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!
M
MachsSelbst26 Dec 2024 14:24Tine996 schrieb:
(...)
We only wanted to do the painting and install the floors ourselves, or we know a professional painter.
We can get a photovoltaic system at a good price through contacts.If you know a professional painter: a painter can also fit doors, apply filler, and sand surfaces.
Applying filler and sanding are part of their qualifications, and installing a door can be done by anyone with basic handyman skills.
S
Schorsch_baut26 Dec 2024 15:21With that income, I would save diligently for the next two to three years and calmly look for houses.
M
MachsSelbst26 Dec 2024 16:44If you assume an annual price increase of 3% and the house currently costs 500,000 EUR, then in 3 years it will cost 546,000 EUR.
This means that nearly half of the hard-earned 100,000 EUR savings is eaten up by inflation, without any added value.
Saving to counteract inflation is definitely not recommended, especially in the short term.
This means that nearly half of the hard-earned 100,000 EUR savings is eaten up by inflation, without any added value.
Saving to counteract inflation is definitely not recommended, especially in the short term.
S
Schorsch_baut26 Dec 2024 20:03MachsSelbst schrieb:
Assuming an annual price increase of 3% per year and the house now costs 500,000 EUR, it will cost 546,000 EUR in 3 years.
That means that of the hard-saved 100,000 EUR, inflation will eat up almost half, without any added value.
Saving specifically to counter inflation is absolutely not recommended, especially in the short term. Yeah, it’s better to avoid accepting a shady offer without any practical or planning experience that will turn out to be expensive. Just because you’ve already spent a significant 2.5 months searching, and the guy thinks that having finished kids' rooms is as important as having nests for the little ones.
This whole attitude smells too much like impatience.
Take your time and above all, don’t let yourself be taken advantage of. The setup of a tied contract is definitely designed to exploit naive homebuilders. And that’s not what you want to be.
Pay close attention to what is your responsibility on site, and even if you think you have covered everything, the scope of work description will drain your money—anything not included will cost extra. For example, simple doors, white windows without sliding elements, one light switch and three power outlets per room.
Another example:
Storing soil on the side and excavation up to 30cm (12 inches) for the foundation.
Sounds harmless, but this clause can cost you €40,000 at this property, if you’re lucky.
Or connections up to the basement wall included. But what about the garden all the way to the street? The plot is considered developed, even if it’s 20 meters (65 feet) from the house.
Pay close attention to what is your responsibility on site, and even if you think you have covered everything, the scope of work description will drain your money—anything not included will cost extra. For example, simple doors, white windows without sliding elements, one light switch and three power outlets per room.
Another example:
Storing soil on the side and excavation up to 30cm (12 inches) for the foundation.
Sounds harmless, but this clause can cost you €40,000 at this property, if you’re lucky.
Or connections up to the basement wall included. But what about the garden all the way to the street? The plot is considered developed, even if it’s 20 meters (65 feet) from the house.
tomtom79 schrieb:
Another example.
Store soil to the side and excavate up to 30cm (12 inches) for the foundation.
Sounds harmless, but this sentence can cost you 40,000 euros if you’re lucky on this plot of land. Explanation for new construction enthusiasts:
The soil is not excavated only 30cm (12 inches), but at least 80cm (31 inches). The 30cm (12 inches) is included in the scope of work and price, but you have to cover the remaining 50cm (20 inches) “owner’s scope,” meaning at your own expense.
The excavated soil is stored on the side, but that’s all. The soil stays on the property until you decide what to do with it yourself — removing it will cost you a huge amount. Disposal is often more expensive than the excavation work itself. Not only transport costs but also the acceptance fees at a gravel or disposal facility.
The decision to remove the soil usually has to be made quickly, because otherwise you won’t be able to access the pile of soil anymore.
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