PanCakeBunny66
2012-07-08 12:43:32
- #1
Hello dear Bauforum team,
after days of research, I came across this competent Bauforum and it also seems like you really get honest answers here. So, the following situation, I'll give a little background: My life partner (30) and I (24) are thinking about building. We have a wonderful plot of land (800m2 rural area, Niederbayern region, southeast and a fantastic panoramic view) in sight for 60,000€ (this cost would also include all incidental costs such as notary, land registry entry, taxes, and everything else that might arise). We would imagine a small nice Mediterranean house with a hip roof, basement, garage, and about 150 - 160m2. Solid construction, of course, NO prefabricated house. For heating, we would prefer a water-to-water heat pump. We have already tried to calculate everything, and after deducting the sweat equity (tiling, painting, installing interior doors, etc.), we would come to 230,000€ for the house. So, my first question to the experienced building experts among you is: is this amount realistic? Then number two, the money. Without going into too much detail, we would have to take out a loan of about 350,000€. Without everyone hysterically shouting "for God’s sake that's a lot, you're heading for ruin": We have cash assets (checking/savings account + inheritance approx. 30,000€ plus a capital life insurance policy from my life partner that was taken out before 2000 (payout tax-free) with 20,000€ plus our sweat equity of about 25,000€, so we can show a total value of 75,000€. I have already made a cost breakdown of what expenses will come with additional incidental costs, insurance, taxes. We have a monthly net income of 4,300€ and could repay the loan with 1,600 - 1,700€ over 30 years. I should add that our jobs are very secure and we also have no problem paying off the debt for 30 years. We would even still have about 900€ free each month (at the present time) to put aside further savings. Our current cold rent is 600€. And I am slowly starting to refuse to finance other people’s lives... So that was a bit much, but it means a lot to me because this dream plot is exactly where we always wanted to be... I would be very happy to receive your answers as we have to make a decision by October...
Best regards and thanks in advance
PanCakeBunny66
after days of research, I came across this competent Bauforum and it also seems like you really get honest answers here. So, the following situation, I'll give a little background: My life partner (30) and I (24) are thinking about building. We have a wonderful plot of land (800m2 rural area, Niederbayern region, southeast and a fantastic panoramic view) in sight for 60,000€ (this cost would also include all incidental costs such as notary, land registry entry, taxes, and everything else that might arise). We would imagine a small nice Mediterranean house with a hip roof, basement, garage, and about 150 - 160m2. Solid construction, of course, NO prefabricated house. For heating, we would prefer a water-to-water heat pump. We have already tried to calculate everything, and after deducting the sweat equity (tiling, painting, installing interior doors, etc.), we would come to 230,000€ for the house. So, my first question to the experienced building experts among you is: is this amount realistic? Then number two, the money. Without going into too much detail, we would have to take out a loan of about 350,000€. Without everyone hysterically shouting "for God’s sake that's a lot, you're heading for ruin": We have cash assets (checking/savings account + inheritance approx. 30,000€ plus a capital life insurance policy from my life partner that was taken out before 2000 (payout tax-free) with 20,000€ plus our sweat equity of about 25,000€, so we can show a total value of 75,000€. I have already made a cost breakdown of what expenses will come with additional incidental costs, insurance, taxes. We have a monthly net income of 4,300€ and could repay the loan with 1,600 - 1,700€ over 30 years. I should add that our jobs are very secure and we also have no problem paying off the debt for 30 years. We would even still have about 900€ free each month (at the present time) to put aside further savings. Our current cold rent is 600€. And I am slowly starting to refuse to finance other people’s lives... So that was a bit much, but it means a lot to me because this dream plot is exactly where we always wanted to be... I would be very happy to receive your answers as we have to make a decision by October...
Best regards and thanks in advance
PanCakeBunny66