ᐅ Is the planning realistic? Cost breakdown, size, and requirements
Created on: 4 Sep 2019 23:43
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Apfelbaum84
Hello everyone!
As a silent reader, I have always enjoyed following many posts here – now I would like to reach out to the community with my own contribution (and problem). A brief description of the situation:
Plot of land 1200m2 (about 12,917 sq ft) already purchased – fully developed
Financing framework and conditions agreed with the house bank – mortgage registered on our land.
Total budget (equity + loan): €935,000
Land + additional costs: €250,000
Available budget: €700,000
We have now reviewed several prefabricated house offers... resulting in the following cost estimate:
Land: €210,000
Real estate agent fee: €7,350
Property transfer tax: €3,150
= €220,500 direct land costs
Soil survey: €2,000
Surveying: €2,500
Earthworks including buffer for additional costs: €25,000
House:
- approx. 200m2 (2,153 sq ft) living space
- concrete slab foundation
- air conditioning (active cooling)
- photovoltaic system
- KNX (compatible with Apple HomeKit)
- turnkey including painting and flooring
House price:
Average of all offers €520,000
plus:
- Kitchen €20,000
- Double garage width 7m (23 ft) €30,000
- Customization allowance €10,000
- Outdoor facilities €15,000
- Pool €35,000
- Furniture €30,000
Total:
Land + incidental costs: €250,000
House including extras: €660,000
Overall costs
Buffer: €25,000
___________________________________________________________________
1.) Do you consider our calculation realistic?
2.) My better half is somewhat uncertain about the house size, since it will only be the two of us. She is leaning more towards 180m2 (1,938 sq ft)... I personally believe that the 20m2 (215 sq ft) difference is quite significant – especially if we plan to have children in the future.
Experience-based advice – how can we find the right (intuitive) size?
Thanks in advance for your opinions,
Best regards
As a silent reader, I have always enjoyed following many posts here – now I would like to reach out to the community with my own contribution (and problem). A brief description of the situation:
Plot of land 1200m2 (about 12,917 sq ft) already purchased – fully developed
Financing framework and conditions agreed with the house bank – mortgage registered on our land.
Total budget (equity + loan): €935,000
Land + additional costs: €250,000
Available budget: €700,000
We have now reviewed several prefabricated house offers... resulting in the following cost estimate:
Land: €210,000
Real estate agent fee: €7,350
Property transfer tax: €3,150
= €220,500 direct land costs
Soil survey: €2,000
Surveying: €2,500
Earthworks including buffer for additional costs: €25,000
House:
- approx. 200m2 (2,153 sq ft) living space
- concrete slab foundation
- air conditioning (active cooling)
- photovoltaic system
- KNX (compatible with Apple HomeKit)
- turnkey including painting and flooring
House price:
Average of all offers €520,000
plus:
- Kitchen €20,000
- Double garage width 7m (23 ft) €30,000
- Customization allowance €10,000
- Outdoor facilities €15,000
- Pool €35,000
- Furniture €30,000
Total:
Land + incidental costs: €250,000
House including extras: €660,000
Overall costs
Buffer: €25,000
___________________________________________________________________
1.) Do you consider our calculation realistic?
2.) My better half is somewhat uncertain about the house size, since it will only be the two of us. She is leaning more towards 180m2 (1,938 sq ft)... I personally believe that the 20m2 (215 sq ft) difference is quite significant – especially if we plan to have children in the future.
Experience-based advice – how can we find the right (intuitive) size?
Thanks in advance for your opinions,
Best regards
M
Matthew035 Sep 2019 14:34For pool expenses, the hammer point made by @rick2018 should not be considered the benchmark (forgive me...). A pool measuring 8x4x1.5m (26x13x5 feet) is pretty much the average size, and even outside of steel wall pools, you can get something nice for under $20,000. There is no upper limit, but it can also be done more affordably.
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Apfelbaum845 Sep 2019 15:04First of all, thank you for your responses!
Our budget could still be increased by 100,000 to 200,000€ (around 110,000 to 220,000 USD) if it is absolutely necessary to align our wishes with reality.
However, I think it would make sense to consider reducing the living area to approximately 180m2 (around 1,940 sq ft)...
The 200m2 (around 2,150 sq ft) mainly stems from initial concerns and fears about the house being too small, rather than realistic assessments of our space needs.
Regarding the pool calculation:
The costs refer to a Riviera pool, including cover and equipment, totaling just under 29,000€ (around 32,000 USD) plus a 6,000€ (around 6,600 USD) buffer for the installation of connections.
Our budget could still be increased by 100,000 to 200,000€ (around 110,000 to 220,000 USD) if it is absolutely necessary to align our wishes with reality.
However, I think it would make sense to consider reducing the living area to approximately 180m2 (around 1,940 sq ft)...
The 200m2 (around 2,150 sq ft) mainly stems from initial concerns and fears about the house being too small, rather than realistic assessments of our space needs.
Regarding the pool calculation:
The costs refer to a Riviera pool, including cover and equipment, totaling just under 29,000€ (around 32,000 USD) plus a 6,000€ (around 6,600 USD) buffer for the installation of connections.
A
Apfelbaum845 Sep 2019 15:24ypg schrieb:
Not by starting the calculation at the end. That has nothing to do with having a (gut) feeling. It’s more like an attitude of "the world belongs to me," haha...
Create a room plan and compare by visiting model homes.
Then calculate the house and the costs thoroughly so you get an accurate estimate.
After that, see if you can afford this estimate. If you can, that looks good and might even leave some buffer in case it gets more expensive.
I warn against using all your options to the fullest. That’s not necessary.
P.S. For all the wishes, I think the available budget is a bit too low, no matter how silly that sounds. For heaven’s sake, that’s not how we want it to come across. We are far from having a “the world belongs to me” fantasy *laugh*
In fact, this topic just overwhelms us a bit... clarifying the hard facts was quite simple:
Buy the plot of land
Define the financial framework
Negotiate the terms
Up to that point, we always said we would focus on WHAT we want once all the framework conditions were set.
When all that was done... and the WHAT was on the table... things got complicated.
What emerged in the end:
- No basement
- Pool in the garden
- Active climate control (air conditioning)
- KNX – although KNX is a broad term, I’m aware of that
- Double garage
- Photovoltaic system
THAT + our (planned) budget... were the starting point before talks with suppliers and form the basis of my post.
Then proceed as suggested by Ypg.
Create a room program.
Write down what you need to include.
Wardrobe closet for 100 pairs of shoes
Kitchen with island
Dining table measuring 120 x 250 cm (47 x 98 inches)
Shelf for 1,000 books, 7 m (23 ft) high ceiling
The bed should be the solid one from Xy, measuring 240 x 240 cm (94 x 94 inches), etc.
Measure everything in show homes, your own apartment, or at your parents’ place.
Wardrobe too small
Dining area optimal, etc.
Visit show home parks.
Draw your furniture from the room program into the floor plans to scale. Take into account the space needed for extended dining chairs.
Create a room program.
Write down what you need to include.
Wardrobe closet for 100 pairs of shoes
Kitchen with island
Dining table measuring 120 x 250 cm (47 x 98 inches)
Shelf for 1,000 books, 7 m (23 ft) high ceiling
The bed should be the solid one from Xy, measuring 240 x 240 cm (94 x 94 inches), etc.
Measure everything in show homes, your own apartment, or at your parents’ place.
Wardrobe too small
Dining area optimal, etc.
Visit show home parks.
Draw your furniture from the room program into the floor plans to scale. Take into account the space needed for extended dining chairs.
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Apfelbaum845 Sep 2019 15:53We thought for a long time about whether we would use the basement... and for what purpose.
In the end, the notes simply read "Christmas ornaments" and "utility room"... and that was the decision about the basement.
In the end, the notes simply read "Christmas ornaments" and "utility room"... and that was the decision about the basement.