Our dream of the house! How big can the dream be?

  • Erstellt am 2014-09-01 12:26:59

Jaydee

2014-09-01 13:26:02
  • #1
Phew, it will be difficult to fit that into 150 sqm. For comparison, we also have about 150 sqm of living space. Upstairs there were only four rooms (3 children’s rooms of 12.5 sqm each and a bedroom of 17 sqm). The bathroom is 8.5 sqm. But there wouldn’t have been any room left for a storage room anywhere. Downstairs we have – besides the kitchen (10.5 sqm), living/dining room (39 sqm) – only a guest bathroom (5 sqm) and utility room (12.5 sqm). A study would have only fit if we had given up the separate kitchen and combined kitchen, dining, and living into nearly 40 sqm. Some friends of ours have done that; I would find it too small. Maybe you can build bigger, if you can do without things like brickwork. Because that can be quite costly. I would perhaps rather treat myself to a "bigger" house with that.
 

Manu1976

2014-09-01 13:48:29
  • #2
I fully agree with Jaydee on that.

I now also think that with 4 bedrooms on the upper floor + bathroom + storage room, 150m2 will not be enough. We currently have 160m2 and only have 3 bedrooms + bathroom upstairs.
In the new house we will then have 4 bedrooms upstairs + 2 bathrooms. But then we will have 200m2 on the ground floor and upper floor. And the rooms are not huge – 15-16m2 and the two bathrooms a bit smaller.

I would possibly recommend you to consider a gable roof house with a high knee wall. Then you could additionally expand the roof and plan 1-2 more rooms there. The living space under the roof is the cheapest you can create when building a house.
 

Scratchi

2014-09-01 20:11:44
  • #3
Well then, I’ll get started!

- How high is your current savings rate?
We currently save about €1200. Which will be at least €1400 in 2 years

- How much rent are you currently paying (cold / warm)?
Total with electricity and heating €560

- Do you have additional equity? Riester pension / Wohnriester; building savings contract or similar?
As equity, only the plot of land

- How old are you both?
26 and 29

- Desire to have children? - keep in mind that then one income (presumably hers) will almost completely disappear (yes yes, I know: parental allowance - but this goes towards the additional costs) <-- here I always see the biggest sticking point
Yes, desire for children. Although here again the usual civil servant benefits like €100 extra per child also apply.

- How big should the house be? Are ancillary costs already included in the €270,000 (look for the ancillary cost list from Bauexperte)
150 m2 should be it. Ancillary costs should be included

1. Do I understand correctly that the plot of land belongs to you, but was purchased with a “family loan” and you accordingly pay the family €500 per month? So, is it considered equity? Is the payment finished when you want to start building the house?
Plot counts as equity. Repayment ends when house construction begins.

2. What are your current monthly expenses? So everything included, also insurances that only occur once a year, car costs, vacation... broken down per month?
Expenses are about €2000 per month

3. How high is your cold rent? What can you save on the side, in addition to the €500?
Saving an additional approx. €1000 alongside the €500 with some limitation of the previous "lifestyle" ;-)

4. Do you have additional equity?
Only the plot worth €52,000

More questions from me:

The value of the plot is significantly higher than the purchase price. Is the purchase price or the "market value" counted as equity?

Of course, we already have several construction catalogs here with price lists for turnkey houses. Is there an average estimate that you can add to this turnkey price to calculate the approximate final price? Do you have personal experience?
 

Pagensand

2014-09-04 12:47:11
  • #4
Hello you, I thought I could also try to give you a tip... so for us, the market value was assumed as equity (which in our case was below the purchase price). You really have to be careful with the additional costs, try to include as much as possible in your construction contract and avoid "builder’s scope" etc. Properly expensive can be for example

- house connections (gas, water, electricity) we once calculated about €5,000 per trade, and now JUST the water connection costs €13,000 (I contacted about 30 companies, and that was honestly the cheapest offer)!
- soil replacement - we are building in Hamburg - where are you building? - and there we had to spend another €12,000 to replace the non-load-bearing soil. In some cases, pile foundation has to be used, which adds €20,000 more right away
- some insurances might be added, for example a disability insurance or a term life insurance, also insurances for the house like liability or shell fire insurance
- authority fees - for example €1,800 for us for the building permit, the mortgage registrations at the land registry cost court fees and notary fees again
- our house has 215 square meters of living space and costs €380,000, however without own work like electrical and roofing as in your case. Keep in mind that if you have friends who "for a small fee" roof the house, you also have to insure them socially with the professional association!
- we also had to spend €2,300 to have the plot checked for bombs and €1,000 for toxic gases (official requirement, new since last year), we hired a building surveyor because we are no professionals ourselves (€2,400) and so on... in total (with realtor and purchase taxes) we have about €90,000 additional costs.
- when the kids are there and one goes back to work, care costs (for us so far for example €380 per child, but this has recently decreased)

I do think you can fit the rooms you mentioned into 150 sqm, that basically depends on you. There are also nice tools on the internet to plan that. We have 155 sqm for us with 6 bedrooms and also a 70 sqm separate apartment. That shall be rented out and so practically pay for itself ;-)

Financing
I would - considering the fact that your salaries probably won’t increase extremely - try to get as long a fixed interest period as possible, we got 30 years. Sure, that is more expensive but you don’t run the risk of not getting a suitable follow-up financing after 10 years. And what I like about our contract (we took out a loan of €500,000 and had €150,000 equity) is that our monthly rate is actually quite low at first (€1,900), but we have the option to make high special repayments quarterly, I think up to €12,000 per year. That really means great flexibility and if times are tight due to special expenses like a new car or something you just forgo the special repayments and catch up later.

- you should also have some reserves in case the move-in date is delayed. It is often the case that banks keep the loan interest-free for 1 year but you then have to draw it completely and pay interest. Bad if you also still have to pay rent then. For us, it’s probably just about manageable but since the building permit was delayed by 4 months it’s really tight!

I hope there were a few tips in there, tell me how it turned out!
 

f-pNo

2014-09-04 22:34:59
  • #5


Oh my god!!! I received the invoice for our water connection yesterday. If I tell you the amount, you’ll cry yourself to sleep. Even the construction water connection was more expensive for us. OK - we are building in a new development area marketed by the municipality where the pipes already lie by the street. Besides, we had the media trench included as a service in our building contract. BUT €13,000 JUST for the water connection?



You are completely right here. But I think you’re mistaken on one point. Banks may offer a 12-month interest-free availability period. But for the amounts already disbursed (during the construction period), no repayment is due until moving in, but interest is still charged. For example, for us (hopefully) the move-in will take place around the end of November/early December – just last month we paid about €530 interest on the loan amounts disbursed through the end of August – in addition to rent. I already know that I planned too little for the double burden – because by the end of September the amount planned (€2,200) will already be exceeded – first disbursement mid-May 2014.
 

Pagensand

2014-09-05 20:50:42
  • #6
Hello,

yes, you are right about the interest, I think I expressed myself incorrectly there. We are now paying (roof just covered) of course interest on the amount already drawn, but at least not on everything... We are currently hoping to move in mid-January.
Yes, the water connection is a nightmare. From what I’ve heard, the cooperation with the authorities is SO BAD regarding forms, regulations, requirements, etc... that no plumber feels like dealing with it. Of the approximately 30 I called, about 20 said they "don’t do that anymore," 8 had no time, and only two made an almost identical offer. In addition, only a few licensed companies are allowed to install this connection, someone from outside is not allowed at all. Well... and that’s where everyone wants Hamburg to be built new ;-)
All the best to you too!
 

Similar topics
06.05.2015Living/Dining/Kitchen: How do you live or how will you live?52
15.02.2015Dressing Room/Bedroom Problem - Floor Plan Discussion25
18.03.2015Buying property feasible - Loan with building savings as equity?12
15.09.2016Financing without equity with security?52
18.02.2016Collateral value & equity11
21.04.2016Is financing with land and equity possible like this?20
12.09.2016Water connection outside from the kitchen - possible?39
13.10.2016Extra bathroom from the bedroom or storage room after all?29
06.04.2017Building a house without equity?55
28.04.2017Construction financing and equity15
31.08.2017Feasibility of construction project. Equity capital 50,000 Euros23
04.06.2020Is building a semi-detached house sensible despite low equity with a long loan term?79
10.07.2019Calculations on the annoying topic of buying/building vs. renting19
05.11.2019Location kitchen and living room55
12.09.2021Purchase financing: how much equity (with the low interest rates)?27
11.04.2022House construction 2024, affordable with little equity?74
10.07.2025Inherited equity, what to do, experiences?54
23.06.2024Buying a house without equity at a relatively young age68
08.03.2024Building a house compared to buying a house27
06.05.2024Financial planning for new construction with good income and little equity81

Oben