New construction planning - where do I start?

2017-08-02 13:19:58

Our architect calculated 325 € per m³ for the residential house and 175 € per m³ for the garage. Plus additional costs. Plus outdoor facilities. Plus land, etc... But including all "special features" like electric shutters everywhere, partly venetian blinds, ventilation system, colored windows, etc... We are currently still under construction, but (except for some floor coverings and outdoor facilities, but even there the rough direction is already set) everything is fully specified and decided and we are currently at the rough installation phase for electrical/plumbing/ventilation, so the closed shell is finished. And I have to say, at the moment it looks like we will actually hit the target exactly and his rough cost estimate fits perfectly.

We are building 160 m² + large double garage. However, we are also building in an inexpensive region (rural RLP). These prices will probably no longer be possible elsewhere, at least not if you choose equipment above standard.

Regarding the sequence: We first went to our house bank and had a rough consultation there. We said how much monthly installment we imagined, etc. and then he roughly told us a loan amount that in his opinion would be easily possible. Since this amount matched relatively well with our own planned budget and the desired house (there we also just calculated with x m² times x €), we then looked for an architect and discussed our wishes, ideas, etc. with him, after which he made the above calculation with 325 € per m³. Then we planned the house completely with him. He then obtained offers from the individual trades for the planned house and then gave us a detailed cost breakdown based on the actual offers from the actual executing companies, which roughly matched the previous rough estimate per m³ (or was even somewhat lower). With that we then went to the bank and applied for the loan with some buffer and then construction started. As I said, currently it looks like it will fit exactly (to the nearest 1000 €). But of course, this can be completely off for other regions or other requirements.

Regarding equipment, the price for me (30km from Nuremberg (in the countryside)) is utopian. Only the ventilation system and the colored windows remain at 400m³/€.

2017-08-02 13:38:54

Yes, here with us building actually still seems to be somewhat cheaper than elsewhere in Germany (I still find it expensive :D). I have read this here several times. However, I must also say that we can only maintain this price with an architect and individual contracting, with regional executing companies (and "regional" means from our village or the neighboring villages) and our experienced architect who already knows which companies work well and affordably. The offers from prefabricated house providers or turnkey companies (solid construction) were considerably higher, assuming the same equipment. Therefore, building with an architect and individual contracting is also so popular in this region; very few build here with a general contractor—simply because it is more expensive.

2017-08-02 13:47:09

Ok, the thing with the floor area sounds logical, how do you get from the floor area factor to the living area?

Roughly calculated, I am converting 1000m³ for my project without garage and without basement. Depending on the price per m³, I come to between €325,000 and €400,000.

I would also classify our area as "rather cheap." The architect said with €350/m³ you achieve a livable standard everywhere, with €380/m³ you are very well equipped, and with €400/m³ you are clearly above standard.

Even though we are certainly very modest, I don’t want to have to forgo certain things.

We have an offer for the extension (didn't I already write that?) for the bathroom with everything we wanted including lighting, stretch ceiling, and tiles for just under €19,000. It won’t cost more than that in the new building either. Our current kitchen cost €6,000; a new one will definitely not cost us more than €10,000.

That as a reference for the kind of "standard" we have. We don’t want golden faucets.

But costs are only part of the question. Or should I now go to the bank and say to the advisor, "Hello, I need €700,000 for a new build"? I suspect I might as well just call and cancel the appointment...

€700,000 at 2% interest and 2% repayment would already be over €2,000 monthly installments – that’s almost 50% of the net income, no bank would go along with that.

2017-08-02 14:21:50

Due to the large amount, we financed the land and the house at different times with the risk of rising interest rates. By the end of this year the land will be paid off, then the house financing will start.

I also find the current prices being asked crazy. However, I have to accept them because A) I want to have a single-family house now and B) I cannot do any own work (by that I mean paving and tiling, not painting).

We have just under €5300 available without bonus and profit sharing, and I am really scared of the amount I have to borrow.

How much do you have to borrow? €350k / €400k?

2017-08-02 14:24:55

Would you just get 700 thousand euros without any problems? I keep seeing that the price per square meter is between 1800 and 2000 euros. There are no golden faucets anywhere and no complicated plots of land. I would orient myself accordingly. If that doesn’t help you further, you can try it the other way around and see, what kind of loan would I even get with my income and equity? After that, you choose the size of the house.

2017-08-02 14:28:21

We are just speculating on the announced Baukindergeld - although it first needs to be clear whether we can receive it with our income. Currently, the limit is €70,000 gross - it is questionable whether child benefits etc. are included in that, and whether it is calculated annually or only at the start of the financing... At the beginning, my wife probably won't be working yet, and only after a few years will she earn enough to reach around €70,000. Currently, we are at about €55,000 gross (me) and she earns €5400 (from a mini-job).

In addition, we hope for KfW subsidies.

If we can sell the house we currently own with a "profit" of €100,000, that would of course help immensely.

Then it would at least theoretically be feasible, at least according to my household planning.

Similar topics
14.11.2013	Our floor plan of 120 sqm on a 469 sqm plot	73
11.11.2014	The Old Suffering - Turnkey/Individual Contract	38
18.01.2015	New construction Kfw70 underfloor heating and tiles	11
26.02.2015	Floor plan house / property	28
15.05.2016	Own home - Planning the property / Financing with income ok?	22
17.04.2017	Is land and house construction possible with our income?	43
11.10.2020	Financing land and house? Taking out a mortgage? Construction costs?	151
16.10.2019	Is building a house possible with our income?	88
16.03.2020	Small income - house construction, rental, and co	10
29.05.2020	New construction with existing debt - feasibility question	44
23.12.2020	Construction financing, assessment possible with income?	11
10.03.2021	Is our new building realistically financeable?	89
26.02.2022	Pay off a semi-detached house or invest in a new building (at the employer)?	14
16.04.2022	Financing single-family house new construction your assessment as of today!	22
17.02.2023	Procedure for constructing a new single-family house on an existing plot	179
31.01.2023	Plot with existing old building, new construction not possible	11
28.05.2024	Property, house buying experiences, opinions?	20
30.08.2024	Renovation or demolition and new construction - decision support from the architect?	25
17.01.2025	New construction - now or wait? Experiences?	71
25.02.2025	Renovation or new construction? House purchase with a huge plot!	13

New construction planning - where do I start?

Zaba12

Lanini

Xorrhal

Zaba12

kaho674

Xorrhal