Cost estimate - simple single-family house according to kfW70

About the financial advisor: To outline your framework, it is initially sufficient to visit one or two banks. This is then a free consultation at first and you already have a rough idea of the direction. When it comes to really finding a suitable financing and you are not very familiar yourself, then you should hire an independent financial advisor. Independent are those whom you pay for the service. Usually independent are those who do not want any money from you. They then live from brokerage commissions and may broker loans that provide high commissions, but perhaps are not the best for you. ;)
But just to outline the initial budget framework, it is usually enough to visit your house bank first.

Independent are those whom you pay for the service. Independent are mostly those who do not want money from you. They then live on brokerage commissions and possibly broker loans that provide a lot of commission but may not be the best for you.

Oh! It should read as follows!

Independent are those whom you pay for the service. Not independent are mostly those who do not want money from you. They then live on brokerage commissions and possibly broker loans that provide a lot of commission but may not be the best for you.

Hello ToNKeY,

we are also building in Saxony and do not have a huge budget either. The goal is a maximum of 280K€ for a 2-story KFW70 house with 125m² including land, incidental costs, outdoor facilities, and materials for DIY work (floor coverings/painting). We have kept many things standard, but in one place or another you still want to have an eye-catcher. The land alone costs 47K€.

In my opinion, with your budget you still have to cut something, then at least the house price fits. We also initially wanted a chimney flue but then removed it. For a chimney flue and a simple wood stove you quickly end up spending over 10K€. Electric roller shutters are nice, but they add up as well. That’s why we only equipped the patio door with them. For us, the extra cost for the air heat pump or ground collector compared to gas+solar was about 10K€. With a geothermal heat pump including drilling, it would have been significantly more. We decided on the ground collector.

I see the ratio between income and loan amount as much more problematic. For every 100K€, you usually calculate 500€ monthly payment. That only works now by reducing the repayment rate to 1%. If then income restrictions (parental allowance) or expense increases (childcare, purchases/ongoing costs for the child) come into play, you quickly reach the limit.

In all your calculations rent vs. building a house, you didn’t consider one thing: at some point, the first repairs start with the house and then the 20K€ saved in post #8 are quickly used up. The older the house gets, the more repairs there will be.

By the way, for the financing we visited branches of the 2 big online intermediaries locally. Based on the filter criteria I specified, the corresponding financing options were selected. Both intermediaries came to similar results. You could sometimes follow this live on the computer. I never felt pressured towards the offer best for the intermediary. However, at least these two intermediaries earn their money through the “volume.” You have to be aware of that. In the end, contrary to my expectations, we ended up with the local savings bank through the intermediary, which after a special inquiry issued an improved offer to get us as customers.

First, get advice on how much you can even afford. I claim that what you are currently planning, you definitely will not be able to afford.

Hello Tonkey, I knew you were better off here. At least here you get the explanations why your ideas don’t work ;)

And yes, I’m also the party pooper telling you that the bank sees its limits with you. Let’s just go with the 1/3 rule as a generalization, 2/3 of the salary for living, 1/3 for repayment. Unfortunately, you will get an interest rate that doesn’t allow you to take extra-cost technology and equipment. It’s not 2-3 thousand per technology unit, but generally around +/- always 10,000, which are extra costs. Gas is a very good alternative, the pipes for controlled residential ventilation can be preinstalled, a chimney can be retrofitted. Expensive shutters only need to be on the south side, and underfloor heating also costs 5-6000 extra.
A daycare spot and fuel costs to work have to be calculated, and screw the costs your parents-in-law had back then.

Your salary is quite thin, what if a lucrative job is offered further away? Isn’t flexibility in your younger years a priority?
How old are you actually?
In the thread in the other forum you talked about building next door with friends. Think carefully about whether you might be pulled into their building ideas now. It seems like you still have some naivety or an exuberant euphoria…
You also mention that your uncle is an architect. Just ask him what costs you might expect, how you can save. Then maybe it will work out.
Maybe your parents can also give you a small starting bonus so that you can name some equity.

Sorry! That's how it should have been!

3. In my opinion, you don’t have too many wishes for your budget. By now, you’re only at KfW70 :)

But as I already said, you will have to scale down your wishes! But it’s coming slowly. 130m² is enough too! And the air heat pump is probably the cheapest alternative heating system, but especially with a limited budget, I would first take a gas heating system and then you can still switch to a heat pump in 20 years.

And really make an appointment with the financer and first define your financial possibilities. Your calculation "rent is wasted money" unfortunately doesn’t add up that easily. It’s just not that cheap to buy/build a house with a rent! Even if the advertising suggests that.

Why is there no edit function? That should be [strikethrough]!