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

  • Erstellt am 2021-06-13 17:51:57

MALI8892

2021-06-18 17:58:55
  • #1
Hey,

I know how you feel.
The costs make you feel sick.
You think back and forth.
The thought - we can't afford this - is always in the back of your mind.

BUT: It's your first draft.
The first estimates regarding the costs.
There are enough levers where you can still save a lot of money.
I wouldn't give up yet, but rather plan smaller.
This way, you will gradually approach your budget.

If you still come to the conclusion that it doesn't work out cost-wise, you can always sell the property.

Don't give up right away :-)
 

apokolok

2021-06-18 19:42:08
  • #2
I can't understand all the tips about the general contractor. Sure, you have more security, but you most likely pay a higher price for the same quality that can be achieved through an architect and self-contracting. If you want and can do a lot yourself, like , and have many relatives and acquaintances in the industry, you can do much better individually, cheaply or with high quality or both. Especially when I think about extra electrical work or upgrades in the bathroom / tiles with the general contractor, thousands just fly out of the wallet. It's much cheaper to buy and do it yourself. And then the general contractor comes around and wants more money because of increased building material prices...
 

BackSteinGotik

2021-06-19 10:35:16
  • #3


It also sounds very much like the simple abbreviation GU = cheap, architect = pretentious and expensive.
 

motorradsilke

2021-06-19 14:39:55
  • #4


Not necessarily, but you know exactly from the beginning what you will pay once you have no more special requests.
 

Evolith

2021-06-21 13:44:26
  • #5
GU simply offers more planning security. Once signed, they cannot come with higher prices. The idea that you have quality losses there is not true. They use the same craft businesses as with individual contracts. You can just have luck or bad luck there.

By the way, the providers laughed at us when I came with my house presentation (190sqm with [Staffelgeschoss] in Mediterranean style with a few columns). With 300k €, I was so far below reality that they almost cried. Well, they had something to laugh about.
What came out was a 180sqm bungalow in white (cheapest plaster) with anthracite as windows and roof. So much for my holiday feeling. :rolleyes:
 

bolew

2021-06-25 15:43:30
  • #6
I have a suggestion for you that boils down to implementing your project as originally planned, even if that doesn’t necessarily align with the majority opinion here in the forum. You yourself wrote that you are a security-oriented person. Comprehensive insurance is always expensive. But maybe I can give you some other input.

You already have a paid building plot. Bravo. And even from the municipality, so hopefully it wasn’t overpriced. In my circle of acquaintances, many are looking for a municipal plot and often fail due to local social point systems. You’ve already taken the first step.

Now a nice family home is to be built on the plot. Various sizes have been discussed here and were tendentially deemed unaffordable given your income. I would not build with an architect; from my point of view, that’s a waste of money. You will definitely find a general contractor who will build you a solid masonry house that fits within your financial framework. It won’t be quite as individual as with an architect, but you can still realize yourself to some extent. By the way, 140 to 160 sqm should be enough for a family of three to four. You should calculate a 10% buffer (or higher depending on your personal sense of security) into the fixed price.

Significant potential to avoid financial collapse in the coming years given your specific family situation: you don’t have to amortize 2 to 3% right from the start. Take it slow. Yes, there is also the 1% amortization with a bank with an orange logo. Plus the KfW financing—when I applied, there was even a several-year amortization-free period possible. Of course, after 10 years you will still have a high remaining debt. But you are young. Salary increases should still be possible. I also read something about a significant inheritance later on, which could then allow special repayments. Finance the thing with 1% amortization over 15 years, then you can later see if higher amortization rates and/or special repayments are possible. If things get really tough (interest rate increase), you have security for 15 years at first and could then continue financing at higher costs at least until the children are out of the house. If you don’t build in a demographic “loser region,” you can sell the house for a profit if necessary. Many want to completely pay off their property by a certain day and forget to live in the meantime. Who knows what will be in 20 / 30 years? Where you want to live/work, whether you’ll need the space after the children move out. Also a point: whether the partnership lasts that long. I see it this way: you can, but you don’t have to plan everything all the way to the end of life. From my personal experience, that always goes wrong anyway.

The advantage if you follow through: you will have lived beautiful years with your children in a great environment and can later reorient yourself or not. In most regions, even with sale after 20 years and only little amortization, there should still be a profit due to appreciation.

Best regards
 

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