Budget planning for a single-family house

  • Erstellt am 2014-02-13 16:29:25

miho

2014-02-13 16:29:25
  • #1
Hello,

after reading a lot here in this very useful forum, I would like to share my thoughts on our house construction.

I should also mention that, for the reasons described below, we are also considering other options like buying a house and possibly renovating it. However, I would like to first look more closely at the new build option to see what is really feasible.

Regarding our financial framework: My wife and I (35 and 39 years old) each have about 4000 euros net income. She is a civil servant, I am a permanent employee at a solid company. I will soon be switching to another company under similar conditions. We do not have children yet but plan to have them soon. To keep the burden manageable during parental leave, we want to limit ourselves to about 2000 euros for interest and repayment and rather occasionally use special repayments. That still leaves us a lot of leeway, as we generally like to go out but spend rather little on expensive vacations or cars. We have about 340k own capital, mainly savings, available. Our price limit is initially set at 600k, but we could certainly increase it to 700k for a perfect location.
We want to build in the Nuremberg/Erlangen area.

Our ideal ideas:
Location close to the city with good public transport connections, yet quiet. I know that is not easy. There are a few areas that fulfill this, but they are in demand and expensive.
Plot size 400-1000 sqm. For plots that are possible candidates, one quickly pays 250-300k. That is a hefty part of the budget. We actually do not want a smaller plot. We want a house with large windows and not constantly have to close curtains because of neighbors. Of course, this also depends on the layout and planting.
House with 160-180 sqm, ground floor + 1st floor with a small knee wall and gabled roof, ground floor with hallway, living room, kitchen, guest WC, possibly office/guest room. 1st floor with bathroom, bedroom, 2x children's rooms. Usable basement with outside access for bicycles. Terrace. A garage and carport are not very important at first.
Spacious and good, stylish fittings but no luxury (marble bathroom).

So far, I have always calculated with the well-known 2000€/sqm living space + basement + incidental costs and come to approximately
House 350k
Basement 50k
Earthworks 20k
Incidental costs 30k
Total 450k

Property transfer tax/agent/notary are additional with 30k.

Due to professional and family priorities, we do not want to contribute much work ourselves. We would have help with the garden, though.

In view of the plot prices, it seems to me that it is not possible to stay within the budget. Did I roughly calculate something wrong somewhere?

Thanks for ideas and opinions.
Regards,
Michael
 

Koempy

2014-02-13 16:32:25
  • #2
I wouldn't worry about the equity and the income. And the numbers sound realistic.
 

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