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.
Andre77 schrieb:
400€ per visit… divided into different construction phases. I believe there are normally 8 inspection stages (for a build without a basement) plus a final acceptance inspection where he is also present. So everything is quite manageable.
If you’d like, you can communicate with me at hausbau_2018@gmx.net.Sparfuchs_:p schrieb:
I would recalculate that again if I were you. Since you’re no longer under 30, you’ll need to pay off the loan faster to finish on time. A house also has higher additional costs than an apartment. You need reserves for repairs and so on, taxes, etc. I’d be very surprised if the monthly burden were noticeably less than your current 1250€.
Example: If you want to finish paying off a 250,000€ loan (200,000€ house + landscaping + garage | additional costs + moving and some furniture from own funds) within 15 years (at retirement), you’d have to repay about 6% per year. That would be over 1600€/month just for the loan payment.
Earning 3000€ net in Saxony means you’d have to be very lucky. I don’t know anyone earning that, including department heads, supervisors, etc. Most have university degrees.My plan is as follows: Loan 240,000€ fixed for 15 years / 4.5% repayment
House 185,000€ (including 5,000€ buffer for selections)
- 26,500€ KfW 261 subsidy
- 75,000€ equity
- 30,000€ (one-time special repayment after 11 years from a life insurance policy)
This results in a calculated payment of about 650€,
and there’s a small remaining balance left to pay.
I’ve budgeted 5,000€ from other reserves for the move; we don’t need new furniture since we bought everything just a year ago.
Sparfuchs_:p schrieb:
I would recalculate that again if I were you. Since you’re no longer under 30, you’ll need to pay off the loan faster to finish on time. A house also has higher additional costs than an apartment. You need reserves for repairs and so on, taxes, etc. I’d be very surprised if the monthly burden were noticeably less than your current 1250€.
Example: If you want to finish paying off a 250,000€ loan (200,000€ house + landscaping + garage | additional costs + moving and some furniture from own funds) within 15 years (at retirement), you’d have to repay about 6% per year. That would be over 1600€/month just for the loan payment.
Earning 3000€ net in Saxony means you’d have to be very lucky. I don’t know anyone earning that, including department heads, supervisors, etc. Most have university degrees.You’re completely right, I am aware of the typical income levels in Saxony, and I don’t plan to earn 3000€. I plan for myself 1800€ and for my wife 1500€ net. Regarding the financing, here is what I have in mind:
Financing 240,000€ fixed for 15 years / 5% repayment
House price 185,000€ (including 5,000€ buffer for selections)
- 26,500€ subsidy for KfW55 (261)
- 75,000€ equity
- 30,000€ (after 11 years from a life insurance policy)
This results in a payment of about 650€,
and after 15 years a small remaining balance is left.
For the move I budgeted 5,000€ from existing cash reserves.
We don’t need new furniture, except for some small items, since we bought everything nearly a year ago.
Andre77 schrieb:
I also built with Heinz von Heiden and had a construction supervisor from Wilsdruff. A professional in his field.
I suppose from Kesselsdorf? If so, I can highly recommend him as well.
Musketier schrieb:
I guess from Kesselsdorf?
If so, then I can highly recommend it as well. Yes, of course from Kesselsdorf. You are right.
BertramK schrieb:
Ah, great. For a change, some positive feedback.What do you mean by that? Tips regarding costs, where you are warned about additional expenses, are not considered positive?ypg schrieb:
What do you mean by that? Tips about costs, where you are warned about additional expenses, are not considered positive?You misunderstood something there, I am grateful for any advice.S
Sparfuchs7722 Jun 2021 08:07BertramK schrieb:
Loan 240,000€ for 15 years, interest-only/4.5% principal repayment.
House 185,000€ (including 5,000€ (about 5,500 USD) contingency for selections)
-26,500€ (kfw261 subsidy)
-75,000€ own equity
-30,000€ (one-time special repayment after 11 years from a life insurance policy)That sounds quite different already 😉
Tip: In the future, include something like this right away, so readers can give you more appropriate feedback 🙂 Your initial post only mentioned 45,000€ you wanted to contribute. Now you’ve added another 57,000€ through life insurance and KFW subsidy 😀
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