ᐅ Is the planning realistic? Cost breakdown, size, and requirements
Created on: 4 Sep 2019 23:43
A
Apfelbaum84A
Apfelbaum844 Sep 2019 23:43Hello everyone!
As a silent reader, I have always enjoyed following many posts here – now I would like to reach out to the community with my own contribution (and problem). A brief description of the situation:
Plot of land 1200m2 (about 12,917 sq ft) already purchased – fully developed
Financing framework and conditions agreed with the house bank – mortgage registered on our land.
Total budget (equity + loan): €935,000
Land + additional costs: €250,000
Available budget: €700,000
We have now reviewed several prefabricated house offers... resulting in the following cost estimate:
Land: €210,000
Real estate agent fee: €7,350
Property transfer tax: €3,150
= €220,500 direct land costs
Soil survey: €2,000
Surveying: €2,500
Earthworks including buffer for additional costs: €25,000
House:
- approx. 200m2 (2,153 sq ft) living space
- concrete slab foundation
- air conditioning (active cooling)
- photovoltaic system
- KNX (compatible with Apple HomeKit)
- turnkey including painting and flooring
House price:
Average of all offers €520,000
plus:
- Kitchen €20,000
- Double garage width 7m (23 ft) €30,000
- Customization allowance €10,000
- Outdoor facilities €15,000
- Pool €35,000
- Furniture €30,000
Total:
Land + incidental costs: €250,000
House including extras: €660,000
Overall costs
Buffer: €25,000
___________________________________________________________________
1.) Do you consider our calculation realistic?
2.) My better half is somewhat uncertain about the house size, since it will only be the two of us. She is leaning more towards 180m2 (1,938 sq ft)... I personally believe that the 20m2 (215 sq ft) difference is quite significant – especially if we plan to have children in the future.
Experience-based advice – how can we find the right (intuitive) size?
Thanks in advance for your opinions,
Best regards
As a silent reader, I have always enjoyed following many posts here – now I would like to reach out to the community with my own contribution (and problem). A brief description of the situation:
Plot of land 1200m2 (about 12,917 sq ft) already purchased – fully developed
Financing framework and conditions agreed with the house bank – mortgage registered on our land.
Total budget (equity + loan): €935,000
Land + additional costs: €250,000
Available budget: €700,000
We have now reviewed several prefabricated house offers... resulting in the following cost estimate:
Land: €210,000
Real estate agent fee: €7,350
Property transfer tax: €3,150
= €220,500 direct land costs
Soil survey: €2,000
Surveying: €2,500
Earthworks including buffer for additional costs: €25,000
House:
- approx. 200m2 (2,153 sq ft) living space
- concrete slab foundation
- air conditioning (active cooling)
- photovoltaic system
- KNX (compatible with Apple HomeKit)
- turnkey including painting and flooring
House price:
Average of all offers €520,000
plus:
- Kitchen €20,000
- Double garage width 7m (23 ft) €30,000
- Customization allowance €10,000
- Outdoor facilities €15,000
- Pool €35,000
- Furniture €30,000
Total:
Land + incidental costs: €250,000
House including extras: €660,000
Overall costs
Buffer: €25,000
___________________________________________________________________
1.) Do you consider our calculation realistic?
2.) My better half is somewhat uncertain about the house size, since it will only be the two of us. She is leaning more towards 180m2 (1,938 sq ft)... I personally believe that the 20m2 (215 sq ft) difference is quite significant – especially if we plan to have children in the future.
Experience-based advice – how can we find the right (intuitive) size?
Thanks in advance for your opinions,
Best regards
A
Apfelbaum845 Sep 2019 00:09Small error in the figures:
Available budget: 685,000€
Notary fees and mortgage-related costs were deducted from the original 700,000€.
Available budget: 685,000€
Notary fees and mortgage-related costs were deducted from the original 700,000€.
With a budget of 15,000 for the outdoor area given the size of the plot, you won’t get far. At least not if you want more than just lawn, basic paving, and a welded wire fence done yourself.
180 sqm (2,000 sq ft) for 4 people is quite spacious. It always depends on the layout. There have been floor plans of around 200 sqm (2,150 sq ft) that were so poorly designed that any reasonably well-designed 150 sqm (1,615 sq ft) house offers better quality of life and more spaciousness.
180 sqm (2,000 sq ft) for 4 people is quite spacious. It always depends on the layout. There have been floor plans of around 200 sqm (2,150 sq ft) that were so poorly designed that any reasonably well-designed 150 sqm (1,615 sq ft) house offers better quality of life and more spaciousness.
I can understand wanting to build bigger, especially if you’re planning to have children. However, it also needs to be financially feasible. We are also building only for two people but are planning for a larger size.
The outdoor space is far too tight. Haydee already mentioned that. With this, you won’t have room for a driveway, patio, canopy, garden, fencing, and so on.
The allowance for selections and upgrades isn’t very generous, especially considering your wishlist.
The pool might also be too small. How large is it? Does it have a cover? What kind of technology is planned, especially heating (integrated with the house system)? The home technology might need to be adjusted accordingly.
Since you want KNX control (which means you won’t need HomeKit), you’ll probably also want a good network setup (LAN + WiFi). You should plan to spend an additional 2,000 or more for this. Do you want to be able to control your house remotely, or should it be smart? How familiar are you with programming? Have you done any research? For a smart system in 200m2 (2,150 sq ft) including a pool, I expect the electrical system with KNX alone to cost a high five-figure sum. How many LAN sockets are included in the current plan? How many power outlets? Is the garage pre-wired with CEE 32 for an electric vehicle charging station?
Is the plot flat? What does the soil report say? Is waste disposal included?
Where are the additional construction costs listed (permits/planning permission, sewer connection, water, electricity, gas, etc.)?
In Bavaria, nowadays you have to calculate at least €2,500 per m2 (plus additional construction costs and furnishings). That estimate excludes KNX, air conditioning, and similar features. Given your desired specifications, I wouldn’t expect to find this with a prefabricated home manufacturer but rather with an architect using individual contractor assignments.
I believe you’ll need to reduce some of your wishes to stay within budget.
The outdoor space is far too tight. Haydee already mentioned that. With this, you won’t have room for a driveway, patio, canopy, garden, fencing, and so on.
The allowance for selections and upgrades isn’t very generous, especially considering your wishlist.
The pool might also be too small. How large is it? Does it have a cover? What kind of technology is planned, especially heating (integrated with the house system)? The home technology might need to be adjusted accordingly.
Since you want KNX control (which means you won’t need HomeKit), you’ll probably also want a good network setup (LAN + WiFi). You should plan to spend an additional 2,000 or more for this. Do you want to be able to control your house remotely, or should it be smart? How familiar are you with programming? Have you done any research? For a smart system in 200m2 (2,150 sq ft) including a pool, I expect the electrical system with KNX alone to cost a high five-figure sum. How many LAN sockets are included in the current plan? How many power outlets? Is the garage pre-wired with CEE 32 for an electric vehicle charging station?
Is the plot flat? What does the soil report say? Is waste disposal included?
Where are the additional construction costs listed (permits/planning permission, sewer connection, water, electricity, gas, etc.)?
In Bavaria, nowadays you have to calculate at least €2,500 per m2 (plus additional construction costs and furnishings). That estimate excludes KNX, air conditioning, and similar features. Given your desired specifications, I wouldn’t expect to find this with a prefabricated home manufacturer but rather with an architect using individual contractor assignments.
I believe you’ll need to reduce some of your wishes to stay within budget.
I’m always amazed… what do two people need 200m² (2,150 sq ft) for? Especially since, reading between the lines, you might want children but it’s not certain?
I find that incredibly large, and I think even “just” 180m² (1,940 sq ft) would be absolutely fine for two kids. Of course, it’s entirely your choice if you want that much space for yourselves. I just can’t quite imagine how you’d fully use such a large area with only two people.
Your special requests are quite exclusive, and the landscaping will likely be significantly underestimated, so the budget could get tight—but that has already been mentioned.
I find that incredibly large, and I think even “just” 180m² (1,940 sq ft) would be absolutely fine for two kids. Of course, it’s entirely your choice if you want that much space for yourselves. I just can’t quite imagine how you’d fully use such a large area with only two people.
Your special requests are quite exclusive, and the landscaping will likely be significantly underestimated, so the budget could get tight—but that has already been mentioned.
Congrats on the figures! Having a total of 900,000 for a house build is quite a number... nice choice of words.
Are you sure that includes painting and floor coverings? And is the KNX system definitely included?
Since the slab foundation is listed separately, you can probably assume it’s a prefabricated timber frame house. 200 m2 (2153 sq ft) with the mentioned features and then 520,000 € might be realistic, but I see potential for upgrades compared to the standard offerings from house builders.
A 10,000 € selection buffer just about covers the tile work. What about plumbing fixtures? I would budget at least double that. It really depends on the scope of the prefabricated house contract.
For landscaping, double the amount without the pool, and triple it if you include the pool. Honestly, I can’t imagine a pool for 35,000 €. I would frankly raise a red flag and ask if such an investment is worthwhile.
According to my calculations, the buffer isn’t really there since additional building costs are not considered at all.
No.
Ahem: there are family homes that work with just 109 m2 (1174 sq ft). OK, that’s a bit extreme, but 140–160 m2 (1507–1722 sq ft) for four people is probably quite average. So, I find 200 m2 (2153 sq ft) a bit excessive, especially considering your family planning seems modest. Of course, that can change. However, in that case, the financial situation would probably change too—for example, one income might disappear.
Not by starting with the budget calculation at the end. That has nothing to do with gut feeling. More like, “The world belongs to me” kind of attitude—laughs.
Make a room schedule and compare by visiting show houses. Then calculate the house and the costs properly so you get a real budget. Then see if you can afford that budget. If you can, that’s a good sign, and you’ll hopefully have a buffer in case it gets more expensive.
I warn you against using all your options straight away. That’s not necessary.
P.S. For all your wishes, I think the budget potential is a bit low, no matter how silly that sounds.
Apfelbaum84 schrieb:
- approx. 200m2 (2153 sq ft) living space
- slab foundation
- air conditioning (active cooling)
- photovoltaic system
- KNX (Apple Homekit compatible)
- turnkey including painting and flooring
House price:
Average of all providers 520,000€
Are you sure that includes painting and floor coverings? And is the KNX system definitely included?
Since the slab foundation is listed separately, you can probably assume it’s a prefabricated timber frame house. 200 m2 (2153 sq ft) with the mentioned features and then 520,000 € might be realistic, but I see potential for upgrades compared to the standard offerings from house builders.
Apfelbaum84 schrieb:
additional costs:
- kitchen 20,000€
- double garage w= 7m (23 ft) 30,000€
- selection buffer = 10,000€
- landscaping = 15,000€
- pool = 35,000€
- furniture = 30,000€
A 10,000 € selection buffer just about covers the tile work. What about plumbing fixtures? I would budget at least double that. It really depends on the scope of the prefabricated house contract.
For landscaping, double the amount without the pool, and triple it if you include the pool. Honestly, I can’t imagine a pool for 35,000 €. I would frankly raise a red flag and ask if such an investment is worthwhile.
Apfelbaum84 schrieb:
Total:
Land plot + additional building costs: 250,000€
House including extras: 660,000€
Overall cost
Buffer: 25,000€
According to my calculations, the buffer isn’t really there since additional building costs are not considered at all.
Apfelbaum84 schrieb:
1.) Do you think our calculation is realistic?
No.
Apfelbaum84 schrieb:
2.) My partner is a bit unsure about the house size since it’s just the two of us. She’s thinking more along the lines of 180m2 (1937 sq ft)... / I personally think that 20m2 (215 sq ft) less living space is quite noticeable—especially if we plan to have children.
Ahem: there are family homes that work with just 109 m2 (1174 sq ft). OK, that’s a bit extreme, but 140–160 m2 (1507–1722 sq ft) for four people is probably quite average. So, I find 200 m2 (2153 sq ft) a bit excessive, especially considering your family planning seems modest. Of course, that can change. However, in that case, the financial situation would probably change too—for example, one income might disappear.
Apfelbaum84 schrieb:
How do we find the right (feeling-based) size?
Not by starting with the budget calculation at the end. That has nothing to do with gut feeling. More like, “The world belongs to me” kind of attitude—laughs.
Make a room schedule and compare by visiting show houses. Then calculate the house and the costs properly so you get a real budget. Then see if you can afford that budget. If you can, that’s a good sign, and you’ll hopefully have a buffer in case it gets more expensive.
I warn you against using all your options straight away. That’s not necessary.
P.S. For all your wishes, I think the budget potential is a bit low, no matter how silly that sounds.
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