Hello,
this thread is for those readers who, like us, often feel a bit lost here.
We are about to sign a contract for building a house to KfW 40 standard with a local general contractor. Financing through KfW and ISB.
A brief introduction about us
Income and assets situation:
Expenses:
Mobility costs: for 2 cars total
Insurance costs:
Living expenses:
Summary of income and expenses:
General information about the property:
Construction or purchase costs:
Other costs:
Cost summary:
Necessary loan details:
Let the show begin. Looking forward to your feedback. I thought it might be interesting since some questions of this kind have come up recently.
this thread is for those readers who, like us, often feel a bit lost here.
We are about to sign a contract for building a house to KfW 40 standard with a local general contractor. Financing through KfW and ISB.
A brief introduction about us
- Who are you? H. and M.
- How old are you? 33 and 30
- Any children? One boy, turning one next week
- Are more children planned? None due to the house build
- What do you do for work? H: CNC machinist, M: administrative clerk
- Are you employed, self-employed, retired, homemaker, etc.? Employed
- How many hours do you work? H: 40 plus a part-time job twice a week for 2 hours each, M: 16 hours (part-time on parental leave)
Income and assets situation:
- What income do you have (gross/net)? H: 3258/2312 plus part-time job about 250 €; M: 1282/1048
- How much child benefit do you receive? 250 €
- Other benefits like parental allowance, sick pay, etc.?
- How much equity do you have? 130,000
- How much of that equity do you plan to invest in the house project? 100,000
Expenses:
- Current cold rent (rent excluding utilities) 450 €
- Current warm rent (rent including utilities) 550 €
- Electricity 75 €
- Phone, internet, mobile 80 €
Mobility costs: for 2 cars total
- Insurance 96 €
- Taxes 26 €
- Fuel 210 €
Insurance costs:
- Liability insurance 6.60 €
- Capital or term life insurance 13 €
- Pension insurance (including Riester, Rürup, etc.) 100 €
- Disability insurance 126 €
- Accident insurance 45 €
- Household contents insurance 4 €
- Union fees 33 €
Living expenses:
- Groceries 500 €
- Eating out 0
- Personal care/drugstore 40 €
- Clothing 20 €
- Cleaning 5 €
Summary of income and expenses:
- Total income 3860
- Total expenses 1899.6
- Balance 1961
- of which cold rent 450
General information about the property:
- How large is the plot? 663 sqm (7135 sq ft)
- Dimensions? 24 x 27.5 m (79 x 90 ft)
- Land value? 65 € per sqm (approximately 6 per sq ft)
- New build, existing house (year built), type of house? New build, detached house, gable roof, KfW 40, 1.5 storeys
- Garages? Single garage
- Size of the house? (Living area / usable area) Living area 129 sqm (1390 sq ft), usable area 143 sqm (1540 sq ft) plus 32 sqm (344 sq ft) garage
- Market value of land and house after completion? 503,000 €
Construction or purchase costs:
- Land costs 43,095 €
- Additional acquisition costs (notary, court, property transfer tax, agent) 2400 €
- Construction or purchase costs (including architect, structural engineer) 386,000 €
- Construction ancillary costs (e.g., utility connections, soil expert, construction power, etc.) 5,000 €
- Outdoor facilities/terrace, paths, garden design, fences, etc. 10,000 €
- Total costs 446,495 €
Other costs:
- Kitchen costs 15,000 €
- Photovoltaic system 12,000 € (6 kW with 6 kW battery storage)
- Energy consultant 5,325 €
- Garage in owner’s construction 17,500 €
- Front door 4,500 €
Cost summary:
- Total costs 500,820 €
- Deductible equity 145,495 €
- Financing amount 355,525 €
Necessary loan details:
- Loan amount 170,000 € KfW, 175,000 € ISB LM
- Loan type (e.g., annuity loan, bullet loan, etc.) annuity loan
- Interest rate (p.a. nominal, otherwise effective) 0.53 % KfW, 3.4 % ISB
- Fixed interest period 10 years KfW, until full repayment ISB
- Estimated total term until full repayment September 30, 2052
- Initial repayment rate KfW 2.77 %, ISB 1.8 %
- Monthly payment KfW 469.03 €, ISB 758.33 €, total: 1,226.06 €
- Are prepayments allowed? (Please state amount) ISB 10% per year
Let the show begin. Looking forward to your feedback. I thought it might be interesting since some questions of this kind have come up recently.
HausNummer 9 schrieb:
So, thicker masonry, different windows, better roof insulation.In other words: a clear violation of the 11ant stone mantra :-(https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
H
HausNummer 920 Dec 2023 19:4211ant schrieb:
In other words: widespread violation of the 11ant stone mantra :-(What does that mean? Oh, and a central ventilation system is still included in the 20,000 (approximately).
H
HausNummer 920 Dec 2023 19:44HausNummer 9 schrieb:
We negotiated an additional cost of €20,000 (approx. $22,000) for upgrading from the 40 to the 55 single-family house model. This includes thicker masonry, different windows, and improved roof insulation. Additionally, the photovoltaic system and the energy consultant are added. The consultant’s fee is fixed at €5,325 (approx. $6,000). This covers all calculations, which we already have, and also includes the blower door test.
We have already received approval from the KfW bank. The contract with the general contractor was signed today. ...and the central ventilation system is also included in the €20,000 (approx. $22,000).
X
xMisterDx20 Dec 2023 20:27HausNummer 9 schrieb:
(...)
Total income and expenses:
- Total income 3860
- Total expenses 1899.6
- Balance 1961
- of which cold rent total 450
(...)
Naive, sorry.
I’m reading about a child who is almost 1 year old. And then 40 EUR/month for toiletries for the entire family?
A large pack of diapers already costs around 20 EUR. Clothing 20 EUR/month? That barely covers a pair of shoes for the child, that’s all.
The car expenses only include insurance, taxes, and fuel. No savings for new cars, no repairs, no maintenance, no new tires. You want to run both cars cheaper than I run my company car all-inclusive 😉 absolutely unrealistic...
Groceries 500 EUR/month? For 3 people? That is only slightly above what is allocated for food in unemployment benefits. So, I don’t believe that.
Your “cold rent” rises from 450 to 1,250 EUR. That’s the installment payment. Your additional costs go from 100 EUR (extremely cheap, does that include heating?) to easily 300 EUR.
Nothing will be left over, you will have to live off your savings. That can work for a few years, but not for 20 or 30 years... that’s how long the financing runs. And children do not get cheaper as they grow up...
H
HausNummer 920 Dec 2023 21:01xMisterDx schrieb:
Naive, sorry.
I’m reading about a child who will soon be 1 year old. And then drugstore expenses of 40 EUR/month for the entire family?
A large pack of diapers already costs around 20 EUR. Clothing 20 EUR/month? That only buys a pair of shoes for the child, and that’s it.
Car costs only include insurance, taxes, and fuel. No savings for new cars, no repairs, no maintenance, no new tires. You want to run both your cars cheaper than I run my company car all-inclusive 😉 absolutely unrealistic...
Groceries 500 EUR/month? For 3 people? That’s only slightly above what is allocated for food in unemployment benefits. So I don’t believe it.
Your “basic rent” rises from 450 to 1,250 EUR. That’s the installment. Your utilities increase from 100 EUR (extremely cheap, does that include heating?) to easily 300 EUR.
There’s nothing left over, you’ll have to live off your capital. That might work for a few years, but not for 20 or 30 years... that’s how long the mortgage runs. And children don’t get cheaper as they grow up... No, that’s our actual spending. We don’t buy Pampers but cheap diapers that cost 10.85 EUR for 84 diapers, and we use 2 packs per month.
New shoes aren’t needed every month, and as parents, we rarely buy clothes.
The car costs might be accurate. However, one car will likely be eliminated since we will live in the same town as my parents, and my mother isn’t working. I work in the same town as my father, so I could carpool with him.
The grocery costs are also correct. These are based on experience, not made-up numbers.
The utilities include heating. We live in a new build from 2018.
Starting next year, I will only work 16 hours per week. That will increase again, so income will rise as well.
What is it that having a balance of 1961 minus 1226.36 equals 734.64 EUR means “nothing left over”? Even if utilities rise to 300 EUR, there would still be 400 EUR left.
HausNummer 9 schrieb:
What do you mean? Well, deviations were made from the standard in the masonry, windows, insulation materials and/or dimensions, or other properties compared to what the contractor usually installs as the standard (i.e., based on the most extensive series experience). The 11ant stone mantra even advises against deviating from this line to ensure the most reliably tested product.
HausNummer 9 schrieb:
...and the central ventilation system is included in the 20,000 as well So that means even that is included, meaning they generally don’t install mechanical ventilation as standard—how often (percentage-wise) do they do it? The ventilation concept is often a key part of the overall EnerPHit (EH40) measures, especially for masonry builders.
https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
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