Assessment of Financing New Construction 425k € / Overall Financial Situation

  • Erstellt am 2021-06-13 17:51:57

FloHB123

2021-06-16 15:18:06
  • #1
Does it really have to be a house from an architect? Your budget is limited and you need cost planning security. The architect doesn't care if he miscalculates. After all, he doesn't have to pay the additional financing out of his own pocket, but you do. Why don't you build with a GU?
 

Arango18

2021-06-16 15:23:28
  • #2
I haven’t really considered that yet. It certainly wouldn’t be cheaper, but cost certainty would of course be given.

But I also don’t know how it works with own contributions then (is it even possible to do things like installing the electrical work yourself?).
Could we use plans from the architect that the general contractor then implements?

I need to read up on that topic.
 

K1300S

2021-06-16 16:56:36
  • #3
It is at least not fundamentally impossible. Not all GÜs participate in this, but that can be made a selection criterion.
 

thoughtless86

2021-06-16 17:47:42
  • #4
I quickly skimmed through the thread, and given the combination of monthly income and planned loan, I find it extremely difficult. I think, even with your current spending situation, some of it is calculated nicely, but that doesn’t do you any favors. I believe, especially with a child, it will financially almost break your neck, even with a rate of around €1200. You need to plan a bigger buffer for insurance and provisions. Also, I think, especially considering the time frame in which the construction is to take place, you need a very concrete project with an exact cost estimate so that it can be manageable overall... personally, with the information given so far, it would be too risky for me... unless you really want to live just to own a house (plus child)...
 

JuliaMünchen

2021-06-16 18:35:58
  • #5


Yes, that definitely works. We did service phases 1-4 (up to the approved building application) with the architect and then signed a turnkey contract with a general contractor. We realized that we could have saved the money for the architect, but since we planned a very individual house ourselves, we thought that normal house-building companies wouldn’t go along with that. However, that was a wrong assumption and especially for you, where it’s about optimized costs and not necessarily a classic individual architect’s house with huge windows and other highlights, I would definitely recommend talking to one or two solid-masonry general contractors or prefabricated house companies; they have numerous floor plans for hillside houses ready and can give you very well-plannable costs (except for ancillary costs, so please don’t get tempted and plan a proper buffer). A friend is building in the countryside with a locally based general contractor and is also doing quite a bit herself (also a hillside house, by the way, with a great floor plan), so that seems to be basically possible. Since we are building in Munich, I don’t want to jump to conclusions regarding the financing of your project because it is so difficult to compare with other federal states and prices in Bavaria (even in the countryside far from the city) are a completely different world than in Schleswig-Holstein or Brandenburg. But honestly, when I hear “the woman should stay home with the children” and barely any buffer, my alarm bells ring a bit. For me and also friends who build much more rurally, many things have become more expensive (ancillary costs, especially earthworks, bureaucratic hassle that was neither foreseeable nor budgeted, absolutely necessary special wishes like multiple light switches or outdoor lighting, etc., kitchen prices have risen enormously) and none of the acquaintances could manage the house or the condominium with just one income, and most of them work at Siemens, the airport, MAN, or consulting and actually earn quite well, including the women, whose salary with children should at most drop to 2/3 to make it work. That’s why my advice is to talk to several banks and construction companies and compare, ask friends for unvarnished costs of their new houses or apartments (most downplay the costs because envy discussions quickly arise in Germany) and then realistically confront the costs and weigh whether it is feasible and with high quality of life. Everyone is different, but for us, vacations, occasional visits to restaurants, swimming pools, and amusement parks are part of a good life and that should still be possible with a house, especially because children never negatively remember an apartment or rental house but deprivation compared to other kids still has an impact decades later. The parents of my friend were in a similar situation back then and the house could just barely be financed; he still knows today that on mountain trips there was never a sausage from the hut and it was always "we don’t have money for that," which clearly shaped him.
 

mayglow

2021-06-16 20:00:54
  • #6
But I would say this rather has to do with the current salary distribution. It is somewhat more difficult if both contribute about equally to the household, but I guess many people in that situation wouldn’t have children? The OP is currently on an entry-level salary and I assume, with planned house construction and being new in the job, maybe the child planning is still a few years away. It could look a bit more relaxed then, even if the fundamental problem probably remains. Overall, I take away many considerations for myself from this thread (the salary situation is "even worse" for us, haha, because our salary distribution is reversed, but on the other hand there is no urgent building pressure right now), but I don’t yet know what our conclusion will be :) (I note to myself: hopefully no house on a slope *cough*) Secretly I hope the OP builds and everything goes well, but that might be a bit biased on my part ;)
 

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