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Anyone who dreams of owning their own house is quickly faced with the all-important question: Should I have the house built or purchase an existing property? The answer to this is not so easy to find. First and foremost, it depends on your own wishes and requirements for your own home. They are not unimportant eitherfinancial starting positionand available financing options.
Whichever option you choose, everything must be carefully weighed up and planned. Find out more hereimportant decision-making aids, so you can fulfill your dream as quickly as possible!
Building your own house has numerous advantages: you are free to design and can implement your ideas as best as possible, depending on your budget. The first and foremost question, however, is wheresuitable building landcan be found. Depending on whether you prefer to live in the city or in the country, you canPrices vary greatly. The chosen federal state also plays a role. Statistically speaking, the average isPrices per square meterin Germany194,87 Euro.
What additional factors influence construction costs?
How high the construction costs will ultimately be depends on further decisions. In order to find the optimal construction project for yourself, you should:Compare income and expensesand thus determine the available budget. Then you will have a better overview of how the house can be built for you. The costs incurred depend on this:
Architect or property developer?– While an architect can design exactly the house you imagine, a property developer offers pre-planned solutions. The latter is cheaper, but is not as individual.
Prefabricated or solid house?– The so-called prefabricated house is largely already produced by the manufacturer. Individual components are then assembled on the building site. The more durable variant is called a solid house. This is put together stone by stone on the property and is more expensive.
Cheap settlements– In some places, building sites are sometimes offered at a reduced price because certain settlements want to encourage the influx of new citizens. Instead of just targeting your own desired location when building a house, it is also worth looking for appropriate residential areas.
Build yourself or buy: choice of loan
The choice of the building has a major impact on the costs incurred when building a housesuitable construction loan. Only in rare cases can builders finance everything out of their own pocket - usually taking out a loan is absolutely necessary. Find out more about oneConstruction financing in comparison. Furthermore, you should remember that it is always betteras much equity as possibleto invest in the construction of your own home. Otherwise, you run the risk of being heavily indebted in the long term.
Additional acquisition costs, to which theLand acquisition costs, land register entries, notary and broker's commissionshould always be financed out of your own pocket. It is important that you do so before taking out a loancalculate wellHow much money you need to build a house. Long-term thinking is crucial when choosing the right loan: According to experts, one isLoan term of 20 yearsrecommended to benefit from low interest rates in the long term.
Buy a house
Buying a house that has already been built seems easier at first glance because it doesn't require as much planning. Instead, you simply need suitable propertiespick out and visit, so that you can make a good decision in the end. However, there can also be very large price differences here.
What determines the cost of buying a house?
Unlike building a house, you may have to make more compromises when buying a house. So the perfect house for you may not be in the location you prefer. The costs you will incur depend on several factors.
Location of the house: Depending on whether the home is in a popular area or not, purchase prices can vary greatly. Houses in top locations such as Munich, Hamburg or Berlin are particularly expensive. In Germany, prices average between 2,348 and 4,632 euros per square meter.
equipment: Depending on what features an existing property is equipped with, it will be more expensive or cheaper. Possible features include:Heating method, the extent of thermal insulation, outdoor facilities and bathroom equipment.
Condition: This criterion is primarily about the need for renovation. Therefore, before purchasing, be sure to clarify when the last renovation was carried out, how old the heating system is and what is stated in the energy certificate. Otherwise, significant costs may follow after the purchase. Also pay attention to mold and moisture as well as the condition of the windows.
Renovation of an old building
Are you one of those people who succumb to the charm of an old house? Then you should consider renovating an old building. In this way you canhistorical building methods preservedand use it for your own purposes. Before buying an old building, however, be sure to check whether you can actually afford the renovation work that will need to be done afterwards. In some cases the price can even be far higher than that of a new building.
The advantages of renovating an old building are obvious: the measures can be carried out at your own pace and step by step and you contribute to increasing theorganically grown infrastructureat. There may even be the possibility of oneFinancial support.
The disadvantages, however, are that the entire old building is before renovationchecked by expertsneeds to be done and a full modernization costs significantly more than a new building. In addition, old houses are often still susceptible to moisture and mold even after renovation.
Conclusion
Regardless of whether you build a house yourself or purchase an existing property: In any case, you will incur costs that can usually only be managed by taking out a loan. It is important that you plan well in any case and compare all the properties and houses you view with each other before purchasing. If you dream of moving into an old building, you should take a closer look when viewing it so that you can realistically estimate the costs after the purchase.
