Is building a semi-detached house sensible despite low equity with a long loan term?

2019-05-26 21:43:24

So, we have now organized all finances over the past weeks and also included our few special requests in the house price. The equity we want to contribute has changed slightly. Possibly this assessment will be easier for you.

Construction costs (incl. land): 643,000,- Euro
Incidental construction costs: 73,500,- Euro
Equity (incl. own contributions): 77,500,- Euro
--------------------------------------------------------
Loan amount 639,000,- Euro

For exterior facilities, additional furniture, and kitchen, we have again about 35,000 Euro (calculated conservatively), which we have already saved or can still save until the time we need the money. Some of the kitchen appliances and many pieces of furniture will be taken over from our apartment (only a few years old). The exterior facilities will be done by ourselves (as mentioned, my father and I are quite skilled with crafts and have already paved several terraces, balconies or paths, or built our own carports).

Of this, 100,000 Euro via KFW153 and 539,000 Euro as an annuity loan via a bank. The interest-free period would be 18 months, we have 5% prepayment per year (+ KFW431 for the energy consultant) with an interest rate fixation of 30 years. Currently, the loan offered to us is at 1.82% (2,180,- Euro/month), since the interest rates (at least from KFW153) have been adjusted downward, our bank wants to send us an updated offer. Let’s see what changes here.

Sounds good

2019-05-26 22:51:32

Break down the construction costs a little more precisely. What does the plot of land cost and what does the house cost? Do you already include "more expensive" special wishes in the house like additional windows, roller shutters everywhere, additional shower, etc.?

But here is an overview: Plot of land: 308,000 euros House price "standard": 308,000 euros Costs for additional wishes: 27,000 euros

Our special wishes include (approximate price in brackets): Basement:

[*]Basement floor at living height including underfloor heating in one basement room (4,500 euros) [*]Additional basement window including light well drainage (2,000 euros)

Ground floors:

[*]2x floor-to-ceiling windows instead of normal windows (each 250 euros) [*]Lift-slide door (1,500 euros) [*]Additional shower in guest bathroom, on ground level (3,600 euros) [*]Change washbasin + base cabinet and toilet to standard Laufen Pro A (1,000 euros) [*]Additional wall finish in kitchen (150 euros) [*]Additional interior door (300 euros) [*]7 electrical roller shutters (2,100 euros) [*]Different flooring in hall and kitchen (vinyl instead of tiles) (260 euros)

Upper floor:

[*]Change in bathroom + walk-in shower (3,050 euros) [*]Change washbasin + base cabinet, bathtub, toilet to standard Laufen Pro A (1,500 euros) [*]Partition wall in bedroom to dressing room (150 euros) [*]Roof window in bedroom (1,750 euros) [*]4 electrical roller shutters (1,200 euros) [*]Different flooring (vinyl instead of laminate) in upper floor (1,000 euros)

General:

[*]30 additional sockets/LAN ports (1,350 euros) [*]High-voltage connection in garden (185 euros) [*]Photovoltaic system preparation (350 euros) [*]Attic preparation for expansion (staircase change + heating connection) (500 euros)

For the outdoor area (16,500 euros) we have planned the following:

[*]Double carport steel (8,500 euros) [*]Splash protection (own contribution) (800 euros) [*]Fence (combination of double mesh fence + gabion) (3,500 euros) [*]Terrace slabs + paving for carport and path (own contribution) (1,200 euros) [*]Green area + plants (2,500 euros)

Apart from the stair steps, in our view almost everything has already been specified and any additional costs are already included.

Remaining for the kitchen and spontaneous extras (we have kept open whether we want to do the stair step in oak) about 18,000 euros. It should be said that the carport is currently a nice-to-have, but by far not a must. Something like that can always be retrofitted.

: Actually, I hope for a bit of everything. We haven’t built that often yet — actually not at all. And we especially want to hear independent opinions regarding the loan amount that might give us one or the other important hint.

2019-05-26 22:58:53

Here is an overview:
Plot: 308,000 euros
House price "standard": 308,000 euros
Costs for additional requests: 27,000 euros

Our special requests include (approximate price in brackets):
Basement:

[*]Basement floor at living room height including underfloor heating in one basement room (4,500 euros)
[*]Additional basement window including light well drainage (2,000 euros)

Ground floors:

[*]2x floor-to-ceiling windows instead of normal windows (250 euros each)
[*]Lift-slide door (1,500 euros)
[*]Additional shower in guest bathroom, ground level (3,600 euros)
[*]Change washbasin + base cabinet and toilet to standard Laufen Pro A (1,000 euros)
[*]Additional wall finish in kitchen (150 euros)
[*]Additional interior door (300 euros)
[*]7 electric blinds (2,100 euros)
[*]Different floor in hallway and kitchen (vinyl instead of tiles) (260 euros)

Upper floor:

[*]Change in bathroom + walk-in shower (3,050 euros)
[*]Change washbasin + base cabinet, bathtub, toilet to standard Laufen Pro A (1,500 euros)
[*]Partition wall in bedroom to dressing room (150 euros)
[*]Roof window in bedroom (1,750 euros)
[*]4 electric blinds (1,200 euros)
[*]Different floor (vinyl instead of laminate) on upper floor (1,000 euros)

General:

[*]30 additional power sockets/LAN sockets (1,350 euros)
[*]High-voltage connection in garden (185 euros)
[*]Photovoltaic system preparation (350 euros)
[*]Attic preparation for conversion (staircase change + heating connection) (500 euros)

For the outdoor facilities (16,500 euros) we have planned the following:

[*]Double steel carport (8,500 euros)
[*]Splash guard (own work) (800 euros)
[*]Fence (combination of double mesh fence + gabion) (3,500 euros)
[*]Terrace slabs + paving for carport and path (own work) (1,200 euros)
[*]Green area + plants (2,500 euros)

Except for the stair steps, from our point of view almost everything has already been sampled and any additional costs have already been calculated.

For the kitchen and spontaneous extras (we have kept open whether we want the stair step in oak) there are still about 18,000 euros left. Although you have to say that the carport is currently a nice-to-have but by no means a must. Something like that can always be added later.

: Actually, I hope for a bit of everything. We haven't built that often yet - actually not at all. And above all, regarding the loan amount, we simply want to hear independent opinions that might still give us one or the other important tip.

Thank you very much for the listing. It is important that you do not fall into an expensive refinancing.

2019-05-26 23:01:22

Ok, I only asked because this is the thread about financing plans/financing options.

As an experienced and independent real estate financing expert, I am withdrawing from this thread, even though I would have liked to do you some good in this sector. It is becoming too confusing for me; I wish you to keep an overview.

2019-05-26 23:24:27

I am withdrawing from this thread as an experienced and independent expert in real estate financing, even though I would have liked to have done you some good in this sector. It is becoming too confusing for me, I wish you to keep an overview

So far, we have already reviewed and screened a few offers. However, if you, as an expert, can point out any stumbling block in our current planning or regarding the current offer (639,000 euros [100,000 euros KfW153], 1.81% nominal interest rate, 30 years term), I would be very grateful! It seems fair to me (our bank advisor also told us that it is a good offer, even though it did not come from him), but you don’t enter into an offer like this often enough to evaluate it well.

: Exactly, hence the detailed listing. Perhaps a sharp-eyed user might notice something that so far hasn’t appeared in our list and should definitely be considered. As I said, you don’t build that often in life to have a checklist in your head to tick off like when packing a suitcase.

2019-05-27 07:42:53

[*]Change washbasin + base cabinet and toilet to standard Laufen Pro A (1,000 euros)

Have you compared prices on the internet? Base cabinets are generally much cheaper if you procure and install them yourself.

[*]additional shower in guest bathroom, level access (3,600 euros)

The price is actually okay. If you only care about level access, you can ask if it is cheaper with a central drain or point drain. For us, the difference between side and center was nearly 1000€.

[*]terrace slabs + paving for carport and path (own work) (1,200 euros)

That might be tight. Even the cheapest paving costs 5-10€ per sqm and that is just for the stones. On top of that, some work has to be done on the base, curbstones have to be set, etc. We are doing this also in EL and have budgeted 5500€... about 100 sqm

[*]different floor in hallway and kitchen (vinyl instead of tiles) (260 euros)

Were tiles standard there? I actually only know that you get a credit if you choose vinyl instead of tiles...

Otherwise, I think everything is fine. The house isn’t built yet anyway. That means you can still save some money until the paving work.
What comes to mind spontaneously: roller shutter central control would be useful with so many shutters. Surely it is planned that there is a switch next to each window. Super annoying if you have to walk through the whole house in the evening to lower them. Upstairs, have them laid to the door.
But discuss this with the electrician on site. You will get an appointment for a consultation.

As I mentioned in the previous post... a bit more money is still missing for the fittings themselves. Other doors, handles, windows, tiles (e.g., floor tiles as wall tiles), stairs...

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Is building a semi-detached house sensible despite low equity with a long loan term?

HilfeHilfe

Strahleman

HilfeHilfe

Noelmaxim

Strahleman

danixf