Kfw40, funding program 300 "low-income earners"

Hello,

this will be a thread for those readers who, like us, often feel lost here.

We are about to sign the contract for building a house to KfW40 standard with a local general contractor. Financed through KfW and ISB.

Briefly about us

[*]Who are you? H. and M.
[*]How old are you? 33 and 30
[*]Are there children? 1 boy, one year old next week
[*]Are more children planned? none because of the house building
[*]What do you do for a living? H. machining mechanic, M. administrative employee
[*]Are you employed, self-employed, retired, housewife, househusband, etc.? Employed.
[*]How many hours do you work? H: 40 plus 2 x per week a 2-hour side job, M: 16 hours (part-time on parental leave)

Income and asset situation:

[*]What income do you have (gross/net)? H: 3258/2312 plus side job about €250, M: 1282/1048
[*]How much child benefit do you receive? €250
[*]Other transfer payments like parental allowance, sick pay, etc...?
[*]How much equity do you have? 130,000
[*]How much equity do you want to invest in the house project? 100,000

Expenditure situation:


Housing costs:

[*]current cold rent €450
[*]current warm rent €550
[*]electricity €75
[*]telephone, internet, mobile €80

Mobility costs:
for 2 cars in total

[*]insurance €96
[*]tax €26
[*]fuel €210

Insurance costs:

[*]liability insurance €6.60
[*]capital life or term life insurance €13
[*]pension insurance (including Riester, Rürup, etc.) €100
[*]disability insurance €126
[*]accident insurance €45
[*]household insurance €4
[*]unions €33

Living costs:

[*]groceries €500
[*]restaurant costs €0
[*]care/drugstore €40
[*]clothing €20
[*]cleaning €5

Totals of income and expenses:

[*]total income €3860
[*]total expenses €1899.6
[*]balance €1961
[*]of which total cold rent €450

General information about the property:

[*]How big is the plot? 663 sqm
[*]What are its dimensions? 24 x 27.5
[*]What is the land value? €65 per sqm
[*]New build, old building (year built), house type? New build, single-family house, gable roof KfW 40, 1.5 stories
[*] ? Single garage
[*]How big is the house? ( / usable area) Liv129 sqm usable area 143 sqm plus 32 sqm garage
[*]What is the market value of the land and house after completion? €503,000

Construction or purchase costs:

[*] 43,095
[*]Acquisition incidental costs (notary, court, property transfer tax, realtor) €2,400
[*]Construction or purchase costs (incl. , ) 386,000
[*]Additional building costs (e.g. house connections, soil surveyor, construction power, etc.) 5,000
[*]Outdoor facilities/terrace, paths, garden design, fences, etc. €10,000
[*]Total costs 446,495

Other costs:

[*]kitchen costs 15,000
[*]photovoltaic system €12,000 6 kW with 6 kW storage
[*]energy consultant €5,325
[*]garage self-built €17,500
[*]front door €4,500

Cost summary:

[*]total costs 500,820
[*]deductible equity 145,495
[*]financing amount 355,525

Necessary loan details:

[*]loan amount €170,000 KfW €175,000 ISB LM
[*]type of loan (e.g. annuity loan, bullet loan, etc.) annuity loan
[*]interest rate (p.a. nominal, otherwise effective) 0.53% KfW 3.4% ISB
[*]interest rate fixed term 10 years KfW until full repayment ISB
[*]assumed total term until full repayment 09/30/2052
[*]initial repayment rate KfW 2.77 ISB 1.8
[*]monthly rate KfW 469.03 ISB 758.33 total: 1,226.06
[*]special repayments possible? (specify amount) ISB 10% p.a.

Let the show begin. I’m curious what you say. Just thought it might be interesting because there were one or two questions lately.

Additional construction costs (e.g. house connections, soil surveyor, construction power, etc.) 5,000

Did you forget a zero there? The connection from the municipal utilities for water currently costs us around 2,500 euros in Lower Saxony without earthworks, electricity is just under 5,000 (also without earthworks). Construction power easily costs four digits, the soil surveyor was 1,200 for three drillings. Then there is no fiber optic yet, no surveying, no sewage connection, no dozens of other fees paid, etc. You have to add significantly more to this item, others can tell you specifics... It just caught my eye because we had the prices on the table the other day. Classic additional construction costs also include earthworks. Is your house offer starting from the finished foundation slab? If yes, you can easily add 25,000...

Why is the deductible equity at the end 145,000 when you only want to contribute 100,000 of 130,000 above?

Does the plot have a slope?

Do you have a buffer for unforeseen expenses or upgrades?

Read along, are you planning a basement?

this will be a thread for those readers who, like us, often feel lost here.

Why is that? - here there is actually something for every taste (also for the reader level). EH40 and low-income earners is a calculation that can definitely work, not least because of the magic salt "funding program". Low-income earners and homeownership can go together if one is willing to accept need-oriented building standards, including size "demands". However, EH40 - in times of a Building Energy Act standard close to EH55 - is still "avant-garde", meaning a goal that in my Juso days would have been called "eco-social"; thus one that low-income earners could reasonably see as belonging to the responsibility of more "potent" classes. If you feel called to this, I am in turn surprised by the detached single-family house, because at least a semi-detached house would actually be more obvious. In addition, it seems to me ...

current cold rent €450 _/_ current warm rent €550 [...] Wihn129 sqm usable area 143 sqm plus 32 sqm

... even if the area composition is not entirely transparent to me, it seems as if, with a current cold-warm rent delta of €100 per month, a significant increase in per capita living space is being aimed for, thus rather not "the future of the planet we build on our self-restraint" (?); so I say: 110 sqm Building Energy Act standard could be a bigger contribution than 140 sqm EH40 ...

Are children planned? no more due to house construction

... and wouldn’t it be better to bear another pension contributor - vegan, of course (?)

Kfw40 standard with local general contractor

I always like local GCs - however, the Holzer are better at EH40, while recommendable local GCs are usually Steiners.

Hello,

this will be a thread for those readers who, like us, often feel lost here.

We are about to sign a contract for building a house to KfW40 standard with a local general contractor. Financed through KfW and ISB.

A little about us

[*]Who are you? H. and M.
[*]How old are you? 33 and 30
[*]Any children? 1 boy, one year old next week
[*]Any more children planned? none due to house building
[*]What do you do professionally? H. machining mechanic, M. administrative employee
[*]Are you employed, self-employed, retired, housewife, househusband etc.? Employed.
[*]How many hours do you work? H: 40 plus 2 times a week side job of 2 hours, M 16 hours (part-time on parental leave)

Income and assets situation:

[*]What income do you have (gross/net)? H: 3258/2312 plus side job approx. €250 M: 1282 / 1048
[*]How much child benefit do you get? €250
[*]Other transfer payments like parental allowance, sickness benefit, etc.?
[*]How much equity do you have? 130,000
[*]How much of that equity do you want to invest in the house project? 100,000

Expense situation:
Housing costs:

[*]current basic rent €450
[*]current total rent €550
[*]electricity €75
[*]phone, internet, mobile €80

Mobility costs:
for 2 cars total

[*]insurance €96
[*]tax €26
[*]fuel €210

Insurance costs:

[*]liability insurance €6.60
[*]capital or term life insurance €13
[*]pension insurance (also Riester, Rürup, etc.) €100
[*]disability insurance €126
[*]accident insurance €45
[*]household insurance €4
[*]trade unions €33

Living expenses:

[*]groceries €500
[*]restaurant costs €0
[*]care/drugstore €40
[*]clothing €20
[*]cleaning €5

Income and expense totals:

[*]total income 3860
[*]total expenses 1899.6
[*]balance 1961
[*]of which basic rent amount 450

General information about the property:

[*]How large is the plot? 663 sqm
[*]What are its dimensions? 24 x 27.5
[*]How high is the land value? €65 per sqm
[*]New build, old building (year built), house type? New build, single-family house, pitched roof KfW 40, 1.5 floors
[*] ? Single garage
[*]How large is the house? ( / usable area) Living area 129 sqm, usable area 143 sqm plus 32 sqm garage
[*]What is the market value of the plot and house after completion? €503,000

Construction or purchase costs:

[*] €43,095
[*]Additional acquisition costs (notary, court, real estate transfer tax, broker) €2,400
[*]Construction or purchase costs (incl. , ) €386,000
[*]Additional building costs (e.g. house connections, soil expert, construction power, etc.) €5,000
[*]Outdoor facilities/terrace, paths, garden design, fences, etc. €10,000
[*]Total costs €446,495

Other costs:

[*]Kitchen costs €15,000
[*]Photovoltaic system €12,000 6 kW with 6 kW storage
[*]Energy consultant €5,325
[*]Garage done by ourselves €17,500
[*]Front door €4,500

Cost summary:

[*]Total costs €500,820
[*]Deductible equity €145,495
[*]Financing amount €355,525

Necessary loan details:

[*]Loan amount €170,000 KfW €175,000 ISB LM
[*]Loan type (e.g. annuity loan, bullet loan etc.) annuity loan
[*]Interest rate (p.a. nominal, otherwise effective) 0.53% KfW 3.4% ISB
[*]Fixed interest term 10 years KfW until full repayment ISB
[*]Fictitious total term until full repayment 09/30/2052
[*]Initial repayment rate KfW 2.77 ISB 1.8
[*]Monthly rate KfW €469.03 ISB €758.33 total: €1,226.06
[*]Special repayments possible? (state amount) ISB 10% p.a

Let the show begin. Curious what you say. Just thought it might be interesting because some questions have come up recently.

Did you forget a zero there? The city utilities’ water connection currently costs us about €2,500 in Lower Saxony without earthworks, electricity around €5,000 (also without earthworks). Construction power easily four-digit, soil expert was €1,200 for three drillings. Then there’s no fiber optic, no surveying, no wastewater connection, no three or more further fees paid etc. You have to add much more to that item, others can give you more details... It just caught my eye because we had prices on the table recently. Typical additional building costs also include earthworks. Is your house offer from the point of the foundation slab? If yes, you can easily add €25,000...

Why is the deductible equity €145,000 in the end when you only want to apply €100,000 of €130,000 above?

Does the plot have a slope?

Do you have a buffer for unforeseen expenses or upgrades?

Hello,

thanks for your response!

These are the costs we were quoted by the general contractor. The construction cost offer includes earthworks and foundation slab as well as soil report etc. So among the additional costs, only the electricity and water connections remained.

In the deductible equity, I included the plot including additional costs since this was already paid in cash.

Best regards

Read along, are you planning a basement?

We have not planned a basement