Owning a home as a single person possible!?

Hello dear homebuilders,

I am new here... although I have browsed quite often, I would now like to hear your opinion specifically.
As the title already says, I am single, but still want to fulfill my dream of owning my own little house in the countryside or on the outskirts of town in the next few years.

Why? I grew up in a single-family house with a large garden in the countryside and miss the freedom/space that comes with it. Currently, I live in a 45 sqm rented apartment and am constantly annoyed by the noise of my neighbors, just as I don’t want to cause much noise myself because it annoys me just as much the other way around. You are simply never really alone and always have in the back of your mind that it just isn’t your own. In addition, I miss having a garden/terrace where you can just barbecue undisturbed etc.
In short, having my own home would be a great improvement in my quality of life!! (and yes, I know that a house also requires work )
A condominium only comes into question for me if owning a house really isn’t possible at first, since I would again have the problem with neighbors, have to be considerate at owners' meetings, and when I look at the prices...

About the reservations that you keep hearing now and then:
Yes, I know, theoretically my tram woman could already stand at the door tomorrow and tear down my castles in the air. However, I have now been single for 6 years and manage well on my own. Starting a family would be nice someday, but unfortunately that is not solely in my hands, building a house is more so Therefore, I don’t want to wait too long anymore to fulfill my dream.
If something drastic changes in my life situation by then, you can still change plans or plan as flexibly as possible in advance (e.g. design the house so that an extension is possible later).

I am also aware of the risk if you become unemployed or sick for a long time etc., but I also believe that you can’t plan for every eventuality, otherwise 90% of homeowners probably wouldn’t have been allowed to build. For couples, the woman can also sometimes run away and then still want a settlement

About me:
I am 30, have been employed permanently since 2008 by an energy supplier (a relatively secure job)
Salary: net 2200 (from June 2400) x 13.5
Equity: saved about 80,000 over the last 5 years until today
Current rent: 350 + 100 additional costs
Living area: Bavaria

According to my household budget, on average 1,200 per month remain for 2014 after deducting all expenses. With the new salary it would be 1,400, provided my lifestyle doesn’t change much. I am generally a rather frugal and modest person.

What I dream of:
A small house 1.5 stories, 80-100 sqm, medium comfort, garage, small cellar for heating/domestic water/storage, small garden (plot maybe around 350 sqm)
Timeframe: within the next 3-5 years

Without having checked in detail yet, I would roughly assume the following costs:
Plot + additional costs: 65,000 (in rural areas I have found developed plots from 40-70,000)
House purchase + additional costs: 200,000
Garage: 10,000
Cellar: 25,000

That sums up to 300,000, which hopefully is not TOO optimistically calculated considering the small size and location.
By the time I really want to get started and nothing bigger comes up, I would need to have equity of 130,000-150,000 in 3-5 years. With some buffer for unforeseen expenses or a new car, let’s say 300,000 - 100,000 equity = 200,000 to finance (possibly I will get support from my parents, but I only want to use that in an emergency).

And now the question of all questions – do you see that as realistic and achievable for one person?

What I haven’t thought much about yet are changes in ongoing additional costs after building (higher heating costs, additional insurances, ...). Of the 350 € rent you save, probably not much will be left due to higher additional costs, right?

I hope that I am not approaching this too naively driven by the desire or have completely overlooked something that breaks my neck. Constructive criticism is greatly appreciated

Thank you already in advance for your comments!

First of all, hello and welcome to the forum,

To keep it brief.

Savings rate: Saving 80,000 euros in 5 years with one salary is quite impressive. Keep it up.

House costs: A basement for 25,000 € is probably calculated too tightly, I would rather expect 40,000€.

House costs: Regarding the additional costs you mentioned, do these only refer to the ancillary costs for the land? There are other additional costs as well. House connections, fees, construction electricity/water etc...

Size: Even if you are single, I would seriously consider whether you want to build between 80-100m². I only found my happiness at 33 and feel cramped with my 75m².

Regarding your situation, I can definitely understand that you feel cramped, but I would perhaps consider looking for another rental apartment, where you might then have a garden or a terrace. Maybe it will be more than 45m²

What do apartments cost in your area between 60 and 70m²... if you want to build later anyway, I would first deal with this question.

In general, your way of thinking is going in the right direction.

Regards

However, I have now been single for 6 years and manage well on my own.

Who would want to give up and see the circumstances as unchangeable?

You have a good foundation. With a home of your own, the additional costs grow to about 300 - 400, just as a side note.

If I were you, I would rent a little house; then you would get rid of your current troubles (I can well understand that).

Handling a loan together is somewhat easier than alone. Your money remains with you for the time being. And building a nest is simply more fun together and is part of it. So if I were you, I would wait a little longer with building your own home.

Regards, Yvonne

I would wait a bit longer with a DIY project if I were you.

Regards Yvonne

Either wait and rent a house or build bigger right away. I would recommend 130 sqm and two "children's rooms". A friend built as a single in Ingolstadt 7 years ago and has never regretted it. Why not.

Having a girlfriend with a child later was no problem.

I actually think your financial situation is quite good. You have a great savings rate. However, I would also advise you to build about 120-130 sqm... then you are prepared for the future (possibly still a wife/girlfriend, child)

First of all, thanks for the warm welcome and your feedback


Regarding the costs for the land, I had in mind the additional costs for the purchase (notary, land register, etc.) and for the house purchase as you already mentioned connections, building insurance, etc. As mentioned, I really just roughly estimated it for the size, but I’m happy to be convinced if that is too tight.
For the basement, I also estimated rather low, since I would really only use a small one for heating/HW and storage room and not as a fully-fledged living space. I found many different figures ranging from 15,000 to 70,000. If I am too optimistic going with 25,000, I will of course take that into account, thanks

I have also been thinking about the question of whether I should get a bigger apartment for 1-2 years. In the end, though, I keep telling myself that I’d rather save the money for the higher rent to build up even more equity. Besides, there are very few good apartments with garden/terrace anyway.
It’s similar with the condominium, and I’m also afraid of not being able to sell it again at the corresponding time or even having to sell at a loss since prices are currently relatively high. Depending on the location, relatively new ones start at 170,000 (outside) and 250,000 in the city.
The landlord, a friend of mine, is currently trying to sell an older apartment (but renovated on the inside), 60 sqm for 100,000 and it’s been going on for 2 years now... not directly comparable, but there’s still some fear of not being able to get rid of it again.

I hope I don’t come across as too negative now

& rest
Not giving up yet, but there isn’t much one can do, and you don’t want to wait forever to fulfill your dream. Otherwise, I agree with you about building a nest :)

Renting a house is similar to having a bigger apartment, but it might also be a good way to familiarize yourself more with the topic and maybe notice points you haven’t considered yet. I have to have a discussion with my saving habits about that ;D

Building somewhat bigger sounds reasonable, I had dismissed it due to the costs and the still possible situation of living there alone for a longer time. Hence the idea of possibly adding on later if needed. But I’ll still think it over until it comes to that.

How do you roughly see the cost increase from 80-100 to 120-130 sqm?