Financing KfW55 efficiency house, land and outdoor facilities

Hello everyone,

we are currently planning a Kfw55 efficiency house with a local solid house provider, about 200m² (2 floors, gable roof, no basement, garage). The price at the current status is about 410,000€ including additional construction costs, outdoor facilities, "KNX", etc... We would like to start building at the beginning/middle of 2017.

A plot of about 700m² is already in our possession and has a value of about 80,000€.

Unfortunately, we cannot provide any further equity (apart from the plot) because we have only been working for about 1 year due to studies, etc. Our net income is 5,300€ + 13th salary. Currently, we pay about 600€ rent warm. According to our household budget, the money we are currently saving is about 2,500€ per month, which we wanted to use for the kitchen and the stove.

To repay the 410,000€, we have set a monthly rate of about 1,500€ with an interest rate fixed for 25 years (in combination with the two Kfw loans). As a special repayment, we wanted to use a 13th salary (about 2,500€).

We currently have no children. A maximum of 2 children are desired.

Do you consider the financing realistic? I would be very grateful for any response!

Kind regards,

Marcel

Provider of solid houses to plan a KFW55 efficiency house with about 200m² (2 floors, gable roof, without basement, garage). The price currently stands at about 410,000€ including incidental construction costs, outdoor facilities, "KNX", etc... We would like to start building at the beginning/mid 2017.

Then I'll take 3x to go please :) seriously: the price will never work out. KNX costs at least 30k. Incidental construction costs at least 30k. Garage 15k (cheap). Outdoor facilities the bare minimum 20k, KFW at least 20k. And for the rest 200sqm??? They want to take you for fools :) 5 years ago that would have worked, but certainly not 2017

Hello Marcel,

the 410 TEUR are certainly doable with your salary, but for me personally it would be a bit too much. We have basically the same income and calculable fixed costs due to a company car, but we only dare to take on a loan amount that is "just" 80 TEUR less. Apart from that, the 410 TEUR including garage and outdoor area seem too low to me for 200 sqm of living space.

We are building a prefabricated house (Fingerhaus) with just under 160 sqm and are calculating without garage, without KNX and only the necessary outdoor area including kitchen at just under 400 TEUR.

Are the 200 sqm really necessary? I am really very meticulous in planning and calculation and yet costs arise after just a few months that I had not anticipated. Therefore, I can only advise factoring in a generous buffer. We have done that, whether we will make it, I can tell you in about a year ;-).

Best regards!

Then I'll take 3x to go please :) seriously: the price will never work in life. KNX costs at least 30k. Secondary construction costs at least 30k. Garage 15k (cheap) Exterior work the essentials 20k, kfw at least 20k. And for the rest 200sqm???
They want to make fools of you :) that would have worked 5 years ago but certainly not in 2017

A concrete offer is already available.
The price consists of:

325k house price
20k various upgrades (front door, LED spots, sliding door to the garden, etc...) 15k exterior work (paving in front of the house and behind the house, nothing major - will be paved by us ourselves)
20k secondary construction costs
10-15k for a KNX alternative.
15k garage
10k buffer

Hello Marcel,

the 410 THOUSAND EUR are certainly doable with your salary, but personally I would find it a bit too much.
We have basically the same income and calculable fixed costs due to a company car, but dare to take on "only" 80 THOUSAND EUR less in loan amount barely. Apart from that, 410 THOUSAND EUR including garage and exterior work for 200 sqm living space seems too low to me.

We are building a prefab house (Fingerhaus) with just under 160 sqm and calculate without garage, without KNX and only the necessary exterior work including kitchen with just under 400 THOUSAND EUR.

Are the 200 sqm really necessary? I am really very meticulous in planning and calculation and yet costs are already cropping up after a few months that I hadn’t had on my radar like that. For that reason, I can only recommend to calculate a generous buffer. We have done so, whether we will manage with it I can tell you in just under a year ;-).

Best regards!

We are not quite sure about the garage yet. Maybe we will do it afterward as well, if other unexpected costs arise during detailed planning. We definitely liked the design very much and we also do not know if we should really reduce a few sqm. Roughly speaking it is 54 sqm living room, dining, kitchen, 17 sqm utility room, 12 sqm office, 22 sqm main bathroom (incl. sauna), dressing room + master bedroom 22 sqm + 2 children’s rooms of approx. 17 sqm

Thanks definitely already for the reply!

We had an offer from the local solid construction company, KFW 55, 152 sqm, and the basic turnkey price was 330 TEUR. Therefore: Please obtain several offers and compare the construction service descriptions very carefully. By the way, the 20k incidental construction costs are underestimated by 15 - 20k.

Secondary construction costs must be doubled at least, buffer too. And somehow I always get short of breath at 200 plus double garage - ... The income is good. Take a look at the parallel discussions, similar things are currently being worked through, so you are no longer in the same intensity. Regards