saar2and
2017-06-18 15:58:17
- #1
Good day.
First about me: I am male, 25 years old, a trained master electrician and bought a house in Saarland in November 2015.
Since I hardly had any equity at the age of 23, it was about making everything as cheap as possible. The plan was to do everything myself. Skillwise, I didn’t have much to offer except a bit of electrical work. So I started looking for houses at 21. Meanwhile, I also started training to become a master craftsman. After 2 years of searching and countless setbacks (the good houses are always quickly gone), I finally found and bought the right property.
The financing:
House price: €138,000 Negotiated down to €128,000
Reserve for renovations: €42,000
Total financing amount: €170,000
Equity: approx. €20,000
Additional purchase costs approx. €16,000
Obtained 3 bank offers (it was important for me to have an advisor on site, so no direct bank)
The house bank got the contract.
It was important to me to have a low payment rate and as fixed interest as possible over the entire term.
Building savings contract: €120,000 29-year term with pre-financing.
Interest during savings phase: 1.95% for 13 years
Interest after allocation: 2.95% for 16 years
Rate: €470
KFW loan: €50,000
Interest: 1.7%
Outstanding debt after 10 years €34,000
(will then be paid off by the savings)
Rate approx. €180
Total rate €650 + €20 risk life insurance
Per month I can still save between €500 and €1000, which I invest entirely in the house during the renovation phase.
The house:
Bungalow with approx. 142m², of which 120m² on the ground floor.
Usable area approx. 116m²
Plot approx. 5600m².
The house has a basement in one quarter.
There is also an outbuilding and some stables which have since been demolished.
Why am I writing this?
I have been reading here for a while and often notice that doing it yourself is usually discouraged. With my experience, I want to contribute to encouraging a few users to dare to do it themselves.
I also find that you can save a lot of money with your own work compared to turnkey construction or renovation by professional companies. The opinion in this forum tends to be the opposite.
In my opinion, you only need a lot of time and perseverance, but you can save a lot of money this way.
The renovation:
Initially, the plan was only to renew the roof, add some new paint on the walls, and a few small things.
It turned out to be:
- Renew roof
- Renovate bathrooms
- Completely new floor plan
- Renew electrical system with home automation via Wago
- Water/sewage
- Underfloor heating
- Windows
- Insulation
- Floor/wall/ceiling coverings
- Everything else that comes up inside
Old floor plan
New floor plan
Attic
Overall, I made the house more open.
I also removed the intermediate ceiling in rooms 1 & 2, giving 4.5m high rooms there.
Since I also renewed the roof and switched from bitumen shingles to tiles, I had to reinforce the framework.
I had a new static calculation made and then reinforced the main beams with steel, inserted new posts and doubled the rafters.
Actually, there should be more text now, but I’m too lazy and pictures say more than 1000 words.
If you have questions, just ask.
A few more data:
Invested so far:
€44,000 of which:
approx. €20,000 roof
approx. €8,000 windows with built-in roller shutters and motor (triple glazed safety glass SK2)
€16,000 the rest
Still available approx. €22,000
What’s still missing:
Plaster
Floor + underfloor heating
Sanitary fittings
Floor, wall, ceiling coverings
A few small drywall works.
So far, everything has been done by myself, only with the roof I had help from a roofer.
Planned move-in date is autumn 2017.
According to plan, the money should be enough for the remaining work.
Post will be updated later.
First about me: I am male, 25 years old, a trained master electrician and bought a house in Saarland in November 2015.
Since I hardly had any equity at the age of 23, it was about making everything as cheap as possible. The plan was to do everything myself. Skillwise, I didn’t have much to offer except a bit of electrical work. So I started looking for houses at 21. Meanwhile, I also started training to become a master craftsman. After 2 years of searching and countless setbacks (the good houses are always quickly gone), I finally found and bought the right property.
The financing:
House price: €138,000 Negotiated down to €128,000
Reserve for renovations: €42,000
Total financing amount: €170,000
Equity: approx. €20,000
Additional purchase costs approx. €16,000
Obtained 3 bank offers (it was important for me to have an advisor on site, so no direct bank)
The house bank got the contract.
It was important to me to have a low payment rate and as fixed interest as possible over the entire term.
Building savings contract: €120,000 29-year term with pre-financing.
Interest during savings phase: 1.95% for 13 years
Interest after allocation: 2.95% for 16 years
Rate: €470
KFW loan: €50,000
Interest: 1.7%
Outstanding debt after 10 years €34,000
(will then be paid off by the savings)
Rate approx. €180
Total rate €650 + €20 risk life insurance
Per month I can still save between €500 and €1000, which I invest entirely in the house during the renovation phase.
The house:
Bungalow with approx. 142m², of which 120m² on the ground floor.
Usable area approx. 116m²
Plot approx. 5600m².
The house has a basement in one quarter.
There is also an outbuilding and some stables which have since been demolished.
Why am I writing this?
I have been reading here for a while and often notice that doing it yourself is usually discouraged. With my experience, I want to contribute to encouraging a few users to dare to do it themselves.
I also find that you can save a lot of money with your own work compared to turnkey construction or renovation by professional companies. The opinion in this forum tends to be the opposite.
In my opinion, you only need a lot of time and perseverance, but you can save a lot of money this way.
The renovation:
Initially, the plan was only to renew the roof, add some new paint on the walls, and a few small things.
It turned out to be:
- Renew roof
- Renovate bathrooms
- Completely new floor plan
- Renew electrical system with home automation via Wago
- Water/sewage
- Underfloor heating
- Windows
- Insulation
- Floor/wall/ceiling coverings
- Everything else that comes up inside
Old floor plan
New floor plan
Attic
Overall, I made the house more open.
I also removed the intermediate ceiling in rooms 1 & 2, giving 4.5m high rooms there.
Since I also renewed the roof and switched from bitumen shingles to tiles, I had to reinforce the framework.
I had a new static calculation made and then reinforced the main beams with steel, inserted new posts and doubled the rafters.
Actually, there should be more text now, but I’m too lazy and pictures say more than 1000 words.
If you have questions, just ask.
A few more data:
Invested so far:
€44,000 of which:
approx. €20,000 roof
approx. €8,000 windows with built-in roller shutters and motor (triple glazed safety glass SK2)
€16,000 the rest
Still available approx. €22,000
What’s still missing:
Plaster
Floor + underfloor heating
Sanitary fittings
Floor, wall, ceiling coverings
A few small drywall works.
So far, everything has been done by myself, only with the roof I had help from a roofer.
Planned move-in date is autumn 2017.
According to plan, the money should be enough for the remaining work.
Post will be updated later.