What is possible? :) (another one)

Hello,

We would like a plot of land with at least 1600 m². Ideally 2000 m².

Ambitious. I only have "just" 550 sqm and already have no time for that :cool:

Based on the forum posts and conversations within my circle of acquaintances, I expect construction costs of 430,000 €. When the costs are added up, it amounts to just under 590k €. But then I don’t have any furnishings or reserves yet.

Am I off with the cost estimate? I would of course be happy. ;)

In order to assess this even somewhat seriously, I need to know where you want to build what. That is, which area (construction prices vary greatly in Germany) and which house type of what size in which architecture and equipment.

Rhenish regards

Hello Der Da,

and I wouldn't do much more than a few fruit trees and a meadow. Then everything stays manageable :)

I don't have any fruit trees but plenty of "low-maintenance" shrubs and trees as well as lawn. But even that needs care; with my job it's almost a pointless endeavor.

For the next house, there will only be a towel-sized garden or my kids will take care of it; that much is certain ;)

Rhenish greetings

To be honest, with that equity/income, I would rather advise against it...

I don't mean building in general, but spending 670k on it...

That would mean a loan of 370k! and 3200 is not a bad income (I am also in that range) but in my opinion, it's too little to service a 370k loan with a reasonably decent repayment and adequately support a family.

Personally, I took out a loan of 275k and plan a monthly payment of initially €1400 to be done in about 20 years.

If you want to stay within this time frame, then you will easily have a rate of 1800-1900€... leaving about 1500€ for living expenses, car, vacation, savings, retirement provision, insurance, kindergarten, etc., etc...

If your wife then earns part-time again (~1200€?), then it will work if you have no luxury demands... but since you want to manage it with just one salary, I am pessimistic... and is a second child maybe planned as well?

The good news is that you don’t have to spend 670k if the plots of land are apparently quite cheap where you are!
Why do you want a 2000m² plot and 250m² living space for a family with 1-2 kids????
Better take a ~1000m² plot with a ~170m² house... That is more than enough garden to build a nice terrace and place a trampoline for the kids + herb garden/fruit trees, etc... and 170m² living space should also allow relaxed, spacious living even with 2-3 kids, especially if there is a basement...

Then you can significantly reduce your needed budget and maybe get by with around 500k... and a 200k loan you can easily repay alone in a reasonable time.... If your wife earns again, you can just get a nice car in the driveway or go on a nice vacation three times a year...

Well, if the income and equity don't add up, no one can build. Find a plot of land and a developer and get started!!! Also, with children in mind, you have to consider that you usually won’t be in tax class 1 anymore, but in class three. Just enter the difference into a salary calculator. A 1500 Euro installment should easily be manageable!!

It's not just about having a lot or little equity. The question is, how high is the part that needs to be financed and the income available for it.

And if a part disappears due to parental leave, as I already said, the remaining income may diminish.

"Just get started" is something anyone can do.

Hello,

quite a few posts have been made after all. I will comment on some of them, although probably no added value for others will be generated.

emer:
As for the current supply and demand of loans, it is no longer really an advantage to have such a high equity. Just by the way.

Under what circumstances is high equity a disadvantage? I can only assume that you are alluding to inflation.

emer:
And then come the funny kindergarten fees.
--> Good tip about the kindergarten fees.

emer:
If you actually want / have to take out more than €300,000 loan (which I assume), I would wait for (your) income situation.
That is planned on our side as well.

emer:
Maybe it makes sense to calculate your fixed costs.
As mentioned, the savings rate is currently €3,500. A household budget book is very important and ultimately shows what actually remains (provided it is always kept correctly).

The tip, which has already come from several sides, to reserve €500 per €100,000 loan as a monthly payment is valuable.

Der Da - Thanks for the message. It helped me a lot!

Der Da:
and b0012m: He is planning much bigger, someone without equity builds only for €300,000. The loan burden will remain the same.
We are not planning 300 m² – nor 240 m². I think a house between 170 and 200 m² is "sufficient."

ypg:
Just no general contractor.
I basically have nothing against a general contractor (have absolutely no experience with it). But we have decided to build "independently." I think the architect’s fee depends on the total sum. That will certainly also be in the five-digit range.

Has anyone built an "architect's house" and can say more about it?

Der Da:
[...] and it is always as maintenance-intensive as you make it yourself. (Plot size etc.)
I see it the same way. A large plot is important to us. I want a bit more distance from the – certainly nice – neighbor. ;)

Bauexperte – famous and notorious in this forum – :). The operator of this platform – have I understood that correctly?

Bauexperte:
To be able to estimate that at least somewhat seriously, I need to know what you want to build where.
Thanks, as soon as we know more, I will gladly come back to that. The location is in the south (Bavaria).

Shism:
That would mean a loan of 370k! and 3200 is not a bad income (I am also in this range) but in my opinion too little to service a loan of 370k with somewhat reasonable repayments and adequately provide for a family.
I can understand your statement. As said, I have only been working in the industry for a short time. The switch to a 40-hour week alone makes €11k/year difference. Without climbing a level. I don’t want to go too deep into it, this is not a salary thread. With the current salary, financing €370k is not optimal – but there is still some time.

If the house turns out cheaper, I am also totally fine with that. Obviously, I have to know more details about the architecture.

emer:
And if part falls away because of parental leave, as I already said, the remaining income can fade. Correct. ;)

Thanks again for the postings. Building a house is a very exciting matter.

Regards Otto.Motor

Hello,

Construction expert - famous and infamous in this forum - :). The operator of this platform - did I understand that correctly?

No, this honor belongs to someone else :D

Rhenish greetings