Estimate of construction costs for a single-family house in the Rhine-Main area

Hello everyone,

I would be very happy if you, as experts, could give me an assessment regarding the calculated construction costs. In particular, whether my previous calculation is reasonably set up. The goal is to avoid any unpleasant financial surprises.

Furthermore, I would like to know what experiences you have had when buying land? My bank calculates the value of the property using the current standard land value. That should also be an acceptable approach for the seller, right? He has not yet commented on any price. Would it possibly make sense to hire an external appraiser? I want to avoid the seller demanding an exorbitant price from us. Many thanks in advance for your support!

Rahmendaten:
We are currently planning to build a single-family house (1.5 stories, approx. 180 sqm living space) on a developed plot in a building area that has existed for years with a general contractor. The plot is square and level (650 sqm) and located in the Rhein-Main area. In particular, I would like to know if I have calculated the incidental building costs (house connections, soil survey, excavation and removal of topsoil, building permit costs, etc.) generously enough and if I have forgotten any cost items (should I budget extra for additional sockets, etc.)??



[TD="class: cms_table_xl64, width: 413"]Land price without incidental costs
[TD="class: cms_table_xl66, width: 104, align: right"]162,500


[TD="class: cms_table_xl64"]Real estate transfer tax + notary (6.5%)
[TD="class: cms_table_xl65, align: right"]10,563


[TD="class: cms_table_xl64"]Construction costs without basement (180 sqm)
[TD="class: cms_table_xl65, align: right"]250,000


[TD="class: cms_table_xl65, align: right"]


[TD="class: cms_table_xl64"]Basement
[TD="class: cms_table_xl65, align: right"]40,000


[TD="class: cms_table_xl64"]Incidental building costs (15% of construction costs)
[TD="class: cms_table_xl65, align: right"]37,500


[TD="class: cms_table_xl64"]Building inspector
[TD="class: cms_table_xl65, align: right"]3,500


[TD="class: cms_table_xl64"]Outdoor facilities (access paths, front yard paving, terrace)
[TD="class: cms_table_xl65, align: right"]15,000


[TD="class: cms_table_xl64"]Kitchen (offer available)
[TD="class: cms_table_xl65, align: right"]10,500


[TD="class: cms_table_xl64"]Interior finishing (tiles in basement and ground floor, laminate on upper floor, wallpapering upper floor, painting ground floor and basement (basement materials done personally, labor costs))

[TD="class: cms_table_xl65, align: right"]20,000


[TD="class: cms_table_xl64"]Wood stove + chimney
[TD="class: cms_table_xl65, align: right"]5,000


[TD="class: cms_table_xl64"]Double garage (MultiBox) with foundation slab
[TD="class: cms_table_xl65, align: right"]13,000


[TD="class: cms_table_xl64"]Lump-sum additional expenses
[TD="class: cms_table_xl65, align: right"]10,000

Hello

why do you let the bank appraise the property?

The current prices should actually be known (e.g. Immoscout)

Hello Joschka80,

I personally consider the construction costs of EUR 250,000 (approx. EUR 1,400 per sqm) to be too low. It is better to calculate here with at least EUR 1,600 per sqm, thus about EUR 290,000.

I also find the basement price very narrowly calculated - for a house of this size I would rather expect EUR 50,000 - EUR 55,000.

A wood stove and chimney will also be difficult to realize with EUR 5,000.00 - you can count on this amount just for a reasonably decent chimney with fresh air supply - without stove.

Regards,

Dirk

Thank you! Currently, we have a provider whose price is at EUR 254,000. The exact service description is still pending. That means anything under EUR 1,600/sqm is rather to be classified as less reputable? Where is the saving in these offers?

Hello Joschka80,

I personally estimate the construction costs of EUR 250,000 (approx. EUR 1,400 per sqm) as too low. Better calculate here with at least EUR 1,600 per sqm, so about EUR 290,000.

I also find the basement price very narrowly calculated – for a house of this size I would rather expect EUR 50,000 - EUR 55,000.

A wood stove and chimney will also be difficult to realize for EUR 5,000.00 – you can already calculate that amount just for a reasonably good chimney with fresh air supply – without stove.

Best regards,

Dirk

Hello Joschka,

I wouldn’t say that everything under EUR 1,600 per sqm is automatically less reputable. It is possible, but can only be realized with rather simple features.

Starting with simple flooring, sanitary fixtures, heating technology, minimal electrical installations, etc.

A fairly generously sized house is usually better equipped from experience—and that’s exactly where, in my opinion, it becomes difficult.

The only solution here is to compare and study the construction service description very carefully.

We are also building in a very similar size range, but (albeit turnkey) come to just under EUR 1,900 per sqm of living space.

Regards,

Dirk

Regarding the details: Fireplace stove + chimney for €5,000 will not work. The chimney draft alone costs around 5k. A room air-independent fireplace stove DIBT certified costs at least the same amount again. To me, the house price already sounds reasonable. The additional construction costs you still lack are the connection costs and others (insurance, etc.). Our bank has evaluated the property according to market value, that is, according to the purchase price.