Building a house: sensible or wait?

  • Erstellt am 2012-04-17 14:21:37

Galdan

2012-04-17 14:21:37
  • #1
Hello everyone,

my girlfriend (24) and I (27) also want to realize our wish for a home of our own. Especially because of the low interest rates on loans, we want to start the construction project now and not wait any longer until we have saved up more equity.

Net income "her": €2250
Net income "me": €2250
Total equity: approx. €100,000
Roughly estimated financing requirement: €400,000 (or possibly €450,000)

Basically, we both earn 13.5 or 14 monthly salaries respectively. These are not yet included in the above figures. The same applies to "her" profit participation, which for example was €4,000 net last year.

We would largely pay these off as special repayments at the end of the year. Possibly partly also use them for a vacation or to settle other bills, etc.

Basically, it is also under discussion to possibly have a child, but with "her" explicit wish to work full-time again after one year of parental leave (daycare, grandparents, ...).

From your point of view, is this financing manageable?

Now a few details about the construction project itself:

Plot (not a specific one yet) 500m² at €330/m²: €165,000

Regarding the house, I have no idea yet what it "may" cost. The following ideas we have:


    [*]high-quality fittings (so nice tiles, nice parquet, nice sanitary fixtures; but nothing absolutely overpriced, good value for money)
    [*]180m² living space
    [*]ground floor: living/dining room; open kitchen; WC; pantry; entrance area
    [*]upper floor: children’s room; children’s bathroom; office; bedroom; dressing room; parents’ bathroom
    [*]basement: utility room; laundry room; 1 or 2 "hobby rooms"; one hobby room might become my office if a second child arrives
    [*]parquet flooring in every room except the two bathrooms and basement
    [*]solid house (I was thinking of Poroton T9 with insulation)
    [*]KfW70 or better
    [*]geothermal heat pump (surface collector or probe)
    [*]double garage (with motorized door and some space for garden tools and bicycles)
    [*]possibly solar system for hot water heating
    [*]front door with fingerprint scanner (I like technical gadgets)
    [*]controlled ventilation with heat recovery
    [*]underfloor heating on ground and upper floors
    [*]triple-glazed windows
    [*]blinds everywhere (in the parents’ bedroom electrically operated, ideally with a timer)
    [*]terrace
    [*]simple garden
    [*]simple basic shape, e.g. 10m*10m
    [*]large windows


That should be "about" it :-)

Of course, all ancillary building costs still have to be added.

Does this roughly reach the planned €500,000 or €550,000?

I don’t want to calculate right at the very limit.

Thank you very much for your help!

Best regards

PS: Because it is relevant due to property tax and wages: we are from Bavaria.
 

Der Da

2012-04-17 23:37:53
  • #2
That can only be answered once you have more concrete numbers. From your income, I don't see any difficulties. However, with one limitation: I don't know what you mean by "gehoben". I would say this way, we build qualitatively well, 140 sqm living space on a plot for 100,000 without a basement. In the end, we will certainly have paid almost 400,000. House price (prefabricated house) 220,000 (with extra requests, only gas boiler as heating) Garage 10,000 Kitchen 10,000 Floors 10,000 Outdoor facilities 10,000 Plot 100,000 Additional construction costs 30,000
 

Bauexperte

2012-04-18 09:30:07
  • #3
Hello,


Up to this point, the house including double garage and terrace would cost a good €350,000 in the Rhineland; completely ready for painting. In Bavaria, the costs are 6 to 8 times higher.

Your calculation would then roughly look like this:

Plot - €165,000.00
Single-family house - €374,500.00
Ancillary construction costs - €35,000.00
Outdoor facilities - €15,000.00
Reserve for extras - €20,000.00

amounting to a total of €609,500.00 if your above ideas are to be realized as planned.

Regarding your financing inquiry, I recommend—as I always do—sitting down for a good two-hour meeting with an independent financer to work out a financing offer based on your personal situation. Unlike banks—although the consultation certificate is now mandatory—financing brokers are fully liable for advice errors and tend not to pull a preset offer out of a drawer.

Kind regards
 

Shism

2012-04-19 11:46:30
  • #4


With a 15-year fixed interest period and 2% repayment, the monthly rate is immediately around €2,000+. Additional costs (insurance, heating, taxes, garbage, etc.) apply... €4,500 net income doesn’t sound bad at first... however, with this financing, probably "only" €2,000 remain after deducting house costs...

Depending on your current living expenses, that may be sufficient or tight... especially if a child is expected... (less income/high costs for full-day care)...

Now it may still be your wish to work full-time again afterwards... but once the child is there, that can quickly change, especially if no suitable childcare spot is found...

I would seriously consider whether I really want to build in the €550k range or rather try to manage with €450k...
 

Galdan

2012-04-26 17:06:52
  • #5
Hello everyone, I would like to thank you for the numerous responses. I believe we will try to get by with €350,000 in debt capital. Since we currently have no reason anyway and can start at the earliest next year, we should also be able to save some extra. Many thanks also to Bauexperte and Der Da for the rough cost estimate! Best regards
 

HouHu

2012-05-08 12:53:53
  • #6
Shouldn't one always also consider the region in which one lives in the matter? In some areas, prices are very high at times and then not again. What I mean to say is that one simply shouldn't generalize too much.
 

Similar topics
07.07.2011Financing land now, house in 6 months?17
20.07.2011House construction: Equity / incidental construction costs realistic?14
31.05.2012Financing of the property: Does the entire financing need to be secured?11
05.02.2014Costs/planning land, additional construction costs, turnkey, etc.27
14.11.2013Is financing for construction projects feasible?10
19.04.2015Our Construction Project - Our Financial Situation37
19.08.2014Home construction financing - House price and ancillary construction costs27
21.08.2014Is financing without equity realistic?19
04.03.2015Budget plot and building with basement21
31.03.2016Financing / house building feasible?24
10.04.2016Property as equity? Living costs with children?19
21.04.2016Is financing with land and equity possible like this?20
08.08.2017Buy land with cash? How to build financing?44
30.09.2016Equity understanding problem41
10.04.2017Banks for 110% financing169
13.10.2020Land available - ancillary construction costs, ancillary house costs, financing?34
10.11.20202 (dream) properties - financing unclear. Save equity?40
04.03.2022Property development - basement yes or no?75
26.06.2022Financing feasible in the current situation? Single-family house 140 m² including basement23
21.04.2024Cost estimation per square meter of living area for a hillside house with basement and garage87

Oben