Financial plan and first visit to the plot

The plots I looked at last summer had to meet three basic criteria. The first criteria is an unobstructed view of the sea now, but also in the future so that someone else would not block my view with their construction. The second criteria was the size of the land from 300 to 600 m2. The third was the bargain price. My plan is for a budget of 200,000 euros to buy land and build a house. Also, I plan to invest some more money for landscaping and furnishing the facility, and like any real “financial nerd”, I left 10% of the investment as a reserve for unforeseen works/costs. All in all, a maximum of 250,000 euros in total. Of course, I won’t complain if it’s less than that amount, and time will tell if this is possible. 🙂

So, if I want to finalize the house for that money I have to pay close attention to the price of the land. The more I pay for it, the “smaller” my real estate will be. As I plan 160 m2 of the gross building in the mentioned budget (two floors of 80 m2 each), I roughly calculated the construction price up to 1000 euros per m2. At this price, I also planned terraces, which must be large enough to “act” a summer living room on the sea, and the area of the terraces would be about 20 m2 per floor or a total of 40 m2. Terraces are, of course, cheaper than interior design, so I reckon that the costs of permits and electricity and water connections should be included in this budget. That is 160,000 euros for the construction cost, so in that case, I would have a maximum of 40,000 euros left for the land. If I transfer that amount, I will have to reduce the area of the facility, spend the reserve at the start (which I did not like at all) or give up landscaping from this budget (approximately 20,000 euros).

The plan, therefore, looks like this:

• Construction of the house 160 m2 = up to 160,000 euros
• Landscaping = up to 20,000 euros
• Furnishing the facility = up to 10,000 euros
• Reserve = up to 20.0000 euros
• Land = up to 40,000 euros

TOTAL: 250,000 euros

The first plot I looked at because it matched what I was looking for, was in the town of Vis, above the bypass, to the side. You can see the view from that plot in the cover photo. It was sold by people from Zagreb, it had a beautiful view of the Vis wave, it has an area of 300 m2, and the asking price was 50,000 euros. I previously talked to the owner on the phone, got the parcel number, and headed to the plot with my wife. The houses in front, behind, and to the right of the land, when facing the sea, were built, and to the left of the building is allegedly non-building land.

The problem, which I didn’t like with this plot, was that it doesn’t have its road access, just stairs. This would certainly increase construction costs, and the problem of parking my vehicle and the vehicle of a friend/relative, who will come to visit me when I finish the facility, remains permanent. Additionally, it was not clear to me how land could be for building if there was no direct access to public space.

We gave up on buying this land, but in the meantime, it changed owners.

In the following article, we will talk about another plot of land in Vis and one in Komiža.