Hello dear forum,
I have been considering building a house for a few months now, and since house construction is completely new to me, I have a few questions that you might be able to answer.
1. After some research, I am leaning towards a prefabricated house. Despite their bad reputation, these types of houses are said to perform well in terms of durability and lifespan compared to a traditional masonry house.
The downside seems to be a lower resale value due to the mentioned prejudices, is that correct?
2. I have set a maximum budget of 200,000–250,000 for the plot of land plus the house. In addition, I am planning 50,000–80,000 for interior finishing and additional costs. So the total maximum would be 330,000. Does this sound realistic to you, or would you generally advise against a prefabricated house? (If yes, why?)
3. I would like to start the construction project by the end of next year with equity of around 100,000. I would prefer to finance the rest through my main bank and set high monthly payments to get out of it as quickly as possible with minimal financial damage.
Currently, I can save about 6,000–7,000 euros per month. Should I put the entire savings amount toward the loan payments or keep the payments lower so that I can still cover them in case of emergency?
I have been considering building a house for a few months now, and since house construction is completely new to me, I have a few questions that you might be able to answer.
1. After some research, I am leaning towards a prefabricated house. Despite their bad reputation, these types of houses are said to perform well in terms of durability and lifespan compared to a traditional masonry house.
The downside seems to be a lower resale value due to the mentioned prejudices, is that correct?
2. I have set a maximum budget of 200,000–250,000 for the plot of land plus the house. In addition, I am planning 50,000–80,000 for interior finishing and additional costs. So the total maximum would be 330,000. Does this sound realistic to you, or would you generally advise against a prefabricated house? (If yes, why?)
3. I would like to start the construction project by the end of next year with equity of around 100,000. I would prefer to finance the rest through my main bank and set high monthly payments to get out of it as quickly as possible with minimal financial damage.
Currently, I can save about 6,000–7,000 euros per month. Should I put the entire savings amount toward the loan payments or keep the payments lower so that I can still cover them in case of emergency?
@Müllerin: Thanks for the tips and insights. The more I dive into this topic, the more I realize I’m approaching it the wrong way 🙂
I think I’ll start by answering some basic questions first (solid construction yes/no, basement yes/no, etc.) and then begin looking for a suitable provider and reading some construction blogs.
I think I’ll start by answering some basic questions first (solid construction yes/no, basement yes/no, etc.) and then begin looking for a suitable provider and reading some construction blogs.