The land fully developed with ancillary costs comes to 280k (we can finance that with equity). Then there would be 645k left for the residential house + double garage.
That is – honestly – the little part that reads tangible, reasonable, and good! You have great equity with which you can pay for a great plot. The plot then naturally counts as equity and makes your financing easier.
I’m kind of mentally wearing myself out because of this. I’m just going to wait and see what the general contractor says and try to save my nerves. The calculation can’t take much longer…
Regarding the rest… I have to say that your fears are justified.
For a 1 million project, this is anyway a somewhat strange approach. I have to “sound out” in advance where this is going and not just let myself be “painted a picture” and then hope that it somehow fits.
I see it the same. But even for bargain hunters: name the budget, deduct ancillary building costs, give the architect the room program, and then see what he makes of it.
As an example: if someone wants a lot of storage space (room program), then the architect either
- with a high budget has the option to design a house with several storage rooms as well as a double garage with a rear storage room
or
- with a lower budget has the option to design a more compact house where, for example, hallways include planned spaces for cabinets to generate a lot of storage in a space-saving way. Furthermore, the architect might recommend a roof where additional storage options open up in the attic. Then a double garage is not needed; a carport is enough.
Financial difference between a 50 sqm double garage (€50,000) and 38 sqm usable space within the thermal envelope (€1,500/sqm): €107,000 (or so, only estimated).
I consider a cube house with large window fronts to be among the most complex and expensive objects currently being built. You can certainly contribute with your own work, but you first deduct that after the invoice because everything gets more expensive than estimated anyway.
I still see three big ??? here:
?1: An architect usually calculates differently – often resulting in uncalculated 15-20% additional costs.
?2: The general contractor: it is extremely rare, or I have never read or experienced, that a general contractor contractually manages the division of own work in the shell construction. That certainly affects the warranty.
?3: The building service description for the “turnkey” house. Ultimately, the GC can be as cheap or affordable as he wants. In the end, many things are simply not included in the building service description and you pay a lot on top. Anyone building a cube house with a gallery and large glass fronts on a large scale doesn’t want just 3 sockets in the children’s room, 20x20 tiles for €25/sqm etc. And even if he makes you a nicer offer with a more appealing tile format, costs like stainless steel edges instead of plastic edges still come up, which makes the house very expensive on the area.
A building service description review with eagle eyes and expertise will definitely be sensible.
One ! I have for you as well: have you factored in the
land transfer costs for land AND house?
You want to build a magazine-cover house with a general contractor – that alone sounds like modest hopes for success and a lot of tuition fees.
I think of some fellow comrades here. The best-known example, but I think no longer searchable or linkable, is the user Hotzenplotz: also a million project, he wanted a lot of chi-chi and many changes, everything thought through down to the smallest detail, but every corner somehow resulted in a problem with the GC (who is not suitable for that) – the consequence was that he no longer even had the strength to continue his thread here. There were almost friendships here, other users visited him… and then told us readers and sympathizers that he was done, a lot of money had flowed, and there were still problems in the house structure. And that because of a house dream a GC does not have in his repertoire and that simply overwhelms the craftsmen.
I don’t want to name another one here as he is still ironing out problems with his GC. That is also about big things, namely large window areas…
Would you like to name the general contractor?