Please give your opinion: Is the project feasible?

Hello everyone, your forum here is great! I would like to ask for your opinion: We currently have a fully developed plot in sight that we would like to buy. But first, I want to give you some key data about us: we are a small family, both 30 years old, married and have an 8-month-old daughter. We have a semi-detached house that we want to sell. We expect that after deducting debts, 100,000 euros will remain. Additionally, we have 40,000 euros in equity. We want to use 30,000 euros of that and keep the rest as a reserve. Income currently with parental allowance is about 4,300 euros, afterwards 1,100 euros less. We want to build a single-family house with a basement. But we have not been to any construction company yet. My first question: does the following calculation work? Construction costs for single-family house solid including basement 140 sqm living space 250,000 euros, incidental building costs 25,000 euros, 20,000 euros double garage, 20,000 euros for paving, terrace including roofing and fence, 110,000 euros for land (fixed), 15,000 for kitchen and stove, in total 440,000 euros (I’m getting a little dizzy). And the second question: we would then need a loan of 310,000 euros; we can get this from the bank, but that is really a lot of money. We would then have a monthly burden of about 1,100 euros with 1 percent repayment and 20 years interest rate lock for the largest part of the loan. I know that hardly any repayment will be made then, but we want to have as little burden as possible for now while I am still at home (possibly 3 years). Do you think this can be done without worrying?

I would still try to reduce the burden a bit... not include things like a double garage in the financing at all...

If there is still money for something like that... then build... otherwise not...

Hello again! I have to say regarding the cost estimate that this would be the maximum limit we wanted to spend. We can get the concrete for the basement etc. at "purchase price," all the paving work will be done by my mother's partner, and we could also get the windows, doors, stairs, wooden floors from acquaintances who have a joinery at a cheaper price. But since I have no idea at all what savings this could bring, I have left that out for now. Do you think that makes "a bisserl was aus"?

that depends on how you want to build... if you build with a big GU... who anyway gets all the things as equity, then you have to see if there is anything to save at all...

the biggest costs are usually not the materials but the labor costs for the craftsmen...

I see it the same way as Mycraft: a general contractor will not work with external companies, this concerns the windows and the front door. The bricklayer also has his "own" products he works with (concrete). They are a bit more flexible with the interior fittings: the interior doors can be removed. Floor coverings usually have to be done with own work and are not included in the house price (just like painting work). The outdoor area is also done on your own, usually it is the case that with little capital the builders have to perform own work here (sweat equity). So, I don't see much potential for savings based on your information. Except: giving up the basement and/or garage. Additional construction costs are estimated low - that might be possible, but rather not.

Good evening,

We currently have a fully developed plot in sight that we would like to buy.

That does not mean that no additional building costs will arise!

we have a semi-detached house that we want to sell. We expect that after deducting the debts, 100,000 euros will remain.

Wish and reality often diverge. Have a banker take a look at the semi-detached house and give an estimate. Then compare it on the market (internet, newspapers) to see if the estimated price is realistic.

construction costs for a detached house solid construction including basement 140sqm living space 250,000 euros

No. In the Rhineland you would have to invest around 260,000 euros, in Bavaria a bit more.

additional building costs 25,000 euros

Better assume 35,000-40,000 euros.

20,000 euros double garage

Fits.

20,000 euros for paving, terrace including roofing and fence

That’s about right for simple equipment.

we would then have a loan requirement of 310,000 euros

You don’t yet know what remains from the sale of the semi-detached house, nor have you correctly estimated the costs of the new construction. Wait first before you start talking about financing needs.

We can get the concrete for the cellar etc. at "purchase price", my mother’s partner will do all the paving work for us and we could also get the windows, doors, staircase, wooden floors from acquaintances who have a carpentry at a lower price.

Yvonne (ypg) already answered you correctly. Supplying materials yourself will not be accepted by a general contractor; not even by craftsmen if you hire through an architect.

Rhenish regards