ᐅ Construction Project Feasible or Unrealistic, Budget 400,000 Euros
Created on: 31 May 2017 00:12
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Bauanfänger36
Like many here, I have the desire to own a small house.
I have now found a plot of land for 160,000 euros with 600 sqm (6000 sq ft) (not yet purchased). This is about 270 euros per sqm (25 dollars per sq ft), which is roughly 50 euros above the market value for our region. However, calling it a “market” would be an exaggeration since there is hardly anything available. A few sellers are even offering their plots for 350 euros per sqm (32 dollars per sq ft). The cheapest new house for sale in the area costs 420,000 euros (about $460,000) (120 sqm (1300 sq ft) house on a 240 sqm (2600 sq ft) plot). New condominiums with 3 rooms range from 270,000 to 360,000 euros ($300,000 to $390,000).
My wish:
To build a small single-family house without a basement, around 100 sqm (1076 sq ft), completely finished for 240,000 euros (about $260,000).
Do you think this is realistic?
I have now found a plot of land for 160,000 euros with 600 sqm (6000 sq ft) (not yet purchased). This is about 270 euros per sqm (25 dollars per sq ft), which is roughly 50 euros above the market value for our region. However, calling it a “market” would be an exaggeration since there is hardly anything available. A few sellers are even offering their plots for 350 euros per sqm (32 dollars per sq ft). The cheapest new house for sale in the area costs 420,000 euros (about $460,000) (120 sqm (1300 sq ft) house on a 240 sqm (2600 sq ft) plot). New condominiums with 3 rooms range from 270,000 to 360,000 euros ($300,000 to $390,000).
My wish:
To build a small single-family house without a basement, around 100 sqm (1076 sq ft), completely finished for 240,000 euros (about $260,000).
Do you think this is realistic?
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Bauanfänger363 Jun 2017 18:07ypg schrieb:
What does a lender say about your maximum limit?
Would you be able to get a loan on your own?
Brief regardsThe house bank says: "Only if you can provide another property (parents’ house) as collateral."
The financer says: "We can go up to 400,000 (approximately 400T), 450,000 (450T) is unlikely."
A small side note:
A single parent colleague (permanent civil servant A13 grade) would easily get 700,000 (700T) from her bank in Munich with a slightly higher net income. (I haven’t seen the offer myself, but she told me about it on the phone recently…)
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HilfeHilfe4 Jun 2017 08:26Bauanfänger36 schrieb:
The housing lender says: "Only if you provide another property (parent's house) as collateral."
The financer says: "We can go up to 400,000, but 450,000 is unlikely."
A little side story:
A single mother colleague (lifetime civil servant A13) would easily get 700,000 from her bank in Munich with a slightly higher net income. (I haven’t seen the offer, but she told me about it on the phone recently...)Don’t believe everything colleagues say. Maybe she is bringing 300,000 from her grandmother’s inheritance, or it might be a rental apartment after all. I completely understand the desire to own a home. But if the bank is naming maximum amounts, I would follow their advice. Is a newly built condominium that fits the budget not an option?B
Bauanfänger364 Jun 2017 11:03@HilfeHilfe: As I already mentioned:
A new condominium with 3 rooms / 70 sqm (750 sq ft) now costs at least 270,000 euros, and if it has 4-5 rooms and about 100 sqm (1,075 sq ft), then it’s 360,000 euros or more. If you can get a plot of land, building becomes quite appealing.
A new condominium with 3 rooms / 70 sqm (750 sq ft) now costs at least 270,000 euros, and if it has 4-5 rooms and about 100 sqm (1,075 sq ft), then it’s 360,000 euros or more. If you can get a plot of land, building becomes quite appealing.
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HilfeHilfe4 Jun 2017 11:11Bauanfänger36 schrieb:
@HilfeHilfe: As I already mentioned:
A new condominium with 3 rooms / 70 sqm (750 sq ft) now costs at least 270,000 euros, and if it has 4-5 rooms and about 100 sqm (1,075 sq ft), then it costs 360,000 euros or more. If you can get a plot of land, building is definitely tempting. But that doesn’t fit your budget. For me, a Porsche is tempting too, but I can only afford an Audi.