to 120,000 EUR. We only finished our master’s degrees 3 and 4 years ago. Right now, we live in 60 sq m (645 sq ft) for 1,000 EUR (about 1,000 USD) all-inclusive rent. It’s hardly possible to find cheaper here without significantly increasing the commute to work. Currently, we can bike to work.
At the moment, we are looking at a 1,200 sq m (12,917 sq ft) plot with a new build. The prefabricated house provider would be Bien-Zenker. Our meeting with them left a solid impression compared to two other manufacturers.
We have received an offer that includes almost everything: a 165 sq m (1,776 sq ft) house without a basement, a double garage, the land, and utility connections for just under 670,000 EUR. Something like the kitchen is, of course, not included. So we’re assuming about 700,000 EUR in total.
I am extremely uncertain whether we should proceed with this. Also, whether the financing will work out. Our main bank said it should be possible... but they would prefer us to have a guarantor. My in-laws would support us with about 30,000 EUR, but my parents wouldn’t help financially. My uncle could assist with a low-interest loan. Since all this came up so quickly, we still need to schedule more appointments to clarify the financing. Our decision deadline is about four weeks.
I wanted to ask if there are people here who have been in a similar situation or could offer an assessment.
Thank you very much!
N
nordanney24 Dec 2024 15:04Tine996 schrieb:
The small issue: We have been looking for a semi-detached house and either find very old ones from 1950-80 or more recent ones from 1990-2000 for at least 450,000, rather 500,000. A newer semi-detached house with 112 sqm (1,205 sq ft), a 20-year-old heating system for 490,000 euros. My brother-in-law paid 700,000 euros for a semi-detached house with 140 sqm (1,507 sq ft) in our town — also with a 30-year-old gas heating system. A new build will never be cheaper than an existing property. Look for plots within acceptable distances for you. A 165 sqm (1,776 sq ft) new house with a garage, etc., costs around 600,000 and more. Ask yourself, given the land price (which you still haven’t mentioned), how the price comes together. And ask yourself what is not included and will incur additional costs.
nordanney schrieb:
A newly built house will never be cheaper than an existing one. Look for plots of land within distances that are acceptable for you. A 165 m² (1,776 sq ft) house as a new build with a garage, etc., costs around 600,000 and upwards. Ask yourself, given the price of the land (which you still haven’t mentioned), how that price is calculated. And ask yourself what is NOT included and will add extra costs. The calculated house price is 450,000.
The plot currently costs 178,000 plus full utility connections, soil removal, and soil filling. So, another 50,000 Euro will be added for the land. The house footprint can be 18 m x 15 m (59 ft x 49 ft). The rest of the plot is "not suitable for building" — that would be the garden.
Tine996 schrieb:
The plot really exists; we even visited the site, but the owner and the consultant know each other personally.
I assume that’s why there is some suspicion around this situation.
Apparently, the owners live quite far away. They leased the land as a horse paddock but now have to sell it. The total area is 4,500 sqm (about 48,400 sq ft) and divided into three lots. Two of those are already reserved. Tine996 schrieb:
The plot is currently priced at 178,000 plus full utility connections, soil removal, and soil filling. So, another 50,000 Euros will be added for the plot. The house footprint can be 18 m x 15 m (59 ft x 49 ft). The rest of the land is "not suitable for building" — that would be used as a garden. That sounds increasingly "interesting."
Tine996 schrieb:
11ant: what do you mean by “beside the market”? Not buying something already on the market (meaning sellers actively trying to sell and facing competing buyers), but finding something attractively outside that, where you can avoid bidding wars. See 11ant Barthel for an example.
Tine996 schrieb:
The little problem: we looked for semi-detached houses and either found very old ones from around 1950-80 or newer ones from 1990-2000 priced at least 450,000, more like 500,000. A newer semi-detached house with 112 sqm (about 1,205 sq ft), heating system 20 years old, at 490,000 Euros. My brother-in-law paid 700,000 Euros in our town for a 140 sqm (about 1,507 sq ft) semi-detached house — also with a 30-year-old gas heating system. I was mostly thinking about row houses / semi-detached houses as new builds from typical developer projects, or building together with another family.
https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
11ant schrieb:
That sounds increasingly "interesting."
Is that unusual? The plot was advertised as "partially serviced." There is no electricity connection; the sewer line is at the lower end and needs to be extended uphill. Currently, there are some trees and bushes on the land, which need to be cleared and leveled again. To me, that seemed reasonable.
Not buying what is already on the market (meaning what someone wants to get rid of, and competing buyers are aware of) but rather finding something actively attractive where you can avoid bidding wars. See 11ant Barthel, for example ;-)
So, trying to get information through acquaintances? But how do you get to know the competing buyers if not, for example, at a viewing? :o
I was thinking more of a townhouse/semi-detached house rather than a new build from the usual developer projects, or together with another builder pair. Also here:
If you don’t happen to have someone in your social circle who says, “Hey, we’d also like to buy/build a semi-detached house,” I imagine it would be difficult.
Do you have any tips or experience on how to make that work?
Tine996 schrieb:
If you don’t happen to know someone in your circle of acquaintances who says, “Hey, we would also like to buy/build a semi-detached house,” I imagine it’s difficult.
Do you have any tips or experience on how to manage that? It’s no more difficult than finding a plot of land or a second-hand property. Check out "A semi-detached house has TWO halves" (including the quotation marks) by searching online—that also shows you how to get in touch with me.
https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
K
Konsument424 Dec 2024 19:45Hmm,
if the consultant, who is probably more of a salesperson anyway, already comes up with claims that are easy to refute, then of course trust in everything else decreases. Applying pressure and pretending is obviously standard practice in the industry. The times when people rushed to home builders or land sellers are over for now. I would guess that the salesperson is under more pressure than you are.
So the plot of land is designated for building but is not yet developed. Is there already a soil report? You need one anyway if you are building without a basement. Who is responsible for and covers the costs to ensure that Bien-Zenker can actually build on the land “later”? Is this regulated fairly in the contract or does everything fall on you?
You need advice from an independent expert. The salesperson is neither independent nor, I suppose, an expert. This will cost money at first, but it is probably a well-invested expense and will be negligible in the overall budget. Without an expert, it can become expensive.
Under no circumstances should you sign in good faith. Bien-Zenker also makes a lot of money if you want to get out of the contract later. Check this carefully in the contract. Is there already a draft?
if the consultant, who is probably more of a salesperson anyway, already comes up with claims that are easy to refute, then of course trust in everything else decreases. Applying pressure and pretending is obviously standard practice in the industry. The times when people rushed to home builders or land sellers are over for now. I would guess that the salesperson is under more pressure than you are.
So the plot of land is designated for building but is not yet developed. Is there already a soil report? You need one anyway if you are building without a basement. Who is responsible for and covers the costs to ensure that Bien-Zenker can actually build on the land “later”? Is this regulated fairly in the contract or does everything fall on you?
You need advice from an independent expert. The salesperson is neither independent nor, I suppose, an expert. This will cost money at first, but it is probably a well-invested expense and will be negligible in the overall budget. Without an expert, it can become expensive.
Under no circumstances should you sign in good faith. Bien-Zenker also makes a lot of money if you want to get out of the contract later. Check this carefully in the contract. Is there already a draft?
Similar topics