House Construction Cost and Financing Assessment

Note on construction costs (which I consider too low including the basement, and just about sufficient excluding it). Assume a significant cost increase for 23/24. Why? Not because the material costs themselves are rising that much, but because I am firmly convinced that KfW40 will be mandatory by then. Depending on the federal state, there may also be a photovoltaic requirement.

Depending on the federal state, there is also an additional obligation for photovoltaic systems.

In my opinion, this has already applied in BaWü from January 2022 for new buildings. Edit: checked again: from May 2022

I would be more concerned about whether the salary aimed for the woman in 2024 will still exist in this form in 2024. Hardly any industry is being hit as hard as journalism right now. And women who dare to take multi-year parental leave are the first to be pushed out. Or caring for two children with such a small age gap hardly goes together with full-time work. Despite daycare, etcpp. I would rather plan on a scale that is feasible with one salary.

So if you can’t take out a loan of 700k with that income, then I really don’t know :D For me, everything looks clean... With that income, you can easily take out such a loan amount and also repay it well. But I also think that the construction costs could be a little bit higher. Of course, you can only say for sure when you provide detailed information.

because I am firmly convinced that KfW40 will be mandatory by then.

The Building Ministers' Conference apparently wants to take a different approach. Not building insulation, but the overall climate balance should be the focus. Sounds reasonable at first.

Hello everyone! Thank you very much for your answers to my questions. I will now try to summarize everything and clarify the open questions.

Building only from 2024: The plan was actually to start as soon as my wife returns to work, simply because more capital would be available monthly. We did not consider the rising construction costs with this idea. We are now discussing it and will probably start building earlier.

Construction costs: We have not yet been to an architect or general contractor and have assumed a rough value of €3,000 per sqm. The €540,000 is purely for the house. Somewhat naively, I thought the basement might already be included ;) But I have understood that this will probably not be the case and we have to budget higher for the basement + excavation. It is not meant to be a residential basement, but a purely utility basement. We will also meet with an architect or general contractor soon to get quotes. Hopefully, we will be a bit wiser afterwards. As I said, we have not dealt very intensively with the topic yet and have pulled most of the information from the internet.

Additional equity + costs: I still have about €240,000 as retirement reserves in funds, which I do have access to, but under no circumstances want to use for the house construction, and therefore have not included in the calculation. The costs of my car are fully covered by the company, my wife’s car costs are included in the expenses of €4,500. Also included are the support for my daughter, as well as my private health insurance and various retirement reserves.

Plot: The plot is flat. There is no slope or anything similar. This, as far as I understood correctly, has a positive effect on the costs.

Kitchen: We currently have a kitchen that cost us about €38,500 four years ago. We want to maintain this standard as much as possible. Some compromises could potentially be made here, but they are currently not planned.

Conclusion: Construction costs for the house should be estimated at around €650,000 including the basement. I would estimate €75,000 for cost estimation here. I will certainly know more precisely after we have obtained quotes. Does anyone know a good architect or general contractor in the Heilbronn area?

Regarding photovoltaics: roughly what costs can be expected here?