ᐅ Is our construction project feasible? Is our budget sufficient for it?
Created on: 11 Aug 2018 15:10
A
AndreasGMT
Hi,
I’m new here.
Regarding our plans, my wife and I are planning to build our single-family home within the next 1.5 years.
We have a plot of land that is expected to be designated as a building area next year. This is almost certain. The plot has a slight slope, so a basement will be necessary. Development costs will naturally be an additional expense.
We are planning a house of about 160–175 m² (1,722–1,884 sq ft), if it fits within our budget.
Our budget is approximately €430,000 for the house, development costs, additional construction expenses, kitchen, garden, and a carport (prefabricated garage), as mentioned, the land is already available.
As personal contribution, we can install interior doors, lay flooring, and fit windows, the front door, as well as roller shutters and blinds, since we will purchase these directly from the supplier at cost price and install them ourselves.
In your opinion, is this feasible? Is our budget sufficient?
Thanks in advance for your answers.
I’m new here.
Regarding our plans, my wife and I are planning to build our single-family home within the next 1.5 years.
We have a plot of land that is expected to be designated as a building area next year. This is almost certain. The plot has a slight slope, so a basement will be necessary. Development costs will naturally be an additional expense.
We are planning a house of about 160–175 m² (1,722–1,884 sq ft), if it fits within our budget.
Our budget is approximately €430,000 for the house, development costs, additional construction expenses, kitchen, garden, and a carport (prefabricated garage), as mentioned, the land is already available.
As personal contribution, we can install interior doors, lay flooring, and fit windows, the front door, as well as roller shutters and blinds, since we will purchase these directly from the supplier at cost price and install them ourselves.
In your opinion, is this feasible? Is our budget sufficient?
Thanks in advance for your answers.
R
readytorumble13 Aug 2018 10:17If you calculate tightly, don’t forget items like contributions to the construction workers’ accident insurance (BG-Bau) or the building survey after construction for the land registry office. Both items cost us 1000 euros each.
Back then, I received several quotes from plasterers, and although there was a price range, it wasn’t very large. On average, it was around 15,000 for interior work and 20,000 for exterior. I hardly believe it has become cheaper since. However, we opted for good quality, not the cheapest plaster.
All the tradespeople we used were local. The plans were done by a draftsman, but we hired a site manager.
You must keep in mind that no tradesperson will stick to their initial quote. During construction, additional costs always come up, whether it’s plasterers, shell builders, or carpenters.
Therefore, you should plan for about 10 to 20 percent more overall. Having a solid contingency fund is essential. For us, that was 50,000 and it was indeed needed.
But I was like you—I didn’t want to believe it, even though everyone told me so 🙂. Wishing you good luck!
All the tradespeople we used were local. The plans were done by a draftsman, but we hired a site manager.
You must keep in mind that no tradesperson will stick to their initial quote. During construction, additional costs always come up, whether it’s plasterers, shell builders, or carpenters.
Therefore, you should plan for about 10 to 20 percent more overall. Having a solid contingency fund is essential. For us, that was 50,000 and it was indeed needed.
But I was like you—I didn’t want to believe it, even though everyone told me so 🙂. Wishing you good luck!
That really depends on how the planning is approached and how the specifications are structured. If you have to add an extra 10-20% everywhere, I would give the planner the middle finger. They’re failing at their job.
For us, it’s the exact opposite. The budget planning was based on actual quotes, and financing was arranged accordingly. When it comes to awarding contracts, usually there’s a 5% discount (a combination of rebates and prompt payment discounts). The specifications always include two daily rates for a skilled worker and an assistant worker for unplanned tasks, so there’s a buffer here as well.
For us, it’s the exact opposite. The budget planning was based on actual quotes, and financing was arranged accordingly. When it comes to awarding contracts, usually there’s a 5% discount (a combination of rebates and prompt payment discounts). The specifications always include two daily rates for a skilled worker and an assistant worker for unplanned tasks, so there’s a buffer here as well.