Building a house compared to buying a house

Hello,

I would actually also recommend topic 2.

We have just bought as well (purchase price also around 430k, renovation costs including new kitchen around 30k, loan amount 380k at 3.7% (summer 2023)).

Income is similar for us, with 4,000 net (5,000 on an annual average, keyword bonuses) for me and 1,500 for my wife (trainee teacher, so with prospects). Loan payment is 1,825 and that is already a noticeable amount in total. I wouldn’t impose another nearly 1,000 on us, despite upcoming salary increase, wife's entry into the profession, etc.

Hello, I would actually also recommend topic 2. We have just bought as well (purchase price also around 430k, renovation costs including new kitchen around 30k, loan amount 380k at 3.7% (summer 2023)). Income is similar for us, with 4,000 net (5,000 average per year, keyword special payments) for me and 1,500 for my wife (trainee teacher, so with perspective). Loan installment is 1,825 and that is already a noticeable amount in total. I wouldn’t impose nearly 1,000 more on us, despite upcoming salary increase, wife's job entry, etc.

Honestly, much more would have been possible for you as well. You will almost certainly soon have 7-8k net income. So 1.8k installment is a joke.

I would be sorry about the "Haus von 1900". What I obviously do not know, but I find "alte Häuser" important and pleasant in a city. ... and that is - I admit - not an answer to the questions ...

We have implemented exactly option 1 and also live on a plot of land next to my parents. Purchase of the plot within the family, old building demolished due to structural issues/damp basement/etc., and then newly built. Would I do it again? Quite clearly, NO! The trouble we had during the construction (and still have) has cost me easily 10 years of life in terms of nerves, and what is much worse is that the kids often saw us on the brink of madness, which I personally find really sad. What we experienced from renowned, regional companies in terms of work delivered is unbelievable. Everyone is only looking out for themselves, nobody takes into account the work of others or even thinks one step ahead. Stromberg once said: "Office is war, friendliness is hate." I can tell you: construction site is an asylum, the result is botched work.

Do your family (soon probably with kid(s)) a favor and spare yourself that. The migration from craft trades to industry with increasing education levels (not least because of the pay) is unfortunately now extremely noticeable. You said you have no craftsmanship skills at all. Then your calculation is already missing construction supervision and builder’s liability insurance. Both together between 5-15k. Basement with, say, 70 sqm floor area also 70k. And so on and so forth. The new build financially does not work out in the size range you are considering. The demolition for 25k is also pushing it. That’s how we just managed, but we also did and organized a lot ourselves.

I stick to my advice: look for a nice existing property. It has many advantages as several previous speakers have already pointed out. About the subject of acoustics, I wouldn’t think too much or base the decision on that.

What we have experienced from renowned, regional companies in terms of delivered work is unbelievable. Everyone looks out only for themselves, no one considers the work of others or even thinks a step ahead.

Ouch. That sounds like a self-awarded contract adventure, without design phase 5, and in phases 6 to 8 without an architect.

Apart from the fact that in your individual case I would also rather recommend buying, I wanted to share my two cents on the topic of renovation and living next to family.

Even though the prevailing tone in this forum is that living next to family is terrible... We have been living with 4 generations on a farm for several years, many of our close friends do the same. And it is nice. It is significantly nicer than before in our terraced house in the city center of a larger city in NRW. Of course, the relationship has to be right and you sometimes have different opinions. But as long as you can talk openly with each other and respect each other’s boundaries, living with or next to family has a lot of beautiful things! So don’t be discouraged and look at your own relationship with your family! Just because others have boundary-crossing family members doesn’t mean this is the case for everyone.

And regarding renovation/conversion: we have already converted a pigsty into a residential house and are now converting an old farmhouse. It only makes sense if you have experienced construction management/architect and good companies who know their way around renovations. We had very good experiences with our craftsmen back then. However, we are also in a village here and everyone knows each other.

Just wanted to share a different perspective here.