Is a penthouse feasible for 350,000€?

Hello,
We inherited a plot of land from my parents and would like to build on it.
It is a hillside plot.

Today we had an appointment at the bank; a loan of €250,000 would be possible.
We have €100,000 in equity and a buffer of €30,000 to €50,000.

The building would be two stories, with a basement,
a double garage also with a basement (otherwise not possible), small sewage treatment plant.
We were thinking of a 150sqm house.
We would do a lot ourselves since we have many acquaintances who can help us.

Now to the question: is it realistic that we could build this house for €350,000?
On the internet you can really get confused reading about this.
I would be grateful for some experience reports.

Best regards

Per sqm of living space roughly ~ €3,000 construction costs = €450,000. And in addition what you already describe there (basement, double garage including basement) another + €150,000.

so ~ €600,000 without additional construction costs on the slope!

I think it is faster to list what you outsource externally than what you have to do yourself to reach €350,000.

I am curious about the expertise you bring.

Thank you for the answer

I asked for experience reports :)

The €3,000 are not realistic for us for the calculation (both grandfathers bricklayers, husband electrician, father-in-law painter, uncle excavator rental, etc.)
For the basement we received an estimate of about €80,000 WITHOUT a basement garage

We would do a lot ourselves since we have many acquaintances who can help us

Now to the question, is it realistic that we could build this house for €350,000?

Typically, you lose half a million as a starting amount + basement costs for that (plus garage and outdoor facilities and terrace, etc.)

But you can calculate differently with that

The €3,000 is not realistic for us for the calculation (both grandfathers are masons, husband is an electrician, father-in-law painter, uncle excavator rental, etc.) For the basement we got an estimate of about €80,000 WITHOUT a basement garage

Subtract the basement from the 350k. Then another 50k for incidental building costs (or even more because of the slope). Then maybe about 220k remain for the house. With that you can manage house, garage, and outdoor facilities. But only and exclusively if you build more or less completely yourself. So can/want to do EVERYTHING yourself, because with the money that remains for the house, you are above the material costs, but you can’t pay many craftsmen with it.

I asked for experience reports :)

You won’t get those here, for that you need a DIY forum or an inquiry at the building materials trade for the material costs. Or, to be even more precise, ask your craftsmen in the family. If anyone can give exact prices, then they can.

P.S. Without plans, information about the slope, the development situation, etc. nothing works at all. The range for foundation/earthworks costs is so large that you can’t seriously say anything.
P.S.2 In the past I once observed such a house construction while passing by. After 2 or 3 years, people finally moved in.
P.S.3 Does the bank know what you’re planning? Hardly any bank accompanies such a build (I work at the bank myself)

Now to the question, is it realistic that we could build this house for €350,000?

The term "realistic" is shaped by imagination, which I do not want to evaluate. With conventional construction methods, this seems to be an ambitious goal.

And then the factor time comes into play again. A normal house construction takes 12 months; doing it yourself will take significantly longer. Topic: provision interest, double burden due to rent.

I do not question the family's honest intention to help, but people tend to overestimate themselves. This is not just 2 or 3 weekends...
And therein lies a huge potential for conflict, even if everything is going well now.

I am also in favor of doing everything yourself that you can. But you have to realistically estimate the time it takes to do it properly. You need the time, after all; the two grandfathers will hardly build the shell alone for you...