House construction 2021 financing €500,000 opinion

  • Erstellt am 2020-11-20 18:19:06

danixf

2020-11-20 21:05:05
  • #1
The question is why 250sqm. I mean, you don’t have to use a social housing unit as a benchmark, but the standard house with 120sqm is usually more than enough for 4-5 people. You simply want more than double that with one kid. Nothing inherently wrong with that, but what do you get out of it?
Gigantic children's rooms that will eventually be empty and not really used the way you might have hoped.
Or just large rooms that don’t necessarily add much value.
Don’t get me wrong. It’s all nice to have, but those are the first things that aren’t necessary and where the budget should be tightened in order to bring the price down to a healthy level.

Have you been to show homes to get a feel for the size?

250sqm also needs to be cleaned properly. I see that with my parents. Huge house with a full basement and a big garden. There’s so much stuff in there... but whatever.

Out of your total budget, 300k remain for the house itself. Others consider whether a standard house is doable for that amount...
I can’t say much about the prices, but 8k for electrical work will certainly not be enough for 250sqm. Or you have 4 sockets and one light fixture per room.
2k for painting will also never be sufficient.
What about plastering? Included in the shell construction?
Landscaping is missing and that will also be at least a high four-figure amount with EL using the simplest materials. You will never want to live with dirt in front of your door for 5 years, I promise you that.

Friends aside... How often do people call me where friends were supposed to help but then something came up. Construction delayed by 4 weeks and now the planned work falls right into the buddy’s summer vacation. It absolutely has to be finished by date XY. They have a life and family too. Such construction rarely runs just on the side. How is time pressure even handled? Can the build also stretch over 1-2 years?

Regarding the bank. With this breakdown, a rejection is 100% certain. Even the entire house + land for 450k would already be borderline.
I think 160-180sqm would be a realistic project for you. If you manage to build a house for that, then congratulations. You built cheaper than 99% of people.
Have you already received a floor plan? There are some people here who would certainly take a look and immediately point out things that aren’t necessarily very cleverly planned.
 

Bookstar

2020-11-20 21:17:56
  • #2
Would also advise building smaller and better equipped.
 

BackSteinGotik

2020-11-21 10:06:27
  • #3
You should go to one of your local banks and present a project there. If you have any chance at all, it will be there. Banks with automated evaluations will definitely reject you for a 250m² building with a large amount of own work at the moment. Even if you can save through own work, one can still assume at least 1800€/m². This simply results in a completely different capital requirement.

I would deal with a more than large 160-180m² house. Then the whole thing will certainly be realistically representable again.
 

Michi995

2020-11-21 10:21:21
  • #4
Thank you for all the messages, then we will probably save for another year and also include the 25000€ that we planned as a buffer in the financing. I think with 100k equity that should easily be doable, I know people who managed to get a place for 250000€ with only 15k equity.
 

Michi995

2020-11-21 10:29:36
  • #5
Floor plans

 

Michi995

2020-11-21 10:44:59
  • #6
I just added up the sqm according to the floor plan. But I only get just under 203 sqm. Are the terrace and balcony included in that?
 

Similar topics
23.11.2012Rough cost calculation based on floor plan13
21.08.2014Is financing without equity realistic?19
06.04.2015Our financing with "own contribution"12
11.05.2016Looking for a floor plan for a hillside house12
30.08.2016Construction financing 40,000€ equity, tied to a condominium29
29.08.2016Build now or wait until more equity is available?30
15.09.2016Home purchase financing with little equity?42
09.01.2018Penthouse floor plan - Is it that practical?44
22.06.2018Self-created floor plan - opinions and feedback wanted46
23.07.2018Financing project as a single with a lot of own effort22
02.10.20183-FH planned without basement, your feedback on my floor plan48
15.01.2019First floor plan single-family house - Your ideas also regarding the property33
02.07.2019Own contribution in financing a single-family house11
01.05.2022Our floor plan design for an affordable house348
09.08.2020Bank does not accept own contribution206
29.05.2022Floor plan corner bungalow 150m² with expansion possibilities98
21.08.2022Floor plan of a 200m2 house, your assessment?134
06.09.2022Floor Plan Optimization - 160 sqm Single-Family House21
10.07.2025Inherited equity, what to do, experiences?54

Oben