WegZumHaus
2021-04-12 00:08:20
- #1
Hello dear community,
I have been reading actively lately because we aim to move back to my wife’s hometown (60 km from our current residence). We have applied for building plots in three currently developing residential areas.
Now I am trying to figure out what we can "comfortably" afford without overstretching ourselves. At this point, I am struggling mentally, as the typical online calculators generate quite high values. I would really appreciate your assessment here!
Facts about the plot:
Development Area 1 (our favorite, and probably the better chances here because my wife has "points" here):
550 - 800 sqm plots
50 EUR/sqm
+ 30 EUR/sqm "development administration costs" (not specified in detail)
Standard land value: 280 EUR/sqm
Development Areas 2+3
600 - 850 sqm
30 EUR/sqm
+ 20 EUR/sqm
Purely in terms of size, we would favor around 600 sqm (price-performance ratio)
------------------------------------------
About us:
She, 31, academic training in the pedagogical/medical field
currently on parental leave until September, currently unpaid
after parental leave: 28 hrs/week
then 1,500 EUR/net + 13th salary
increase to 35 hrs possible for 1,900 EUR
He, 35, commercial profession
2,500 EUR/net + 3 additional monthly salaries
Child, 1 year, babbling activity, not yet in care (from 08/2021)
219 EUR net
Equity:
30,000 EUR
+ 20,000 EUR we would get privately
+ 15,000-25,000 EUR we could still build up by mid next year
Why not more equity?
We have not a cent of debt/financing
two paid-off cars (2 nearly new cars, total expenditure 35,000 EUR, purchased in 2016 + 2018)
wedding, child, total 14 months parental leave + now my wife’s unpaid parental leave
etc.
-------------------------
We keep a household budget:
on average, we currently have monthly expenses of 2,130 EUR/month (including annual expenses)
of which 820 EUR is warm rent
-------------------------
In case of winning the bid, it would look like this:
no rent, no swimming club, savings potential 140 EUR (streaming services, gym, etc.)
further savings potential: in the current town the daycare fee would be about 550 EUR including meals, in the new town 250 EUR, from age 3 = move-in, only 150 EUR!!
Added: daycare fees 250 EUR, additional house costs 455 EUR (assumed 130 sqm living space * 3.5)
This results in expenses of:
1,759 EUR/month under the line
---------------------------
Summary:
Current expenses: 2,130 EUR/month
Expenses at move-in: 1,759 EUR/month
Income: 4,219 EUR/month net
Annual special payments: approx. 8,000 EUR/net
Leaves a "tight" maximum margin of 2,460 EUR.
Just by gut feeling, I would feel most comfortable with a monthly installment of 1,000 - 1,200 EUR.
---------------------------
Previous idea of construction costs:
Land costs: 56,000 EUR (incl. incidental costs)
House price: 190,000 EUR (T+C Flair 134 as basis for calculation!!)
Upgrades: 20,000 EUR
Additional trades costs: 15,200 EUR
House connections: 9,500 EUR
Variable incidental costs: 5,000 EUR
Additional costs: 7,600 EUR (rental equipment, construction electricity-water costs, interest during construction, etc.)
Safety buffer: 20,000 EUR
---
Total: 323,000 EUR
---------------------------
Questions:
- do you consider the breakdown realistic?
- assuming we buy the plot from cash funds: With which value is the plot counted as equity/collateral within the financing of the house? The actual purchase price (80 EUR) or the land value (280 EUR)?
Current loan idea:
300,000 EUR at 1.5%
3% initial repayment
27 years until repayment
monthly rate = 1,125 EUR
+ remaining budget for kitchen, garden, etc.
I am very much looking forward to your input, because I think from the length of this message you can see that I am seeing a bit too many trees and too little forest!
Thank you very much!
I have been reading actively lately because we aim to move back to my wife’s hometown (60 km from our current residence). We have applied for building plots in three currently developing residential areas.
Now I am trying to figure out what we can "comfortably" afford without overstretching ourselves. At this point, I am struggling mentally, as the typical online calculators generate quite high values. I would really appreciate your assessment here!
Facts about the plot:
Development Area 1 (our favorite, and probably the better chances here because my wife has "points" here):
550 - 800 sqm plots
50 EUR/sqm
+ 30 EUR/sqm "development administration costs" (not specified in detail)
Standard land value: 280 EUR/sqm
Development Areas 2+3
600 - 850 sqm
30 EUR/sqm
+ 20 EUR/sqm
Purely in terms of size, we would favor around 600 sqm (price-performance ratio)
------------------------------------------
About us:
She, 31, academic training in the pedagogical/medical field
currently on parental leave until September, currently unpaid
after parental leave: 28 hrs/week
then 1,500 EUR/net + 13th salary
increase to 35 hrs possible for 1,900 EUR
He, 35, commercial profession
2,500 EUR/net + 3 additional monthly salaries
Child, 1 year, babbling activity, not yet in care (from 08/2021)
219 EUR net
Equity:
30,000 EUR
+ 20,000 EUR we would get privately
+ 15,000-25,000 EUR we could still build up by mid next year
Why not more equity?
We have not a cent of debt/financing
two paid-off cars (2 nearly new cars, total expenditure 35,000 EUR, purchased in 2016 + 2018)
wedding, child, total 14 months parental leave + now my wife’s unpaid parental leave
etc.
-------------------------
We keep a household budget:
on average, we currently have monthly expenses of 2,130 EUR/month (including annual expenses)
of which 820 EUR is warm rent
-------------------------
In case of winning the bid, it would look like this:
no rent, no swimming club, savings potential 140 EUR (streaming services, gym, etc.)
further savings potential: in the current town the daycare fee would be about 550 EUR including meals, in the new town 250 EUR, from age 3 = move-in, only 150 EUR!!
Added: daycare fees 250 EUR, additional house costs 455 EUR (assumed 130 sqm living space * 3.5)
This results in expenses of:
1,759 EUR/month under the line
---------------------------
Summary:
Current expenses: 2,130 EUR/month
Expenses at move-in: 1,759 EUR/month
Income: 4,219 EUR/month net
Annual special payments: approx. 8,000 EUR/net
Leaves a "tight" maximum margin of 2,460 EUR.
Just by gut feeling, I would feel most comfortable with a monthly installment of 1,000 - 1,200 EUR.
---------------------------
Previous idea of construction costs:
Land costs: 56,000 EUR (incl. incidental costs)
House price: 190,000 EUR (T+C Flair 134 as basis for calculation!!)
Upgrades: 20,000 EUR
Additional trades costs: 15,200 EUR
House connections: 9,500 EUR
Variable incidental costs: 5,000 EUR
Additional costs: 7,600 EUR (rental equipment, construction electricity-water costs, interest during construction, etc.)
Safety buffer: 20,000 EUR
---
Total: 323,000 EUR
---------------------------
Questions:
- do you consider the breakdown realistic?
- assuming we buy the plot from cash funds: With which value is the plot counted as equity/collateral within the financing of the house? The actual purchase price (80 EUR) or the land value (280 EUR)?
Current loan idea:
300,000 EUR at 1.5%
3% initial repayment
27 years until repayment
monthly rate = 1,125 EUR
+ remaining budget for kitchen, garden, etc.
I am very much looking forward to your input, because I think from the length of this message you can see that I am seeing a bit too many trees and too little forest!
Thank you very much!