Hello,
We are about to make the decision to build. I am 28 and my husband is 30. We found a very nice plot of land (480sqm approx. 130,000 euros) that we really like.
We have a household income of around 4,700 euros. Sometimes it’s more, sometimes less, because my husband works on commission. We have equity of 50,000 euros. I am not sure whether our income and equity are enough for building the house. The house bank says yes, but I am still unsure if we will be able to pay everything off by retirement age. We have to finance for 30 years. The house and everything around it would cost us about 350,000 euros.
If the house bank says yes, that is already good. But are there possibly better conditions with other banks? Go to an independent broker like Interhyp or similar. In any case, with 50k equity, I would only use as much as necessary.
We haven’t started yet and have already paid around 5k just for removing bushes and hedges on the plot, height location plan (surveyor), and soil report.
We will also build a city villa with 2 full floors and about 155sqm. Our turnkey offer is similar to yours.
Additional costs include: Upgrading the electrical system (the standard includes relatively few sockets for us, for example: only 8 sockets in the living/dining area). Possibly upgrading sanitary objects and tiles, drywall in the kitchen, and other stuff.
Additional work done by ourselves and other companies includes: plastering (the contractor is doing Q2), flooring, walls, new kitchen about 20k, landscaping (L-stones, paving, fence, etc.), carport.
The question is, how much do you save monthly, and can you keep saving until you move in? During the construction phase, most face double burden (rent + interest on the part of the loan already drawn).
For us, for example, that will be about 400 euros monthly extra.