Cost for a new single-family house, 2 full floors, without basement

Hello everyone,

my better half and I would like to have our own home. We were initially thinking about 170m2 without a basement, 2 full floors, a granny flat of about 20m2, no garage, no outdoor facilities. After several offers from various well-known prefabricated house manufacturers, our eyes popped out after the second meeting with the companies. Now we have considered another option. The location and thoughts are as follows:

- 130-140sqm and basement
- possibly knee wall, at least 1.60m though
- plot, 1000m2 available, but not developed
- Kfw 70 is the goal
- garage and outdoor facilities to be done by ourselves, gradually
- income about €3500 - €4000 net (now rather €3500 because of child year) including child benefit (1 child)
- equity -> undeveloped 1000m2 plot and emergency reserves which should remain as such.

It will probably be 100 - 110% financing. We now have an offer from our house bank for €325,000 with a maximum installment of €1300, 10 years fixed term, 2.70% including Kfw loan.

That sounds tempting at first, but it could turn into a nightmare in 10 years.

The question is, how much does the "smaller" house really cost us? Cheaper with basement than without and 170sqm? The less money we need, the more flexible we could act, also considering future renovation costs, outdoor facilities, garage, car, etc.

Our first thought at the beginning was that one salary should be enough to service the bank and maintain and live in the house, but with a €1300 installment not possible in my opinion.

What do you think about all this?

For the amount, definitely at least 15 or 20 years of fixed interest rate. Otherwise, the risk is far too high. And €1300 sounds very much like a 1% financing. Have you ever considered how much is still outstanding after 10 years and how much after 20 years? After 20 years, probably more than €200,000 is still outstanding.

It is 2%.

We have made clear to ourselves what is still there after 10 years, hence the sentence with the nightmare.
It is now only about spending as little as possible, as much as necessary.

Hello,

my better half and I would like to have our own home. We were thinking of 170m2 without a basement, 2 full floors, a granny flat of about 20m2, without a garage, without outdoor facilities. After several offers from various well-known prefab house manufacturers, our eyes popped out after the second conversation with the companies.

Prefab house providers, at least reputable ones, are always more expensive due to the production process of prefab houses.

Conventionally built, it would cost you about TEUR 300 in Bavaria, with a larger granny flat, since 20 sqm is rather nothing :confused:

Now we have considered another option. The location and ideas are as follows:

- 130-140sqm and basement
- possibly knee wall, min. however 1.60m then
- it should be Kfw 70

It will cost you about TEUR 285 plus incidental building costs TEUR 35-40, plus ... plus ...

Rhenish regards

The granny flat "would be" intended for the mother-in-law, but only if it is to be 170m2. Therefore, better smaller and then just without it.

So 300 +, nothing less? Phew.....
I really don't know where we could start to save. If I knew that 150m2 without a basement would also work, it would be an option.

So a €1,300 installment is, in my opinion, far too low for that amount.

2% repayment is okay, but only 10 years fixed interest period is already more than borderline for that sum. I would raise it to 20 years. Then the interest rate will naturally get worse again and the installment will increase.

In my opinion, the numbers simply do not add up in a way that would allow me to give you a confident "OK." Either scale back your plans, accumulate equity, or work on your salary.