Properly assessing house planning

we calculated here with €15,000 - €20,000 without kitchen!

If you are modest... Get cost estimates for all possible items - before signing! Then you can calculate.

whether such a high purchase sum fits our income. That makes us most suspicious. Meaning €420,000 purchase price with €4,000 net income.

At first glance that doesn't look bad - but do we know if one of you has an expensive hobby? The child needs exorbitant medical care? You only eat champagne and caviar and can't do without summer and winter vacations? Spend €1,000 a month on fuel? You won't get around a detailed breakdown - whether posted here or for your own review.

€10,000 are for us just 'property-specific work', connections from municipal utilities, telecom, and wastewater / rainwater pipes. Then there are additional electrical wishes (€3,000 if you are modest, but it can quickly become €10,000), notary, taxes (depending on your place of residence and property), and an estimated €5,000 over the entire construction process for surveyors and fees for land register entries.

So far, we haven't included paving work for the house path, terrace, parking space, no garage, no splash protection around the house, no lawn, no fence, no kitchen.

Make two lists for yourselves:
one with all expenses per month, and don’t forget annual ones like car tax. Also include a savings amount for a broken washing machine, car, and vacation.

another list with all additional costs, e.g. based on this list:


It's nice if you think you can get by with less, but the craftsmen will teach you otherwise. Except for the electrical work, we had no choice whether to accept the offer or not – the house simply needs electricity and wastewater. And many things we are only doing later. It's best to have a 10% buffer on the entire calculation for unforeseen disasters or special requests (after all, you only build once....) And it’s the many small amounts you didn’t know or ignored because they seemed so small – but here €500, there €500 can easily break your back or at least lead to a more expensive additional financing.

Hello, greetings to my homeland!

You have 140,000 euros in equity! Fundamentally, I consider the 420,000 purchase price to be bearable and reasonable, see the contributions of my previous posters. By the way, you have not mentioned the notary fees.

Is the developer known? What references does he have in the area? How detailed is the construction performance description? There are developers who build something like that with a fixed-price guarantee. In my area, such an R-house with a basement in this size, KFW70, costs about 300-350 euros/sqm plus land price around 320-350K. Of course: special features cost extra. But from what I know, the contractually agreed price remains, so you can plan well.

Here I would inquire and try to get in touch with people who have built with the developer. If the developer is reputable, he can certainly be willing to refer you to one or two other building families for a conversation.

Personally, I find the 420,000 euro purchase price – despite basement and garage – somewhat high. For an end terrace house it might still be okay.

This is certainly partly because the land prices in the city itself are around (Google it) about (over) 400 euros/sqm. In Wiley, I see such buildings around 420,000 (crazy what they have done with that area). Outside in Nersingen, one can get one for 250,000.

In general, real estate has become more expensive. In the NU district, land prices are noticeably lower on average; have you looked at other properties in the area? OK: the city location has the advantage that you can manage quite well with a car. With the bus from Nersingen to NU it is more complicated, but here for example there is the train that goes all the way to NU station.

I would put the 100,000 into the pot, keep 40,000 as a reserve, and if anything is left over: special repayment.

Best regards to Neu-Ulm Thorsten

Hello Thorsten

First of all, warm greetings back. So the BT is known, they have built a few multi-family houses in our current residential area "Wileys". We looked at a completed semi-detached house by BT and if interested, a conversation with the new owners is also no problem. Regarding the house itself, according to BT and the construction description, basically everything is included except for the cadastral and T-connection, otherwise as you said with a fixed price guarantee. The fixed price consists of the base price + our special requests, although I want to mention that we hardly had any special requests since the basic equipment was already quite OK except for one or two sockets etc.

But there are lingering doubts, and as you also said, we find the price a bit too high. So we will probably take a step back from the purchase for now.

Hello again to Neu-Ulm,

I have to :). I thought it had to be at Wiley, at that price.
In my opinion, they go right up to the pain threshold with the € there.

Think it over calmly, you can find something good in the great area. Also for less money. I have put a small example in your mailbox via PM.

All the best and a perfect decision!

Thorsten

Hello,

I think that is calculated quite tightly. Around 300k almost entirely on your shoulders is already a lot.... Since your wife only earns €1000, you need to consider how things will continue if you encounter problems at work due to illness, job loss, or similar...

Personally, the amount would be too high for me; if possible, I would advise you to take a smaller house or to do without some "features."

Immobilie: Reihenmittelhaus in Stadtlage(fast Stadtkern Neu-Ulm/Ulm "Bayern") Kfw 70 Neubau, Keller und Garage

I would probably do without the basement and garage if possible. That will certainly save you €50-70k. Then it will also look better if you are unemployed for a few months.

If your wife and you consistently earn the €4k, you can afford the property you selected, but I would only do this with a very large occupational disability insurance or accident insurance (because of the metal industry).

From my point of view, the risk here is that everything depends mainly on your job and your wife can only support you a little if you have problems at work.