ᐅ Building a House in Baden-Württemberg – Should You Consult a Building Designer or the Bank First?
Created on: 20 Dec 2017 12:03
T
t.hilo
Hello community,
My family and I (2 adults, 1 child (2 years)) are planning to purchase a plot of land in our hometown in Baden-Württemberg and then build a single-family house on it.
A new residential area was recently developed in our town, and we have applied for one of the building plots there.
We have been thinking for a long time about how we want our home to look and have already done a lot of reading, writing, and research on the subject.
Plot details:
House preferences:
Should we first go to a builder/prefabricated house company/architect to consolidate our ideas and turn them into a feasible project with an estimated cost?
Or should we first speak to a (home) bank in an initial consultation to find out what would generally fit within our financial framework?
How did you approach this? What do you think makes more sense?
My family and I (2 adults, 1 child (2 years)) are planning to purchase a plot of land in our hometown in Baden-Württemberg and then build a single-family house on it.
A new residential area was recently developed in our town, and we have applied for one of the building plots there.
We have been thinking for a long time about how we want our home to look and have already done a lot of reading, writing, and research on the subject.
Plot details:
- Plot size approximately 500 m² (5,400 sq ft)
House preferences:
- Single-family house (detached)
- Living space on the ground floor possible
- Upper floor separable as a separate apartment for later use (either for our child or for renting out)
- Basement
- Double/large garage
Should we first go to a builder/prefabricated house company/architect to consolidate our ideas and turn them into a feasible project with an estimated cost?
Or should we first speak to a (home) bank in an initial consultation to find out what would generally fit within our financial framework?
How did you approach this? What do you think makes more sense?
Brief update:
We had our initial meeting with the mortgage bank.
During this meeting, we reviewed our financial situation and discussed our wishes and expectations with the loan officer. We roughly estimated the costs we will face as well as the amount of equity we can contribute ourselves.
We agreed that the loan officer will calculate a few financing models for us, which we will then review and discuss together.
We had our initial meeting with the mortgage bank.
During this meeting, we reviewed our financial situation and discussed our wishes and expectations with the loan officer. We roughly estimated the costs we will face as well as the amount of equity we can contribute ourselves.
We agreed that the loan officer will calculate a few financing models for us, which we will then review and discuss together.
N
Neu-Bau-Ling7 Jan 2018 23:00lastdrop schrieb:
Consider simply going to a financial advisor (Interhyp, Dr. Klein). I think it’s a good “exercise” before you approach the bank.Very good idea =)
toxicmolotow schrieb:
(...)
-10 additional purchase costs
-10 kitchen
-10 furniture and so on
-40 ancillary building costs
(...)I have received feedback from the bank, which has now offered us a financing framework of €420,000.00.With our own capital and a private loan of €30,000.00 (which will then be repaid from the above-mentioned bank loan), we would buy the plot of land.
According to my calculations, we have the following budget:
Land costs:
Land price: €103,400.00
Discount for one child: €3,000.00
= Purchase price: €100,400.00
Property transfer tax (Baden-Württemberg): €5,020.00
Notary fees (2%): €2,008.00
Total land costs: €107,428.00
Paid in April 2018 with:
Equity: €77,428.00
Private loan: €30,000.00 (will be repaid immediately after taking out the bank loan)
Bank loan of €420,000.00
allocated to:
Repayment of private loan: €30,000.00
Ancillary building costs approx.: €40,000.00
Additional purchase costs approx.: €10,000.00
Basement: €60,000.00
Double garage: €20,000.00
Outdoor landscaping: €15,000.00
Kitchen budget: €15,000.00
Furniture budget: €10,000.00
Contingency: €15,000.00
Amount remaining for the house itself: €205,000.00
Alternatively, one could say that for a house with a basement €265,000.00 is calculated, or for a house with a basement and garage €285,000.00
Now two questions:
- Is this correct, or have I missed an important point?
- Are all costs for the land fully accounted for, or is something missing?
- Aren’t the additional purchase costs part of the ancillary building costs? In our case, the land would already be purchased before building the house, and additional purchase costs for the land would already be settled. (That’s why the quote from toxicmolotow lists these two items separately.)
t.hilo schrieb:
Aren’t the additional purchase costs part of the ancillary construction costs? In our case, the land would already be bought before building the house, and the additional purchase costs for the land are already settled. (That’s why toxicmolotow listed these two items separately.) The purchase and costs of a plot of land have very little to do with ancillary construction costs. Or who do you think pays for the earthworks, the building permits / planning permission, the architect, the construction access road, the construction site electricity, or the utility connections for the house (just to name a few examples), if not you?
ypg schrieb:
The purchase and costs of a plot of land itself have very little to do with additional construction costs. Or who do you think pays for earthworks, building permits / planning permission, the architect, the construction access road, temporary construction electricity, or utility connections for the house (just to name a few examples), if not you?So, in that case, what exactly are the purchase-related ancillary costs I listed?
In my previous list, I already included notary fees and
Are the other purchase-related ancillary costs I mentioned then basically listed twice, or are they additional separate items?