Do you find the consideration realistic?

Hello first of all to everyone who already has much more experience than we do,

I (female) am new here and like many others here am in the thought process :confused: regarding building, budget, costs, etc.... so still very much at the beginning ;-)

We have a beautiful plot of land in Bavaria in sight and are considering building.
Do you find the rough price calculation for a single-family house (see below) realistic? We don’t have to move out of our current house, it’s also all beautiful, but we do feel the desire for something of our own, also to create a lasting value for the children and to take advantage of the low interest rates now. Of course, a used house would be cheaper, that option remains, but our own, self-planned and chosen house also has its charm. So far all just thoughts….

Key data (married, mid-30s, 2 small children, family planning totally completed ;-))
Monthly net income approx. €5000 (child benefit and childcare already deducted from this, they roughly balance out), 1x full-time academic, 1x part-time job 20h
Equity €90,000
Plot of land in sight: €120,000 (incl. 5% additional costs)
Budget: €430,000
Financing requirement: €340,000
Special repayments: €10,000/year (will be partly covered by our parents)
Apart from a leasing contract €170/month no obligations. 1x company car

At the moment we pay €900 cold rent in a 160 sqm semi-detached house – complete furnishings and kitchen are all already there.
The rate we would like to fix for the next 20 years would be €1700. We have already been to a few banks regarding the loan, we would probably get the loan without problems, we will also inherit some assets at some point, so we can live with the relatively large residual debt after 20 years without already having stomach aches now.

We plan either to build a 5-room single-family house (KfW 70) with approx. 150 sqm without a basement and 2 double garages,
or a basement single-family house with 140 sqm living space. We are not yet sure about that, still have to get some offers. At the moment we tend to a solution without a basement because of the money, which would certainly cost around €50,000....
However, if I read here that turnkey a basement house 140 sqm is offered for €270,000, maybe it still works? But the basement is not absolutely essential for us....;-)

My calculation for the solution without a basement
150 sqm €240,000 (incl. tiles and flooring) – can you get by with that price? Without great luxury, just something solid…
Additional costs €35,000
1 garage + carport €20,000
Outdoor area €15,000
Land: €120,000
Total: €430,000

Would you do it? With a basement we would never make it, right?

Best regards & thanks,

Young, fresh ;-) & free

Do you want to build with an architect or a construction company?

Don’t forget the costs for construction supervision. Even if it makes the initial estimate seem more expensive. Often you save that money in the end and don’t experience any nasty surprises – at least it reduces the risk.

I don’t consider the price unrealistic. We plan similarly and also end up in about this range.
However, we plan around €240,000 for the house (between 140 and 150 sqm living space / without a basement) + architect according to HOAI service phases 1-9 + additional construction costs.
I cannot assess the costs for the outdoor area, since no plot size is given.
Additional construction costs as well, these strongly depend on the soil condition.

€1700 per month at 3.7% interest with 2.3% repayment means you’ll be finished in 26 years.
With a 20-year fixed interest period, you still have ~€100,000 outstanding. If you actually add €10,000 a year in special repayments, you’ll be done in 15 years.
Then a 10 to max. 15 year fixed interest period would suffice. Even if only €5,000 special repayment per year occurs, you’ll be done in 19 years or would still have €85,000 outstanding after 15 years.

Of course, only on the condition that your bank interest rate is 3.7%.

Our prefabricated house without a basement with the following features:
Living area 145 sqm
Ventilation system with humidity control
Room air-independent fireplace
Water softening system
Gas boiler
Solar for hot water with 300l
Top bathroom fittings
KFW 55
Satellite cabling
Network cabling throughout the house
Attic with a height of just under 1.70

Costs us 225,000 including the foundation slab.

Additionally, almost 10,000 for flooring materials and installation
+ almost 40,000 incidental construction costs

So exactly as you planned it....
Your figures for garage and carport can also be accurate, and the outdoor area can already include the essentials within the budget.

With your net income and completed family planning, I would also have no concerns about the financing. However,
your equity should secure much better interest rates than 3.7%.
It is also positive to have parents backing you who support the building project and can possibly step in financially.
That encouraged us to go ahead with it :)

Hello,

I was thinking more of a regional builder with a standard floor plan. Open living/dining area, pantry, office, and 3 bedrooms + bathroom, possibly a dressing room upstairs, luckily we don’t need more than that.... The plot is 590 sqm - a dream would be a terrace that wraps around the corner. So seating area in the south and our lounge furniture on the west side... How much does the building supervision cost approximately, do you have any estimates, we definitely won’t save on that – we really have no real knowledge of the subject. Also, significant personal contribution is out of the question for us...

Hello,

Plot in sight: €120K (incl. 5% incidental costs)
Budget: €430,000
Financing requirement: €340K

We are planning either to build a 5-room detached house (KFW 70) with approx. 150 sqm without a basement and 2 double garages,
or a basement detached house with 140 sqm living space. We are not sure yet, still need to get some offers. Currently, we tend more, because of the money, towards a solution without a basement, which would certainly cost around €50K….
However, when I read here that turnkey a basement house with 140 sqm is offered at €270,000, maybe it will still work? But the basement is not vital for us….;-)

My calculation for the solution without basement
150 sqm €240,000 (incl. tiles and flooring) - is that achievable with the price? Without great luxury, just something solid...
Incidental costs €35,000
1 garage + carport €20,000
Outdoor facilities €15,000
Plot: €120,000
Total: €430,000

Would you do it? With a basement we definitely can’t make it, right?

A detached house with 150 sqm net living area and as a KFW 70 efficiency house should cost about €240K, the usable basement another good €45K, garage 3 x 9 plus carport 3 x 6 €20K, plus construction incidental costs €35K - plus a reserve of €8-10K for additional foundation costs, plus costs for painting and flooring, plus outdoor facilities, plus reserve "x" for extras. Since you are also based in Bavaria, the stated prices could easily be about 8% higher depending on the location.

All in and with a conservative taste regarding the fittings, I would assume that you need around €510K for a detached house of the stated size including the basement, so you must finance €420K. Plus possibly 8% more for the Bavarian surcharge ;)

Kind regards