House - Which loan to take?

The desired financing sounds good so far and the installment doesn’t seem to be a problem either. Whether 200 m² is too much or not is up to you to decide ... personally, I think it’s too big for four people. As far as the construction costs are concerned, they seem to be very low when comparing the statements here in the forum. Possibly reconsider.

That is very well calculated. In my opinion, your wife's fixed-term employment is not a problem because the income does not make up a significant portion, and lifelong unemployment is not to be expected. An open-ended contract can also be terminated within the statutory notice periods if necessary. In case of doubt, you could reduce the 450€ net ?! for retirement provision. You also have a company pension and then an additional private 450€, right, or is half a direct insurance, which means it is not available net in case of doubt? Once the house is built, the incidental costs could be adjusted a bit upward. I don’t mean just the fixed incidental costs, but also costs for lawnmower, repair work, various accessories or connections, repairs, garden items, light bulbs, things for the children's rooms, curtains and such things, etc... So with a similar initial situation as you, it is actually about 300€ more per month than we originally assumed. The savings amount for new cars should also be considered; I mean 200€ per month is quite low for maintenance of the current car and saving for a new car. Electricity 45€ is also very sporty, we have a volume tariff that fits exactly and yet we come a bit over 45€ for 180 sqm. There is simply more running in the background in a house than in an apartment. What is included in your 300€ incidental costs? Because if insurances are not included, then 50€ per month is a bit low for term life insurance, accident insurance, disability insurance, house + elemental and other small insurances, which together often amount to 200€ per month. If children and wife have the same insurances, then even more again.

Hello everyone, thanks for the numerous responses.



The 200 euros for the car are indeed set quite low. This represents the minimum contribution I would have to pay for all-in leasing through my employer. It would then be a compact car as a station wagon with the smallest engine and basic equipment. At the moment we drive our own car, but we could switch to leasing at any time if the money for a new car is not enough in a few years. Of course, there are better cars for a few euros more, this really represents the base level when times get tough.

The 450 euros for the AV are net. It concerns 2 endowment life insurances as well as a Riester contract. We took these out a few years ago when we were not yet thinking about building a house. In case of bottlenecks, some of them could be made contribution-free.

I should really calculate more generously for the additional costs, as I lack some experience when it comes to houses.

@all: Do you really think that 200m2 is too big? We currently rent 120m2 and find it a bit cramped. But it could also be because we don’t have a garden. Since we want to build without a basement, we thought 200m2 should be it, whereby the living dining kitchen area with 65m2 is really generous.

The construction costs are really in the above-mentioned range, I have a corresponding offer from two developers from our region. I am also surprised when I read the amounts you mentioned. Maybe there is a catch???

Regards Mike

We are building in BaWü, 206 sqm, also Kfw70 and also with a double garage with very good equipment (El. shutters, blinds, controlled residential ventilation, 2 1/2 bathrooms, terrace roof, parquet, wood-burning stove ...) and will end up at ~400k€ without additional construction costs - without a developer but with an architect - but we also have a window maker and electrician in the family and save quite a bit here. It could probably be done cheaper if you save on a few things, but 300k€ could still be tight.

Have you already calculated the additional construction costs? How high are they assumed to be? And what equipment is included? I don't know anyone who hasn't paid an extra charge for sanitary, floor coverings, etc. with a developer.

And don't forget the kitchen. That adds up quite a bit as well.

Oh, we have less income than you and 3 children. The loan amount is about the same... Just as a comparison.

200sqm, without a basement, are now quite large, but not "too large". We have 180sqm of living space plus a basement. You already need 10sqm alone for electrical boxes, heating, washing machine, dryer and easily another 10-20sqm of storage space for loungers in winter, and of course everything that doesn't stand in the garage. Sounds ridiculous, but you also need 1sqm for drink crates... Therefore, 200sqm, without a basement, is nicely spacious, but you don’t get lost in it either...

Have you ever thought about converting the Riester pension contract into Wohnriester and being debt-free 3-4 years earlier? Retirement provision is of course important, but you collect the maximum points with the statutory pension, have an occupational pension, 2 life insurances and Riester, and then basically don’t have to pay rent anymore, so I would consider this point.

Preferences are different, but on one hand a house around 500k€ and then a compact car with the smallest engine and equipment? But as I said, don’t get me wrong, everyone has different ideas.