sam78
2015-05-17 19:33:33
- #1
hello everyone
i have been dealing with the topic of buying/building a house for a while.
i am 36 years young. i have never had a decent salary all my life, so i completed a second education (bachelor) late, which i finished three years ago. in the meantime, i have paid off training and tax debts. i now have savings of 10,000 in cash and 20,000 in the pension fund. i am single.
my current monthly net salary is 4100.- francs (after deduction of social and pension contributions, before tax) at 80% employment. salary will increase by about 150.- per year. my job is not necessarily secure in the long term, but i have a qualification with which i could find something new at any time (even better paid).
i am Swiss and have always lived in basel, practically on the border. since i moved into my first apartment (15 years ago), rents here have risen by a third, and for the second time i am being forced to move out due to a complete renovation of the house. furthermore, i constantly have structural problems because of my two red-eared slider turtles and am not allowed to use the garden. my net rent currently amounts to 1210.- francs. i would like to move to the countryside anyway and would like to keep chickens and goats. in short: i no longer want to be a tenant and i want to get out of the city.
now the thing is, existing buildings in northwest switzerland start at around 400,000 upwards - usually they are much too large and need renovation. a new 80 m2 bungalow with land and additional construction costs would be available from just under 500,000.-. that would hardly be feasible with my salary. alternatively, i would have to move to the canton of Jura, but then the commute would be too long...
so why not move across the border... (germany; france is not an option)
but even here: within reasonable distance existing buildings are either much too large and/or in poor condition. there is huge demand for the good properties. because of all the so-called "bait offers" on the real estate sites, i am wondering if a small new construction might be feasible.
following considerations:
i would like a small bungalow with a hipped roof (solid construction). 80 to 100 m2 living space (including utility room), without a cellar. either at construction or later, a heated conservatory (+- 20 m2) should be added. as a heating system, i would like a heat pump (i want to pursue energy self-sufficiency in the long term - that’s not possible with gas and oil) and a photovoltaic system. hot water preparation with heat recovery. the whole thing in Kfw standard 70 or better.
the house would have no bay windows or other frills. i don’t want a carport either (parking on grass pavers is perfectly fine) and only the bare minimum landscaping. the bungalow can/may have "standard exterior dimensions". i would like to define the interior layout myself.
my calculations:
* 108,000 - house 1,200.- per m2 Kfw70 per m2
* 28,000 - conservatory (20 m2 x 1,400.- arbitrary assumption)
* 30,000 - connections, additional construction costs and purchase incidental costs
* 10,000 - minimal landscaping
* 20,000 - reserve
= 196,000.- without land
developed building land is available in the southern black forest, less than 45 minutes driving time to basel, between 50,000.- and 150,000.-, depending on location, size, accessibility.
i would not want to set a budget above 250,000.- euros. so rather tight.
with 50,000.- equity (should be available in two years), i would have to take out a mortgage of 200,000.- euros.
there is also the possibility of doing some work myself (but i’m not excited about that), mainly painting and flooring; i want to do the garden landscaping myself anyway. that would probably save a few thousand...
at 1.5% interest and 3% amortization/repayment, that would result in a monthly burden of 750.- euros - the house would be paid off after 27 years. the 750.- euros correspond to about 830.- francs; so 380.- francs less than my current net rent. since i live in a "leaky" house, pay exorbitant caretaker costs etc., the additional costs would not increase in my own home. currently, i pay about 400.- francs per month for utilities and electricity...
i would now like to know from you whether it makes sense with the mentioned finances to acquire property? whether my calculation assumptions are realistic or rather somewhat unrealistic? have i forgotten something?
would you pursue this further and if so, how would you proceed?
thank you in advance for hopefully numerous replies.
regards,
samuel
i have been dealing with the topic of buying/building a house for a while.
i am 36 years young. i have never had a decent salary all my life, so i completed a second education (bachelor) late, which i finished three years ago. in the meantime, i have paid off training and tax debts. i now have savings of 10,000 in cash and 20,000 in the pension fund. i am single.
my current monthly net salary is 4100.- francs (after deduction of social and pension contributions, before tax) at 80% employment. salary will increase by about 150.- per year. my job is not necessarily secure in the long term, but i have a qualification with which i could find something new at any time (even better paid).
i am Swiss and have always lived in basel, practically on the border. since i moved into my first apartment (15 years ago), rents here have risen by a third, and for the second time i am being forced to move out due to a complete renovation of the house. furthermore, i constantly have structural problems because of my two red-eared slider turtles and am not allowed to use the garden. my net rent currently amounts to 1210.- francs. i would like to move to the countryside anyway and would like to keep chickens and goats. in short: i no longer want to be a tenant and i want to get out of the city.
now the thing is, existing buildings in northwest switzerland start at around 400,000 upwards - usually they are much too large and need renovation. a new 80 m2 bungalow with land and additional construction costs would be available from just under 500,000.-. that would hardly be feasible with my salary. alternatively, i would have to move to the canton of Jura, but then the commute would be too long...
so why not move across the border... (germany; france is not an option)
but even here: within reasonable distance existing buildings are either much too large and/or in poor condition. there is huge demand for the good properties. because of all the so-called "bait offers" on the real estate sites, i am wondering if a small new construction might be feasible.
following considerations:
i would like a small bungalow with a hipped roof (solid construction). 80 to 100 m2 living space (including utility room), without a cellar. either at construction or later, a heated conservatory (+- 20 m2) should be added. as a heating system, i would like a heat pump (i want to pursue energy self-sufficiency in the long term - that’s not possible with gas and oil) and a photovoltaic system. hot water preparation with heat recovery. the whole thing in Kfw standard 70 or better.
the house would have no bay windows or other frills. i don’t want a carport either (parking on grass pavers is perfectly fine) and only the bare minimum landscaping. the bungalow can/may have "standard exterior dimensions". i would like to define the interior layout myself.
my calculations:
* 108,000 - house 1,200.- per m2 Kfw70 per m2
* 28,000 - conservatory (20 m2 x 1,400.- arbitrary assumption)
* 30,000 - connections, additional construction costs and purchase incidental costs
* 10,000 - minimal landscaping
* 20,000 - reserve
= 196,000.- without land
developed building land is available in the southern black forest, less than 45 minutes driving time to basel, between 50,000.- and 150,000.-, depending on location, size, accessibility.
i would not want to set a budget above 250,000.- euros. so rather tight.
with 50,000.- equity (should be available in two years), i would have to take out a mortgage of 200,000.- euros.
there is also the possibility of doing some work myself (but i’m not excited about that), mainly painting and flooring; i want to do the garden landscaping myself anyway. that would probably save a few thousand...
at 1.5% interest and 3% amortization/repayment, that would result in a monthly burden of 750.- euros - the house would be paid off after 27 years. the 750.- euros correspond to about 830.- francs; so 380.- francs less than my current net rent. since i live in a "leaky" house, pay exorbitant caretaker costs etc., the additional costs would not increase in my own home. currently, i pay about 400.- francs per month for utilities and electricity...
i would now like to know from you whether it makes sense with the mentioned finances to acquire property? whether my calculation assumptions are realistic or rather somewhat unrealistic? have i forgotten something?
would you pursue this further and if so, how would you proceed?
thank you in advance for hopefully numerous replies.
regards,
samuel