Affordable house construction? Seeking expert help

Thank you and for constructive criticism. I am aware that consumption was somewhat overlooked in the calculation. However, there is nothing spectacular about it.

I am aware that consumption was somewhat neglected in the calculation. However, there is also nothing spectacular about it.

That's true. It may not be spectacular if a woman or man buys clothing every few months for a few hundred euros. But it is necessary, and when added up, one often reaches an average figure in the three-digit range per month. In this respect, you can update your calculation once again. I recommend a household budget book, kept without lies over one or two years, to keep yourself aware of where the beloved money ends up.

A (optimistic) calculation for you: 190m² with a few extras: 380k remaining development of the plot: 25k additional construction costs: 40k outdoor facilities: 20k painter / flooring / furniture: 15k Total approx. 480k + equity 120k for the plot With a 15-year fixed interest rate and 2% repayment, you get a decent interest rate of just under 1.6% with a monthly rate of ~1430€, plus operating costs and reserves. There isn't much left to live on with children. Remaining debt after 15 years at ~318k. Feasible? Maybe. For me, it wouldn't be an option; you'd need a chunk of equity from somewhere to steer this in a reasonable direction, and the project would also have to be downsized; 160m² will have to suffice.

Thank you very much for the detailed response. May I ask what the 40k ancillary construction costs in your calculation consist of? I would like to understand it. Is that a cautious estimate or standard?

- There is no broker commission
- Land registry and notary have already been taken care of
- I would have to find out about the real estate transfer tax since there is no purchase price for the land

What is clear to me:

- Have a soil survey done and obtain the building permit
- Have contracts reviewed
- Remove any contamination from the land (there is none)
- Structural engineer inspection
- Set up the construction site
- Surveying (—> at least the land survey has already been paid for)
- Soil survey
- Earthworks
- Construction water, construction electricity
- Insurance
- Development costs, e.g., for gas and sewage connections, electricity or cable TV (—-> are already included in my calculation of 25,000)

For the outdoor facilities, the terrace and double carport (with storage room) would of course be great and the 20k would probably be used up quite quickly. However, I have not yet looked into the costs in detail.

The currently 3-year-old kitchen with island for 10k euros is something we would of course want to take with us if possible or sell in an emergency (at a loss). The couch from my parents (who is Perfect) is also already stored and just waiting to be used. Nevertheless, there will be some wishes that will cost quite a bit.

Fortunately, for flooring and painting work we only have to provide the materials and cook well since there are experts among acquaintances. Things like electrical work are currently being checked to see who from friends and acquaintances can take care of it. Maybe this way the costs can be reduced.

In the next conversation with the architect I will ask if our wishes can also fit into a smaller floor plan. Nevertheless, I have basically already assumed a rate of 1300-1400 euros.

Thank you very much for the detailed answer. May I ask what the 40k ancillary construction costs in your calculation consist of? I would like to understand it. Is it calculated cautiously or is it standard.

Take a look at the pinned thread in the Construction Costs section.
We ourselves paid just under 20,000 for the bare essentials five years ago.
I would definitely plan 15-20,000 for earthworks including disposal to the landfill, rainwater drainage also costs, etc.

There is no realtor commission
- Land registry and notary is already done
- I would have to find out about the real estate transfer tax since there is no purchase price for the land

Those are, if at all, incidental purchase costs.

>are already included in my calculation of 25,000)

Too little, see above.

Don't know if anyone cares but I wanted to give an update after more than 3 years. By now we have been parents for 11 months and have been living in our single-family house since the beginning of 2020. Much of what has been written here about prices/costs has turned out to be true. The house quickly became 50,000 euros more expensive (refinanced) and this year we will only finish the double garage, and next year we will take on the paving and garden. However, we also treated ourselves to a lot of luxury, from a 6,000 euro Hase fireplace to 5,500 euro bay windows, stone countertops in the kitchen, custom cabinets for almost 9,000 euros, and a glass stair railing for 11,500 euros. Well, what can you do. We still have 490,000 euros in debt and the garage and exterior work will take 1-2 years longer than expected.

In a month my wife will start working again (part-time 50%) with 50% home office option. I have since changed my employer (100% home office) and starting next month (with part-time) we will have a monthly household income of 5,500 euros (including child benefit) + 13th + 14th salary for my wife + for me somewhere between 8,000 and 14,000 net bonus. Against this stands a monthly payment of 1,440 euros + planned special repayments of 2,000-3,000 per year. If I haven't miscalculated, that is a 26% burden of the household income.

What do I want to say with this? We live super relaxed with the payment. Despite the fact that I am currently putting my entire bonus into the house. But that should be done within a year. Yes, the numbers were a bit different 3 years ago but back then I had already mentioned that it could look like this in the near future. Regarding costs, much was right but if I had been put off by that back then, I could now rent a 4-room apartment with 100 sqm for the 1,440 euros or build for 100,000 more.