Financing volume 410k € Feasibility assessment

The 60% and the 20-30% I don’t understand.

Do you sometimes get annoyed that you didn’t plan more, or were you still able to change everything during the construction? We once had the thread about the different financial possibilities afterward, and we can’t let the topic go either :-(

About the 60% and the 20-30%: When we looked at different companies for the house construction, one of them gave us the feedback that as a rule of thumb you should expect 20-30% additional costs based on the contractual construction sum until moving in: So, total construction costs = land + construction contract + 30% of the sum from the construction contract as incidental costs. For us, instead of 30%, it was rather 60% more, among other things due to the hillside location. However, these 60% already include the kitchen and the complete interior lighting. Should we have planned more from the start? Rather no, we had expected budget overruns from the beginning, which would have occurred even with a higher initial budget. But that is also a matter of attitude.

Calculate well (and realistically!) and reserve a decent buffer. Carefully consider how much and for what during the construction phase when "saving up," otherwise the €€ will quickly be double allocated. Plan parental leave and, if necessary, calculate changes to the repayment rate. Then it can work.

Critically question the feasibility of DIY work again - do you and your helpers really have that much time and motivation? Where does any necessary equipment come from? Our new neighbors, for example, now have to rent scaffolding at great expense because they underestimated painting the stairwell. We ourselves outsourced much more than originally planned – the time we would have had to invest was not worth it to us (either take vacation or endure a longer double burden due to rent, it just adds up).

Basically, I find the loan amount doable based solely on your current income; whether it is realistically calculated for a hillside etc. in your region, I cannot judge.

Your forecasts are very sobering :-( So you don’t consider it realistic with our numbers to save a bit here and there and to pinch some off the current salary during the construction phase? So you would rather decide against building a house in our position?

Our problem is unfortunately that the alternatives are missing. In the long term, we need more space than in our rented apartment, there are hardly any condominiums, existing houses don’t even come onto the market and if they do, at incredible prices, at which, yes I know, it’s always said like that, but it’s really true, you can also build new … Reasonable rental apartments are very rare. And that, even though we live in the village and the nearest big city is about 100 km away.

A garage in the basement on a hillside location means in my estimation that the outdoor area, at least in the driveway area, must already be well planned and also completed together with the finishing of the house. Otherwise you won’t be able to use your garage. Does your architect do that or do you need a separate garden and landscape architect (warning: cost trap)

In my estimation, a garage in the basement on a hillside means that the outdoor area, at least in the driveway area, must already be well planned and completed together with the house. Otherwise, you won’t be able to use your garage.
Does your architect handle that, or do you need a separate garden and landscape architect (beware: cost trap)

The architect plans all of that. He also does the structural engineering. We are paying him 28k for that (so all service phases + structural engineering). I think that’s okay?

Can you still briefly explain to me where the above-mentioned 700 euros have gone in your calculation?

So, I have actually written everything down now... and it comes to about :)"Pi mal Daumen" (roughly estimated). However, I don’t know which 700 you mean now. I give you the tip to make an ACTUAL and BUDGET overview. Cold rent is omitted; instead, I count additional costs of 210 in ACTUAL, which is then corrected to 350 in BUDGET. I would also increase fuel costs for both cars. We will all still be surprised by that. Then insurance for household contents comes in (building insurance is included in the additional costs), risk, and probably disability insurance. I would also set groceries including drugstore items higher. That is steadily going up at the moment, and meals from mother-in-law may no longer be accessible (I hope the poor woman herself doesn’t become impoverished with 2 freeloaders who don’t contribute anything ;) ). I see a problem with car 2 (there is no savings rate for a new one). It also works out with the planned rate, but I would be a bit cautious with the "we’ll do it later" or "that will be paid from the 13th salary." Well, and then the house costs. I rather see a refinancing that won’t make you happy. And you wouldn’t be the first to have relied on the architect. Many build the carport later; here you’re already doing that with a cellar, but most with higher salaries than you omit that, just like garages.

So, I have actually written down everything now... and it comes roughly to :) However, I don't know which 700 you mean. I give you the tip to make a current (IST) and target (SOLL) statement. Cold rent is no longer applicable, but I count additional costs of 210 in the IST, which is then corrected to 350 in the SOLL. I would also increase the fuel for both cars. We will all be surprised about that. Then insurance for household contents is added (building insurance is included in the additional costs), risk, and probably disability insurance (BU). I would also set groceries and drugstore items higher. That is steadily increasing at the moment, and my mother-in-law's food might no longer be available (I hope the poor woman herself does not go broke with two freeloaders who contribute nothing ;) ) I see a problem with car 2 (there is no savings rate for a new one). It then also fits with the planned rate, but I would be a bit cautious with the "we'll do it later" or "that will be paid from the 13th salary". Well, and then the house costs. I rather see a refinancing, which won't make you happy. And you wouldn't be the first to rely on the architect. Many build the carport later, you are already doing that here with a basement, which most people with higher salaries than you omit, just like garages.

Don't worry about the mother-in-law ;-) but I understand your points. Thank you very much. I will try to make an exact Excel calculation. Gasoline is less of a problem for us since my girlfriend has 3 km to work and I do remote work (so work when and from wherever I want). I don't have to go to the agency that often. But yes, with children, you certainly have one or two more trips, definitely not to be underestimated.