Tonmeister
2009-09-19 15:42:30
- #1
Hello,
My fiancée and I have decided to build a house due to the quite favorable interest rates.
I would like to post my personal rough plan here and ask what you think of it.
Since our budget is limited, I had to come up with a way that helps me get into our own four walls as cheaply as possible.
Phase 1:
Checking maximum budget and maximum monthly burden:
So I went to various banks and had non-binding offers and financing models drawn up.
We wanted to determine what the maximum loan amount is with €70,000 equity (land) and the security that if the partner becomes unemployed, they can make the repayments.
On average, with a repayment rate of 1.5% and a fixed interest period of 15 years, we came to a loan amount of €170,000 with our possibilities (including KFW homeownership).
Phase 2:
Looking for and buying land.
We live in a marshland where building with a basement (which we need professionally) is almost impossible. Pressing water already at 100 cm depth is not uncommon.
WU_basement costs and keeping groundwater with pumps exceed the budget.
By a lucky coincidence, a friend offered me a fully developed plot on a sandy dry hill. My cash funds are enough to buy the land and pay for the land registry/notary.
Split and plan budget:
I calculate as follows:
€170,000 loan minus €30,000 basement minus €30,000 incidental construction costs leaves €110,000 for the actual house.
Of course, you can’t get much for that, I know that...
I have a craftsman background (my father was a master mason and I have always helped at home with all kinds of work since childhood).
We now want to get offers (from construction companies and general contractors) and of course have various own contributions factored out, for example:
basically: I work from home and can manage my time freely (easily make 2 appointments a day (bank/office/GC/construction company etc.)
-Interior fittings (who buys cheap buys twice, who buys cheaply saves money), I don’t need high-end door handle sets and door leaves, rather more sockets etc., you know what I mean
-Windows (we get them at incredibly favorable conditions through good connections to a leading manufacturer)
-Tiles (in the area we have a master tiler and someone who works in purchasing at a building materials wholesaler)
-Bathroom/sanitary (tiles and tiling work done by ourselves, sanitary objects partly bought abroad (cheaper), connection by plumber in the family)
-Painting/laminate/carpet... 5 painters in the immediate circle of friends/family, someone always has time
-Outdoor facilities: driveway and terrace I’ll do myself (gravel partly comes from excavated material/gravel soil), stones/gravel/compacting plates (building materials wholesaler cheaper)
-Garden comes later but because my fiancée’s stepbrother is a gardener and landscaper, plants purchased on offer, building materials see above.
-Carport I will build myself, this will already be the fifth I build
-Construction supervision/quality control is done by my uncle (master carpenter + civil engineering technician)
The goal is to manage with €100,000 for a virtually closed shell (120m2 living space)
What I don’t know is as follows:
What costs come up as incidental building costs (broker commission on land falls away, soil survey available, land officially surveyed in 2008)
Connection costs (gas, water, nonsense, odds and ends) I estimated at €10,000, construction electricity/construction water at €2,000, registration of mortgage/notary/land registry again at €2,000. Building application etc. €1,000.
Construction access road falls away as it already exists.
As an emergency system for financing security, I plan to design the house so that I can convert the upstairs rooms into a one-room apartment (intermediate entrance door)
And to opt the “utility room” on the ground floor so that I can convert it into a full bathroom (heating will be in the basement anyway)
So we are now going into the phase “Where do I get a lot of solid house for amount X”
What do you think, is the plan unrealistic or "doable"?
My fiancée and I have decided to build a house due to the quite favorable interest rates.
I would like to post my personal rough plan here and ask what you think of it.
Since our budget is limited, I had to come up with a way that helps me get into our own four walls as cheaply as possible.
Phase 1:
Checking maximum budget and maximum monthly burden:
So I went to various banks and had non-binding offers and financing models drawn up.
We wanted to determine what the maximum loan amount is with €70,000 equity (land) and the security that if the partner becomes unemployed, they can make the repayments.
On average, with a repayment rate of 1.5% and a fixed interest period of 15 years, we came to a loan amount of €170,000 with our possibilities (including KFW homeownership).
Phase 2:
Looking for and buying land.
We live in a marshland where building with a basement (which we need professionally) is almost impossible. Pressing water already at 100 cm depth is not uncommon.
WU_basement costs and keeping groundwater with pumps exceed the budget.
By a lucky coincidence, a friend offered me a fully developed plot on a sandy dry hill. My cash funds are enough to buy the land and pay for the land registry/notary.
Split and plan budget:
I calculate as follows:
€170,000 loan minus €30,000 basement minus €30,000 incidental construction costs leaves €110,000 for the actual house.
Of course, you can’t get much for that, I know that...
I have a craftsman background (my father was a master mason and I have always helped at home with all kinds of work since childhood).
We now want to get offers (from construction companies and general contractors) and of course have various own contributions factored out, for example:
basically: I work from home and can manage my time freely (easily make 2 appointments a day (bank/office/GC/construction company etc.)
-Interior fittings (who buys cheap buys twice, who buys cheaply saves money), I don’t need high-end door handle sets and door leaves, rather more sockets etc., you know what I mean
-Windows (we get them at incredibly favorable conditions through good connections to a leading manufacturer)
-Tiles (in the area we have a master tiler and someone who works in purchasing at a building materials wholesaler)
-Bathroom/sanitary (tiles and tiling work done by ourselves, sanitary objects partly bought abroad (cheaper), connection by plumber in the family)
-Painting/laminate/carpet... 5 painters in the immediate circle of friends/family, someone always has time
-Outdoor facilities: driveway and terrace I’ll do myself (gravel partly comes from excavated material/gravel soil), stones/gravel/compacting plates (building materials wholesaler cheaper)
-Garden comes later but because my fiancée’s stepbrother is a gardener and landscaper, plants purchased on offer, building materials see above.
-Carport I will build myself, this will already be the fifth I build
-Construction supervision/quality control is done by my uncle (master carpenter + civil engineering technician)
The goal is to manage with €100,000 for a virtually closed shell (120m2 living space)
What I don’t know is as follows:
What costs come up as incidental building costs (broker commission on land falls away, soil survey available, land officially surveyed in 2008)
Connection costs (gas, water, nonsense, odds and ends) I estimated at €10,000, construction electricity/construction water at €2,000, registration of mortgage/notary/land registry again at €2,000. Building application etc. €1,000.
Construction access road falls away as it already exists.
As an emergency system for financing security, I plan to design the house so that I can convert the upstairs rooms into a one-room apartment (intermediate entrance door)
And to opt the “utility room” on the ground floor so that I can convert it into a full bathroom (heating will be in the basement anyway)
So we are now going into the phase “Where do I get a lot of solid house for amount X”
What do you think, is the plan unrealistic or "doable"?