Hello everyone,
I would like to share my idea here and ask for honest feedback.
My wife and I are considering building a house in 3-4 years. Since we want to save costs (who wouldn’t?), and also think of it as retirement security, we came up with the idea of building a semi-detached house and renting out one half.
Here is our plan:
1. Plot of land up to 150,000€ including site development
2. Semi-detached house shell construction up to 180,000€ by a German construction company
3. Complete interior finishing up to 120,000€ as follows:
- 4 craftsmen from abroad (Poland, partly family, with construction experience) for around 1,500€ gross per month (I am planning 2-3 months for finishing)
- Expensive materials (such as tiles, windows, doors, etc.) I would also like to buy in Poland, but of high quality
- Sanitary equipment will be supplied by a good friend who works for a German sanitary wholesale company, at purchase price – I would aim for higher-quality products here as well
- I am currently considering a micro combined heat and power system (micro CHP)
4. Additional construction costs plus expert inspections around 50,000€
All in all, we expect total costs of about 500,000€ for the finished semi-detached house. Equity about 80,000–100,000€. The rest would be financed through KfW loans plus bank financing. Our current net income is around 5,000€ without child benefits (3 children). We would build in Rösrath (near Cologne) with good infrastructure.
I believe one half of the semi-detached house could be rented out for 1,200–1,400€ net cold rent.
Does this plan make sense? Of course, these are just rough considerations so far. I would plan and list everything in detail to convince the bank.
Looking forward to your comments...
Best regards,
Robert
I would like to share my idea here and ask for honest feedback.
My wife and I are considering building a house in 3-4 years. Since we want to save costs (who wouldn’t?), and also think of it as retirement security, we came up with the idea of building a semi-detached house and renting out one half.
Here is our plan:
1. Plot of land up to 150,000€ including site development
2. Semi-detached house shell construction up to 180,000€ by a German construction company
3. Complete interior finishing up to 120,000€ as follows:
- 4 craftsmen from abroad (Poland, partly family, with construction experience) for around 1,500€ gross per month (I am planning 2-3 months for finishing)
- Expensive materials (such as tiles, windows, doors, etc.) I would also like to buy in Poland, but of high quality
- Sanitary equipment will be supplied by a good friend who works for a German sanitary wholesale company, at purchase price – I would aim for higher-quality products here as well
- I am currently considering a micro combined heat and power system (micro CHP)
4. Additional construction costs plus expert inspections around 50,000€
All in all, we expect total costs of about 500,000€ for the finished semi-detached house. Equity about 80,000–100,000€. The rest would be financed through KfW loans plus bank financing. Our current net income is around 5,000€ without child benefits (3 children). We would build in Rösrath (near Cologne) with good infrastructure.
I believe one half of the semi-detached house could be rented out for 1,200–1,400€ net cold rent.
Does this plan make sense? Of course, these are just rough considerations so far. I would plan and list everything in detail to convince the bank.
Looking forward to your comments...
Best regards,
Robert
Hello Building Expert,
First of all, thank you very much for your honest and detailed contribution. I’m very glad that my post has been read and my ideas are being discussed.
Certainly, I might be underestimating the complexity a bit. I have also considered the energy saving regulations. The plumbing would need to be installed by a certified German specialist – as far as I’ve read, even for a micro combined heat and power unit (micro CHP), a certified professional company is required. I have an electrician on staff at my company, so he would have no choice. However, he does not hold a master craftsman certificate but is also a graduate engineer in mechanical engineering.
On the other hand, I am happy to give up my K-license plate since I want to move out of Cologne. More nature with good infrastructure – that’s my dream. But as we say here, “every person is different”...
I would like to build, for example, in Stümpen, Kleineichen, Hoffnungsthal, Forsbach, Menzlingen, or Lüghausen. Recently, I visited Rambrücken and saw a landing airplane, so I immediately canceled that option.
Best regards,
Robert
First of all, thank you very much for your honest and detailed contribution. I’m very glad that my post has been read and my ideas are being discussed.
Certainly, I might be underestimating the complexity a bit. I have also considered the energy saving regulations. The plumbing would need to be installed by a certified German specialist – as far as I’ve read, even for a micro combined heat and power unit (micro CHP), a certified professional company is required. I have an electrician on staff at my company, so he would have no choice. However, he does not hold a master craftsman certificate but is also a graduate engineer in mechanical engineering.
On the other hand, I am happy to give up my K-license plate since I want to move out of Cologne. More nature with good infrastructure – that’s my dream. But as we say here, “every person is different”...
I would like to build, for example, in Stümpen, Kleineichen, Hoffnungsthal, Forsbach, Menzlingen, or Lüghausen. Recently, I visited Rambrücken and saw a landing airplane, so I immediately canceled that option.
Best regards,
Robert