How much "house" is possible?

  • Erstellt am 2015-10-30 15:34:29

R0Li84

2015-10-30 15:34:29
  • #1
I would like to take advantage of the low interest rates to purchase a plot of land soon and build a house within the next 2-3 years. Regarding this, I am currently calculating what I can afford and would appreciate if you could say a few words about whether it all sounds reasonable or if I might have overlooked something.

My finances are as follows:
approximately €50,000 equity (me)
approximately €150,000 residential capital (owned apartment, which is to be sold as soon as the house is finished)

A plot of land here in the area costs approximately €60,000 - €90,000 including incidental acquisition costs (depending on location and size) – I already have a few in close consideration. For a house of about 150 - 160m² including a basement, I would estimate €300,000 (is that about right?). Then I calculate some "reserves" and would be at about €400,000 as the total price for my project.

My financing plan currently looks as follows:
I would like to finance with a 15-year fixed interest rate – currently I am calculating with an interest rate of 1.5 - 2.0%. The repayment rate would probably be about €1,000 monthly, and I would like to arrange special repayments. Without special repayments, I would have a remaining debt of just over €50,000 at the end of the term – this can easily be refinanced or possibly paid off early through special repayments. (I currently earn about €3,100 net with tax class 1 and 13 monthly salaries with my main job, and I am also self-employed on the side, expecting about €250 - €450 net additional monthly income – but I cannot rely on this firmly.)

This is currently what I can calculate and plan with. However, I suspect that my parents will additionally support me in the form of a "non-binding loan" – so they lend or give me money, but I voluntarily pay back part of it or support them financially as needed. Ideally, I assume that I will not have to take out a loan for the land and only need to finance the house (minus €150,000 from the sale of my condominium). Therefore, about €150,000 would need to be financed – according to my calculations, this could be paid off in 15 years with a maximum of 2.0% interest and without special repayments.

(I deliberately leave my girlfriend completely out of the calculation – she earns about €1,650 net monthly and also has equity. However, I would use that, if at all, for the interior fittings.)
 

Schneckham

2015-10-31 17:49:35
  • #2
So we currently have two offers for about 155 sqm. One is 320,000 euros without basement and additional costs. The basement comes with an extra 55,000 euros. And also the additional costs. The other offer is about 10,000 euros cheaper. So you can easily add almost 100,000 euros depending on the equipment and property conditions.
 

R0Li84

2015-10-31 17:55:08
  • #3
Hi Schneckham, thanks for your reply. What kind of house are you building and especially what is included in this price? (Schlüsselfertig?). I plan to do quite a bit myself, or rather I have friends/family who will help out. (My girlfriend’s father is a carpenter and works for a manufacturer of windows/doors, my buddy is building the stairs, helping with laying the floors, etc.).

But at the moment (with the new calculation) I’m already at about €470,000 for the whole project. The price of the plot has increased to €120,000 (developed) because I will probably decide on a slightly better location. I will probably stretch the financing over 18-20 years.
 

Aloadihoa

2015-11-02 22:09:27
  • #4
I have the following approximate price offer for Baden-Württemberg:

-160m2, gable roof, 2 full floors, basement sealed against pressing water
-gas heating, solar thermal, central ventilation with heat recovery
-all windows bicolor RC2, electric blinds on the ground floor, electric aluminum roller shutters on the upper floor and basement
-front door up to €5000 included
-both showers flush with the floor
-including all plans, drainage, construction electricity/water
-excluding electrical work (own contribution), without garage, without landscaping, without soil removal/delivery, without floors in upper floor and basement (own contribution)

fixed price €380,000
+bathroom sampling €10,000
+electrical materials €10,000
+floor materials €5,000
+incidentals €40,000

-->too expensive for me, so the basement will probably be dropped and I prefer to plan individually with an architect. The hardly transparent costs with a general contractor are just not for me...
 

merlin83

2015-11-02 22:31:31
  • #5

It can be done significantly cheaper...if in doubt, by awarding the trades directly.
 

Legurit

2015-11-02 22:51:15
  • #6
Lower Saxony - we estimate around €340K including additional construction costs for 190 m² (excluding land, excluding basement) - but it’s all pointless if you don’t know what you want to build.. I’m sure you can also build 120 m² for €400K if you put it on stilts - just as you can build 150 m² for €260K if you build economically.
Bauexperte usually always has very good benchmark values per region - they can surely help you. Let's see if they write something else.
 

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