ᐅ Construction Project: New Build – Budget Exceeded – Any Experiences?

Hello everyone, my husband and I are planning a new build. The plot is reserved, 670 sqm (7,210 sq ft), and including site development and notary fees, the cost is almost €180,000 (approx. $195,000) (Bavaria).

An architect (a friend) designed a 1.5-story house with 165 sqm (1,775 sq ft), a partial basement, and a double garage. The estimated value is €310,000 (approx. $335,000) plus landscaping.

Well, we have now received two turnkey offers for a brick-built house including landscaping.

€505,000 (approx. $545,000) and €560,000 (approx. $605,000)!!!!

We expected that the architect’s estimate might not be exact, but where does this huge price difference come from?!

We are now well above our budget. After all, we still have to buy the kitchen, furniture, and so on.

We are considering reducing the size to 145 sqm (1,560 sq ft) or possibly managing all the contracts ourselves.

What are your experiences? Do you have any tips on how we can get this situation under control?