į House Construction: Prefabricated House or Solid (Masonry) House? Experiences and Price Range
Created on: 10 Jun 2022 16:50
O
ollininjo
Hello everyone,
We have been looking into the topic of building a house for several months now. Unfortunately, we are quite new to this field and are not familiar with all the details. Of course, we have read a lot and searched online, but you often come across different information, especially older and not so up-to-date sources.
We have a plot of land in the city that we are considering. It is about 830 m2 (0.2 acres) including partial utility connections. The cost of the plot is 130,000 euros, and of course, you need to add property transfer tax, notary fees, and land registry costs (anything else we might be forgetting?). Since the plot only has partial utility connections, all the connections are apparently in front of the street because the land was subdivided. So, naturally, there will be additional development costs; we estimate around 10,000 euros. Overall, we would be looking at about 150,000 euros for the land, which is fine so far.
Now comes the house. We are leaning more towards a prefab house since a custom architect-designed home requires a lot of work, right? I have, of course, checked out several providers, and the prices are always quite attractive. We are assuming a 150 m2 (1,615 square feet) prefab house, which shows a price of 380,000 euros including all the services the provider offers. This is assuming a turnkey package. What other costs should we expect? I assume garage and landscaping are obvious extras, but are there other expenses we should factor in? Perhaps someone here has experience with this kind of build and could help us.
We would like to have a rough estimate to see if many additional costs might come up since, otherwise, the total would exceed 600,000 euros for a 150 m2 prefab house, which seems a bit unclear to me.
Thanks in advance to everyone!
We have been looking into the topic of building a house for several months now. Unfortunately, we are quite new to this field and are not familiar with all the details. Of course, we have read a lot and searched online, but you often come across different information, especially older and not so up-to-date sources.
We have a plot of land in the city that we are considering. It is about 830 m2 (0.2 acres) including partial utility connections. The cost of the plot is 130,000 euros, and of course, you need to add property transfer tax, notary fees, and land registry costs (anything else we might be forgetting?). Since the plot only has partial utility connections, all the connections are apparently in front of the street because the land was subdivided. So, naturally, there will be additional development costs; we estimate around 10,000 euros. Overall, we would be looking at about 150,000 euros for the land, which is fine so far.
Now comes the house. We are leaning more towards a prefab house since a custom architect-designed home requires a lot of work, right? I have, of course, checked out several providers, and the prices are always quite attractive. We are assuming a 150 m2 (1,615 square feet) prefab house, which shows a price of 380,000 euros including all the services the provider offers. This is assuming a turnkey package. What other costs should we expect? I assume garage and landscaping are obvious extras, but are there other expenses we should factor in? Perhaps someone here has experience with this kind of build and could help us.
We would like to have a rough estimate to see if many additional costs might come up since, otherwise, the total would exceed 600,000 euros for a 150 m2 prefab house, which seems a bit unclear to me.
Thanks in advance to everyone!
N
Neubau202212 Jun 2022 17:08@ollininjo First of all, links are not allowed here. I speak from experience. This can quickly lead to account suspension.
Let's work backwards.
ā¬550,000
- ā¬150,000 land
- ā¬25,000 exterior work
- ā¬15,000 carport
- ā¬50,000 additional construction costs
- ā¬20,000 furniture/kitchen/lighting
Leaves ā¬290,000. I think you can build a good 120 sqm (1,290 sq ft) house for that. However, not much can go wrong, and there should be no extra costs for you.
Donāt forget: a ā¬550,000 loan at 3% interest means monthly interest payments of about ā¬1,375. That means with a 2% principal repayment, your monthly payment is around ā¬2,300.
Let's work backwards.
ā¬550,000
- ā¬150,000 land
- ā¬25,000 exterior work
- ā¬15,000 carport
- ā¬50,000 additional construction costs
- ā¬20,000 furniture/kitchen/lighting
Leaves ā¬290,000. I think you can build a good 120 sqm (1,290 sq ft) house for that. However, not much can go wrong, and there should be no extra costs for you.
Donāt forget: a ā¬550,000 loan at 3% interest means monthly interest payments of about ā¬1,375. That means with a 2% principal repayment, your monthly payment is around ā¬2,300.
O
ollininjo12 Jun 2022 17:13Oh damn, I wasnāt aware of that.
As I said, I own a condominium that was built in 2016 and is probably worth between 250,000 and 300,000 euros. Iāll need to talk to the bank about how all of this will work, or if it will work at all. Then thereās also the KFW funding, which definitely reduces the amount of the loan from the bank.
As I said, I own a condominium that was built in 2016 and is probably worth between 250,000 and 300,000 euros. Iāll need to talk to the bank about how all of this will work, or if it will work at all. Then thereās also the KFW funding, which definitely reduces the amount of the loan from the bank.
N
Neubau202212 Jun 2022 17:16ollininjo schrieb:
Oh no, I wasnāt aware of that.
As I mentioned, I own a condominium built in 2016, worth around 250,000 to 300,000 euros. Iāll have to discuss everything with the bank to see how it all works outāor if it does. Then thereās also the KfW funding, which can definitely reduce the loan amount from the bank. Never include the KfW funding in your calculations. It should be considered as extra money. Iām not even sure if anything like that still exists, maybe only for KfW 40 efficiency houses.
O
ollininjo12 Jun 2022 17:36I wasnāt referring to the repayment subsidy, or did you mean that one as well?
Iām assuming a budget of 550,000 euros.
550,000 euros + remaining debt = 600,000 euros - apartment sale 295,000 euros = 305,000 euros, and then splitting this. Iām not even sure how much KfW currently offers ā back when I applied, it was still 50,000 euros. According to online information, itās now between 120,000 and 150,000 euros.
So, let's say we take a loan from the bank for 305,000 euros - 125,000 euros (as an example) = 180,000 euros, and a loan from KfW for 120,000 euros (as an example). I just donāt know if thatās possible; I have an appointment at the bank next week.
Iām assuming a budget of 550,000 euros.
550,000 euros + remaining debt = 600,000 euros - apartment sale 295,000 euros = 305,000 euros, and then splitting this. Iām not even sure how much KfW currently offers ā back when I applied, it was still 50,000 euros. According to online information, itās now between 120,000 and 150,000 euros.
So, let's say we take a loan from the bank for 305,000 euros - 125,000 euros (as an example) = 180,000 euros, and a loan from KfW for 120,000 euros (as an example). I just donāt know if thatās possible; I have an appointment at the bank next week.
ollininjo schrieb:
As I said, I still have an outstanding debt of about 50,000 euros on my condominium, of course I could sell it (current value approximately 320,000 euros). ollininjo schrieb:
Oh, I wasnāt aware of that.
As I mentioned, I own a condominium built in 2016, which is certainly worth between 250,000 and 300,000 euros. Iāll have to discuss everything with the bank to see how it all works out or not. And then thereās the KfW funding, which will significantly reduce the loan with the bank. Before we continue here, the actual value of the condominium should probably be clarified first.