J
Jung und Frei12 Oct 2012 10:09Hello to everyone with much more experience than us,
I (female) am new here and, like many others, am just starting to think about building, budget, costs, etc.… so still at the very beginning ;-)
We have a beautiful plot of land in Bavaria in mind and are considering building. Do you think the rough cost estimate for a single-family home (see below) is realistic? We don’t need to move out of our current home, which is also lovely, but we feel the desire to have something of our own, also to create lasting value for our children and to take advantage of the low interest rates now. Of course, a used house would be cheaper, and that option is still open to us, but having a home that is planned and chosen by ourselves also has its appeal. So far, this is all just preliminary thinking….
Basic facts (married, mid-30s, two small children, family planning definitely complete ;-))
Net monthly income about €5,000 (child benefits and childcare costs already accounted for, which roughly balance out), 1 full-time academic job, 1 part-time job 20 hours
Equity: €90,000
Plot in sight: €120,000 (including 5% additional costs)
Budget: €430,000
Financing needed: €340,000
Special repayments: €10,000/year (will be co-covered by our parents)
No commitments besides a €170/month lease agreement. One company car.
Currently, we pay €900 cold rent for a 160 sqm (1720 sq ft) semi-detached house – fully furnished including kitchen.
We would like to fix the monthly mortgage payment for the next 20 years at around €1,700. We have already visited a few banks for the loan; we would probably get it without problems. We also expect to inherit some money in the future, so we can handle the relatively high final balance after 20 years without worrying too much right now.
We are planning either a 5-room single-family house (KfW 70 energy standard) with about 150 sqm (1615 sq ft) without a basement and two double garages, or a basement house with 140 sqm (1507 sq ft) of living space. We are not yet sure which; we still need to get some offers. At the moment, we tend to lean toward the solution without a basement because that would probably save about €50,000. However, I have read here that a turnkey basement house with 140 sqm is offered for €270,000, so it might still work? But a basement is not essential for us…;-)
My calculation for the option without a basement:
150 sqm house €240,000 (including tiles and flooring) – is it realistic to get that price? No luxury, just something solid…
Additional costs €35,000
1 garage + carport €20,000
Landscaping €15,000
Land €120,000
Total: €430,000
Would you go for that? With a basement, it seems impossible to stay within budget, right?
Best regards and thanks,
Jung, Fresh ;-) & Frei
I (female) am new here and, like many others, am just starting to think about building, budget, costs, etc.… so still at the very beginning ;-)
We have a beautiful plot of land in Bavaria in mind and are considering building. Do you think the rough cost estimate for a single-family home (see below) is realistic? We don’t need to move out of our current home, which is also lovely, but we feel the desire to have something of our own, also to create lasting value for our children and to take advantage of the low interest rates now. Of course, a used house would be cheaper, and that option is still open to us, but having a home that is planned and chosen by ourselves also has its appeal. So far, this is all just preliminary thinking….
Basic facts (married, mid-30s, two small children, family planning definitely complete ;-))
Net monthly income about €5,000 (child benefits and childcare costs already accounted for, which roughly balance out), 1 full-time academic job, 1 part-time job 20 hours
Equity: €90,000
Plot in sight: €120,000 (including 5% additional costs)
Budget: €430,000
Financing needed: €340,000
Special repayments: €10,000/year (will be co-covered by our parents)
No commitments besides a €170/month lease agreement. One company car.
Currently, we pay €900 cold rent for a 160 sqm (1720 sq ft) semi-detached house – fully furnished including kitchen.
We would like to fix the monthly mortgage payment for the next 20 years at around €1,700. We have already visited a few banks for the loan; we would probably get it without problems. We also expect to inherit some money in the future, so we can handle the relatively high final balance after 20 years without worrying too much right now.
We are planning either a 5-room single-family house (KfW 70 energy standard) with about 150 sqm (1615 sq ft) without a basement and two double garages, or a basement house with 140 sqm (1507 sq ft) of living space. We are not yet sure which; we still need to get some offers. At the moment, we tend to lean toward the solution without a basement because that would probably save about €50,000. However, I have read here that a turnkey basement house with 140 sqm is offered for €270,000, so it might still work? But a basement is not essential for us…;-)
My calculation for the option without a basement:
150 sqm house €240,000 (including tiles and flooring) – is it realistic to get that price? No luxury, just something solid…
Additional costs €35,000
1 garage + carport €20,000
Landscaping €15,000
Land €120,000
Total: €430,000
Would you go for that? With a basement, it seems impossible to stay within budget, right?
Best regards and thanks,
Jung, Fresh ;-) & Frei
Are you planning to build with an architect or a construction company?
Don’t forget to include the costs for construction supervision. Although this might make the initial budget appear higher, it often saves money in the long run and helps avoid unpleasant surprises – or at least reduces the risk.
I don’t consider the price unrealistic. We are planning similarly and expect to end up in roughly the same range.
However, we are budgeting around €240,000 (approximately 140 to 150 square meters (1506 to 1615 square feet) of living space, without a basement) for the house, plus the architect’s fees according to HOAI phases 1-9, and additional construction-related costs.
I can’t assess the costs for the landscaping since the lot size isn’t specified.
Additional construction costs can also vary greatly depending on soil conditions.
With €1,700 (approximately $1,850) per month at 3.7% interest and 2.3% repayment, you would be done in 26 years.
If you have a fixed interest rate for 20 years, you would still owe about €100,000 (approximately $109,000) afterward. If you actually add €10,000 (approximately $10,900) in extra repayments each year, you would be finished in 15 years.
In that case, a fixed interest period of 10 to a maximum of 15 years would be sufficient. Even if you only make €5,000 (approximately $5,450) in extra repayments per year, you would be finished in 19 years or still owe about €85,000 (approximately $93,000) after 15 years.
Of course, this all assumes your bank offers an interest rate of 3.7%.
Don’t forget to include the costs for construction supervision. Although this might make the initial budget appear higher, it often saves money in the long run and helps avoid unpleasant surprises – or at least reduces the risk.
I don’t consider the price unrealistic. We are planning similarly and expect to end up in roughly the same range.
However, we are budgeting around €240,000 (approximately 140 to 150 square meters (1506 to 1615 square feet) of living space, without a basement) for the house, plus the architect’s fees according to HOAI phases 1-9, and additional construction-related costs.
I can’t assess the costs for the landscaping since the lot size isn’t specified.
Additional construction costs can also vary greatly depending on soil conditions.
With €1,700 (approximately $1,850) per month at 3.7% interest and 2.3% repayment, you would be done in 26 years.
If you have a fixed interest rate for 20 years, you would still owe about €100,000 (approximately $109,000) afterward. If you actually add €10,000 (approximately $10,900) in extra repayments each year, you would be finished in 15 years.
In that case, a fixed interest period of 10 to a maximum of 15 years would be sufficient. Even if you only make €5,000 (approximately $5,450) in extra repayments per year, you would be finished in 19 years or still owe about €85,000 (approximately $93,000) after 15 years.
Of course, this all assumes your bank offers an interest rate of 3.7%.
Our prefabricated house without a basement includes the following features:
Living area of 145 sqm (1,562 sq ft)
Mechanical ventilation system with humidity control
Room air-independent fireplace
Water softening system
Gas boiler
Solar system for domestic hot water with 300 liters (79 gallons)
High-quality bathroom fittings
KfW 55 energy standard
Satellite wiring
Network cabling throughout the entire house
Attic with a height of just under 1.70 m (5 ft 7 in)
Costs us 225,000 including the foundation slab.
Additionally, almost 10,000 for flooring materials and installation
+ nearly 40,000 in additional construction-related costs
So exactly as you planned it...
Your figures for garage and carport should also be accurate, and the outdoor landscaping can already cover the essentials within this budget.
Considering your net income and completed family planning, I would also have no concerns about the financing. However,
with your equity, you should be able to secure better terms than 3.7%.
It is also a positive factor to have parents supporting the project in the background, who can possibly provide financial help.
That was the encouragement for us to go ahead with it as well 🙂
Living area of 145 sqm (1,562 sq ft)
Mechanical ventilation system with humidity control
Room air-independent fireplace
Water softening system
Gas boiler
Solar system for domestic hot water with 300 liters (79 gallons)
High-quality bathroom fittings
KfW 55 energy standard
Satellite wiring
Network cabling throughout the entire house
Attic with a height of just under 1.70 m (5 ft 7 in)
Costs us 225,000 including the foundation slab.
Additionally, almost 10,000 for flooring materials and installation
+ nearly 40,000 in additional construction-related costs
So exactly as you planned it...
Your figures for garage and carport should also be accurate, and the outdoor landscaping can already cover the essentials within this budget.
Considering your net income and completed family planning, I would also have no concerns about the financing. However,
with your equity, you should be able to secure better terms than 3.7%.
It is also a positive factor to have parents supporting the project in the background, who can possibly provide financial help.
That was the encouragement for us to go ahead with it as well 🙂
J
Jung und Frei12 Oct 2012 11:25Hello,
I was thinking more of a local builder with a standard floor plan. Open living/dining area, pantry, office, and 3 bedrooms plus a bathroom, possibly a walk-in closet upstairs; fortunately, we don’t need more than that. The plot is 590 m² (6350 ft²) in size – a dream would be a terrace that wraps around the corner. So, seating area on the south side and our lounge furniture on the west side...
How much does building supervision usually cost approximately? Do you have any reference points? We definitely won’t be saving on that since we don’t really know much about the subject. Also, we won’t be doing any major work ourselves...
I was thinking more of a local builder with a standard floor plan. Open living/dining area, pantry, office, and 3 bedrooms plus a bathroom, possibly a walk-in closet upstairs; fortunately, we don’t need more than that. The plot is 590 m² (6350 ft²) in size – a dream would be a terrace that wraps around the corner. So, seating area on the south side and our lounge furniture on the west side...
How much does building supervision usually cost approximately? Do you have any reference points? We definitely won’t be saving on that since we don’t really know much about the subject. Also, we won’t be doing any major work ourselves...
B
Bauexperte12 Oct 2012 14:13Hello,
A single-family house with 150 sqm (1,615 sq ft) net living area built as a KFW 70 efficiency house should cost around 240,000€ (thousand euros), the usable basement about another 45,000€, garage 3 x 9 plus carport 3 x 6 (thousand euros) 20,000€, plus additional construction costs 35,000€, plus a reserve of 8,000–10,000€ for extra foundation work, plus costs for painting and flooring, plus landscaping, plus a reserve “x” for extras. Since you are also living in Bavaria, these prices may easily be about 8% higher depending on location.
All in and with conservative taste regarding the fittings and finishes, I would expect you to need around 510,000€ total for a single-family house of that size with basement, which means financing about 420,000€. Plus possibly 8% more for the Bavarian surcharge 😉
Kind regards
Jung und Frei schrieb:
Plot in sight: 120,000€ (including 5% additional costs)
Budget: 430,000€
Financing needed: 340,000€
We are planning to build either a 5-room single-family house (KFW 70) with about 150 sqm (1,615 sq ft) without a basement and 2 double garages,
or a single-family house with a basement and 140 sqm (1,507 sq ft) living area. We are not quite sure yet and still need to get some offers. At the moment, we tend to go for the option without a basement because of the cost, which would probably add about 50,000€ (see note on currency formatting).
However, reading here that a turnkey basement house with 140 sqm is offered for 270,000€ makes us wonder if it might still be possible? But the basement is not essential for us… ;-)
My calculation for the option without a basement:
150 sqm (1,615 sq ft) 240,000€ (including tiles and flooring)—is that realistic? Without luxury, just something solid…
Additional costs: 35,000€
1 garage + carport: 20,000€
Outdoor area: 15,000€
Plot: 120,000€
Total: 430,000€
Would you go for that? With a basement, there’s no way we can make the numbers work, right?
A single-family house with 150 sqm (1,615 sq ft) net living area built as a KFW 70 efficiency house should cost around 240,000€ (thousand euros), the usable basement about another 45,000€, garage 3 x 9 plus carport 3 x 6 (thousand euros) 20,000€, plus additional construction costs 35,000€, plus a reserve of 8,000–10,000€ for extra foundation work, plus costs for painting and flooring, plus landscaping, plus a reserve “x” for extras. Since you are also living in Bavaria, these prices may easily be about 8% higher depending on location.
All in and with conservative taste regarding the fittings and finishes, I would expect you to need around 510,000€ total for a single-family house of that size with basement, which means financing about 420,000€. Plus possibly 8% more for the Bavarian surcharge 😉
Kind regards
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