ᐅ Is Buying a House for up to €350,000 Realistic?

Created on: 1 Jun 2020 09:31
M
Mlt1402
Dear Forum,

We are about to purchase a plot of land (500m2 (5,382 sq ft)) and are trying to get an idea of the costs involved in building a house.

Our maximum budget for the house construction is €400,000, but since we want to have a safety margin, we initially set a budget of €350,000.

Our ideal house would have a pitched roof and a basement, with approximately 130m2 (1,400 sq ft) of living space—no frills, no luxury, but still modern.

We are unsure whether to go for a traditional masonry build or a prefabricated house. A well-known local company specializing in masonry construction quoted us costs of around €3,000 per m2 (€3,000 per 10.8 sq ft) as a basis for a “standard house.”

At first, this sounds quite expensive to me.

Since we could imagine contributing some work ourselves (with help from acquaintances and skilled friends), we hope to reduce costs somewhat this way.

Is it necessary to plan for €3,000 per m2 in any case? Even with prefabricated houses? I am also quite skeptical of the attractive offers in catalogues.

I would greatly appreciate your feedback.
kati133718 Aug 2020 17:59
Mlt1402 schrieb:

To come back to the house costs – Büdenbender, for example, provided me with the following cost estimate. Do you think this is realistic, or is there a catch?

  • Additional construction costs seem underestimated to me
  • What exactly does "almost finished" mean?
  • What about the items paving, garden, painting work?
  • I would remove the BAFA subsidy from the calculation. It’s nice to have if you receive the bonus, use it as repayment or a buffer, but please don’t count on it as a certainty. In my opinion, that would be naive.
M
Mlt1402
18 Aug 2020 18:06
kati1337 schrieb:

  • The ancillary construction costs seem underestimated to me
  • What exactly does "almost finished" mean?
  • What about the items paving, garden, painting work?
  • I would remove the BAFA subsidy from the calculation. Nice to have if you get the bonus, use it for repayment or as a buffer, but please do not count on it as a certainty. In my opinion, that would be naive.

We have budgeted an additional 40,000 for garden and related work, on top of the 40,000 for ancillary construction costs.
T
T_im_Norden
18 Aug 2020 18:25
Do not bring any drawings.
Only lists of what you want.
kati133718 Aug 2020 19:34
Mlt1402 schrieb:

We have planned an additional 40,000 for the garden and related expenses, on top of the 40,000 for incidental construction costs.

Do you know what is meant by "almost finished"? The choice of words confused me a bit.
M
Mlt1402
18 Aug 2020 19:41
kati1337 schrieb:

Do you know what is meant by "almost finished"? The wording confused me a bit.

Installing the flooring and painting the walls would need to be done as DIY work.
S
Scout
18 Aug 2020 20:32
Mlt1402 schrieb:

Installing the floors and painting the walls would need to be done by yourself.
However, "painting" in a new build involves much more than what most people are used to from renting an apartment: filling, sanding, smoothing, priming, and applying painter’s fleece wallpaper come first. This includes the stairwell and ceilings. The actual "painting" is then a piece of cake. For two novices, this work alone can easily take up an entire annual vacation. And then there’s laying the floors… possibly leveling the surface, installing the flooring, attaching baseboards, and fitting the door frames. After that, most office workers are “almost done”—a fact!