Rallyestreifen
2021-05-29 15:15:11
- #1
Hello dear community,
about a year ago I posted something similar. It is about me wanting to hear your opinion on the financial framework of our new construction project and to get an assessment of the loan offer.
Since some parameters have changed this year, I thought it’s okay to make a new post, at least I hope so.
Initial situation:
We (family mother, father, both 41, and child, 6 years) have bought a plot in a new development area, we are building a solid house with a general contractor, a double garage, without basement. The construction contract was signed at the end of last year, the building permit is available. We are building "turnkey" with a flat rate, the only trades missing are floors (bathrooms included) and painting work. Some offers like earthworks, garage, kitchen, are already in as well. Construction is supposed to start in July 2021.
Cost calculation:
Additional notes:
- the development costs are rather around 40 euros / sqm, but I calculated conservatively
- the house is basically fully sampled, but we still planned a buffer
- the earthworks are realistic in my opinion, my future neighbors have also just finished the earthworks with this contractor and the offer matched the actual costs well, the plots are similar
- the block interior fittings is meant for furniture and similar; the kitchen we already have and this is probably the largest item
- I have no plan about landscaping, I just put a budget item in
Equity & income:
About 225,000 EUR equity, all saved in the last 10 years, especially in the last 6 - 7 years
Husband’s income: about 4,800 euros per month with tax class 4, full-time, employed, permanent, no further major increases beyond inflation adjustments expected
Wife’s income: about 1,300 euros per month with tax class 4, part-time, employed, permanent, also no increase in hours or major raises expected.
Of course, there is also the mandatory child benefit, and I also have income from self-employment of about 500 euros / month, but I would not want to include that.
We have no debts, we lead a normal lifestyle, go on vacation, have two cars, occasionally eat out and do our bulk shopping on weekends at Aldi.
Additionally, it should be mentioned that we are building a KFW55 house and receive Baukindergeld.
Loan offer:
The offer comes from the Allianz, our home insurance.
KFW; the 120,000 EUR; however at 0.8 % effective for 10 years
Allianz, 380,000 EUR, 23 years fixed interest rate, 1.5% effective, full repayment, prepayments possible, changes to repayment rates possible, return up to 10%, 1 year free of commitment interest, only interest paid in the first year
Well, I could certainly write a whole novel here. I am happy to provide information on request; it is quite possible that I was too inaccurate somewhere or forgot something.
I look forward to lively feedback, including critical ones.
Many thanks and best regards
Rallye
about a year ago I posted something similar. It is about me wanting to hear your opinion on the financial framework of our new construction project and to get an assessment of the loan offer.
Since some parameters have changed this year, I thought it’s okay to make a new post, at least I hope so.
Initial situation:
We (family mother, father, both 41, and child, 6 years) have bought a plot in a new development area, we are building a solid house with a general contractor, a double garage, without basement. The construction contract was signed at the end of last year, the building permit is available. We are building "turnkey" with a flat rate, the only trades missing are floors (bathrooms included) and painting work. Some offers like earthworks, garage, kitchen, are already in as well. Construction is supposed to start in July 2021.
Cost calculation:
| Cost items | Note | Target |
| 1. Plot | 106,834.00 € | |
| Purchase price, 90 € / sqm, 728 sqm | Purchase contract | 65,520.00 € |
| Development costs, 50 € /728 sqm | 36,400.00 € | |
| Property transfer tax, 5 % | fixed | 3,276.00 € |
| Notary / land register 2 % | 1,638.00 € | |
| 2. House | 398,500.00 € | |
| Turnkey, approx. 160 sqm | Construction contract | 360,000.00 € |
| Buffer for sample selection | 8,500.00 € | |
| Painter, floors | Recommendation general contractor | 30,000.00 € |
| 3. Incidental building costs | 66,500.00 € | |
| Earthworks | Offer earthworks contractor | 32,000.00 € |
| Service package | Contract general contractor | 9,500.00 € |
| Miscellaneous | Recommendation general contractor | 25,000.00 € |
| 4. Garage, 6*6 m | Offer manufacturer | 31,311.60 € |
| 5. Interior fittings | 50,000.00 € | |
| Kitchen | Offer manufacturer | 17,000.00 € |
| Remaining equipment | 33,000.00 € | |
| 6. Garden and landscaping | 50,000.00 € | |
| 7. Total costs | 703,145.60 € |
Additional notes:
- the development costs are rather around 40 euros / sqm, but I calculated conservatively
- the house is basically fully sampled, but we still planned a buffer
- the earthworks are realistic in my opinion, my future neighbors have also just finished the earthworks with this contractor and the offer matched the actual costs well, the plots are similar
- the block interior fittings is meant for furniture and similar; the kitchen we already have and this is probably the largest item
- I have no plan about landscaping, I just put a budget item in
Equity & income:
About 225,000 EUR equity, all saved in the last 10 years, especially in the last 6 - 7 years
Husband’s income: about 4,800 euros per month with tax class 4, full-time, employed, permanent, no further major increases beyond inflation adjustments expected
Wife’s income: about 1,300 euros per month with tax class 4, part-time, employed, permanent, also no increase in hours or major raises expected.
Of course, there is also the mandatory child benefit, and I also have income from self-employment of about 500 euros / month, but I would not want to include that.
We have no debts, we lead a normal lifestyle, go on vacation, have two cars, occasionally eat out and do our bulk shopping on weekends at Aldi.
Additionally, it should be mentioned that we are building a KFW55 house and receive Baukindergeld.
Loan offer:
The offer comes from the Allianz, our home insurance.
KFW; the 120,000 EUR; however at 0.8 % effective for 10 years
Allianz, 380,000 EUR, 23 years fixed interest rate, 1.5% effective, full repayment, prepayments possible, changes to repayment rates possible, return up to 10%, 1 year free of commitment interest, only interest paid in the first year
Well, I could certainly write a whole novel here. I am happy to provide information on request; it is quite possible that I was too inaccurate somewhere or forgot something.
I look forward to lively feedback, including critical ones.
Many thanks and best regards
Rallye