Hello building experts,
I want to build a KfW55EE bungalow with 100m2 (approximately 1,076 sq ft) turnkey with Heinz von Heiden in Saxony.
The plot is provided by my parents, 1800m2 (about 30x60m / 98x197 ft), relatively flat.
A sewage connection was laid and paid for years ago. A few small shrubs and trees need to be removed.
I am 52 and my wife is 47 years old, so we don’t have much time left to pay off a loan.
I currently earn €3000 and my wife €1500. We still live in Bavaria at the moment and will have to change jobs anyway because we need to move. We currently rent and pay €1250 including utilities for 115m2 (about 1,238 sq ft).
We have around €100,000 in savings, but we only want to use about €45,000 as equity in the financing to keep sufficient reserves for the upcoming move and any unforeseen expenses.
The turnkey bungalow, including groundwork and soil survey, should cost €178,000. We plan to do some work ourselves, such as painting walls and installing the flooring. We also plan to build a prefabricated garage, 6x4m (about 20x13 ft), for one car, bicycles, and garden furniture storage (around €10,000).
What additional building-related costs should we plan for, and which of these costs should be included in the financing?
We would be very grateful for any advice.
I want to build a KfW55EE bungalow with 100m2 (approximately 1,076 sq ft) turnkey with Heinz von Heiden in Saxony.
The plot is provided by my parents, 1800m2 (about 30x60m / 98x197 ft), relatively flat.
A sewage connection was laid and paid for years ago. A few small shrubs and trees need to be removed.
I am 52 and my wife is 47 years old, so we don’t have much time left to pay off a loan.
I currently earn €3000 and my wife €1500. We still live in Bavaria at the moment and will have to change jobs anyway because we need to move. We currently rent and pay €1250 including utilities for 115m2 (about 1,238 sq ft).
We have around €100,000 in savings, but we only want to use about €45,000 as equity in the financing to keep sufficient reserves for the upcoming move and any unforeseen expenses.
The turnkey bungalow, including groundwork and soil survey, should cost €178,000. We plan to do some work ourselves, such as painting walls and installing the flooring. We also plan to build a prefabricated garage, 6x4m (about 20x13 ft), for one car, bicycles, and garden furniture storage (around €10,000).
What additional building-related costs should we plan for, and which of these costs should be included in the financing?
We would be very grateful for any advice.
Sparfuchs_:P schrieb:
That already sounds quite different 😉
Tip: In the future, mention something like this right away, so readers can give you relevant feedback 🙂 Your initial post only mentioned 45k as your own contribution. Now, through the quote and KfW, you’ve somehow added another 57k 😀The KfW 261 grant comes only at the very end, after the house is completed. So you have to pay in advance, right?
Sparfuchs_:p schrieb:
That sounds quite different now 😉
Tip: For future posts, include this information right away so readers can give you more relevant feedback 🙂 In your initial post, you only mentioned 45k as your personal contribution. Now, with the LV and KFW you’ve added another 57k 😀 At first, I was a bit too cautious and wasn’t sure how much equity to put into the financing. But thanks to the information from the forum, I believe I’m now on a better path.
Acof1978 schrieb:
The KfW 261 grant only comes at the very end, after the house is completed. So you have to provide upfront financing, right? I believe from July 1st you can use it as a grant for financing, which would then be the KfW 461.
BertramK schrieb:
I believe from July 1st you can use it as a grant for financing, that would be the KfW-461.Yes. But you only receive it after proof. So if the house is completed, you have to pay upfront or am I mistaken?
Winniefred23 Jun 2021 08:24Why is no one mentioning the unusually low house price? That definitely won’t be enough. Even in Saxony, the general contractors and craftsmen expect to be paid. The days when everything cost next to nothing are over, even in the most remote parts of Saxony.
Winniefred schrieb:
Why is no one mentioning the unusually low house price? That won’t be enough. Even in Saxony, general contractors and tradespeople expect to get paid. The days when everything cost next to nothing are over, even in the most remote parts of Saxony. Heinz von Heiden is affordable. However, they have removed several services from the scope of work. I pointed this out, but it hasn’t been addressed.