Hello,
I am 26 years old and come from the Koblenz area 😀. A few months ago, I bought a plot of land here in the countryside, about 600 m² (6500 ft²), for a total of approximately €19,000 including fees. I still have around €20,000 saved up and would like to build a house. According to my calculations, I have between €1,500 and €2,000 available each month to invest in the construction.
My plan is to build a small bungalow with a maximum of 100 m² (1,100 ft²) and a simple garage of 40 m² (430 ft²) where I can work on my car and motorcycle. I don’t place much value on high-end finishes for the bungalow, so I have budgeted between €100,000 and €130,000 for the entire project. I intend to borrow only enough money from the bank to get the shell construction done—meaning the garage and bungalow masonry completed, external plaster applied, roof installed, and windows and doors fitted. Currently, I still live with my parents, so I’m not under pressure to finish quickly. According to the land purchase agreement, I have five years to complete the construction.
My friend and I, who previously bought and repaired a small excavator together, plan to do the excavation and foundation slab ourselves. We also want to do as much of the masonry work as possible on our own, since both my grandfathers were masons. I feel confident installing the entire heating system myself because I have already installed heating in three rooms at a friend’s place. I also know a certified roofer who would work with me on the roof structure and covering.
What do you think of my plan?
I am 26 years old and come from the Koblenz area 😀. A few months ago, I bought a plot of land here in the countryside, about 600 m² (6500 ft²), for a total of approximately €19,000 including fees. I still have around €20,000 saved up and would like to build a house. According to my calculations, I have between €1,500 and €2,000 available each month to invest in the construction.
My plan is to build a small bungalow with a maximum of 100 m² (1,100 ft²) and a simple garage of 40 m² (430 ft²) where I can work on my car and motorcycle. I don’t place much value on high-end finishes for the bungalow, so I have budgeted between €100,000 and €130,000 for the entire project. I intend to borrow only enough money from the bank to get the shell construction done—meaning the garage and bungalow masonry completed, external plaster applied, roof installed, and windows and doors fitted. Currently, I still live with my parents, so I’m not under pressure to finish quickly. According to the land purchase agreement, I have five years to complete the construction.
My friend and I, who previously bought and repaired a small excavator together, plan to do the excavation and foundation slab ourselves. We also want to do as much of the masonry work as possible on our own, since both my grandfathers were masons. I feel confident installing the entire heating system myself because I have already installed heating in three rooms at a friend’s place. I also know a certified roofer who would work with me on the roof structure and covering.
What do you think of my plan?
P
perlenmann17 Jul 2013 09:40Sorry, I couldn’t resist: My grandfather was a goldsmith? Does that mean I make my own rings?
Now, seriously. If you do a lot yourself, the total cost might add up, but I’m not an expert on that....
But do you have the time to do all of it yourself? What about family planning? 100m² (1,076 sq ft) isn’t much space for a family.
Now, seriously. If you do a lot yourself, the total cost might add up, but I’m not an expert on that....
But do you have the time to do all of it yourself? What about family planning? 100m² (1,076 sq ft) isn’t much space for a family.
The question is how much extra time you have to manage such a project alongside everything else.
And I hope you understand that with a new build, you have to comply with certain regulations. In Germany, everything is regulated, so you can't just start building walls without permission.
I'm not an expert, so I would at least advise you to sit down with an architect who can explain everything and break it down for you. And with €100,000, you won’t get enough materials to complete the house 🙂
And I hope you understand that with a new build, you have to comply with certain regulations. In Germany, everything is regulated, so you can't just start building walls without permission.
I'm not an expert, so I would at least advise you to sit down with an architect who can explain everything and break it down for you. And with €100,000, you won’t get enough materials to complete the house 🙂
H
HilfeHilfe17 Jul 2013 13:31Hello
a major project. You plan to take 5 years for the construction and live at home or in the semi-finished house during that time.
You should consider that you have saved a significant amount of equity for your age so far. I assume you have lived rent-free with your parents, worked on projects on the side, and possibly even skipped vacations. Such a carefree lifestyle ends when you are involved in construction work (not just tinkering) and have to pay interest (no more free housing).
Also, banks are generally not interested in financing partially finished houses. They will require a detailed cost estimate, including any personal labor (sweat equity). They will likely recognize some but not all of this. Therefore, you will probably need to borrow more money to hire professionals for large trades.
I am not familiar with construction execution.
Good luck!
a major project. You plan to take 5 years for the construction and live at home or in the semi-finished house during that time.
You should consider that you have saved a significant amount of equity for your age so far. I assume you have lived rent-free with your parents, worked on projects on the side, and possibly even skipped vacations. Such a carefree lifestyle ends when you are involved in construction work (not just tinkering) and have to pay interest (no more free housing).
Also, banks are generally not interested in financing partially finished houses. They will require a detailed cost estimate, including any personal labor (sweat equity). They will likely recognize some but not all of this. Therefore, you will probably need to borrow more money to hire professionals for large trades.
I am not familiar with construction execution.
Good luck!
B
Bauexperte17 Jul 2013 14:35Hello,
You remind me a bit of my son. His name is also Marc but he is 6 years older than you. He just came up with a great idea that I should try working on daycare center construction... that’s what happens when supposed "knowledge" is confused with "ability" and whatever else entices you 🙁
Realistically, in the Koblenz area, you should expect costs around 170,000 - 175,000€ for a bungalow of approximately 108m² (1163 sq ft) living space built as a KfW 70 efficiency house, turnkey. Bungalows are always more expensive than comparable detached houses!
It’s true you can save the most money by doing the masonry work yourself. Still, don’t be naive thinking it’s just a matter of putting up some horizontal and vertical walls. Find a competent construction supervisor who can keep you and your friend in check and oversee the project. Otherwise, you’ll find yourself in an unpleasant situation quickly, and your bank won’t wait around.
Find an architect—you’ll need one anyway for your building permit/planning permission. Discuss your ideas with them and then proceed from there.
PS: even self-builders face “some” additional construction-related costs!
Best regards, Bauexperte
You remind me a bit of my son. His name is also Marc but he is 6 years older than you. He just came up with a great idea that I should try working on daycare center construction... that’s what happens when supposed "knowledge" is confused with "ability" and whatever else entices you 🙁
Marc L. schrieb:So you want to finance the interior work from your ongoing income? Ambitious and definitely interesting, especially if, for example, the plumbing contractor requires a larger upfront payment for materials.
According to my calculations, I have 1500 - 2000€ left over each month that I can invest in construction.
Marc L. schrieb:There is a competitor who offers an 85m² (915 sq ft) turnkey bungalow for around 100,000€. The question is whether you want to stick to a minimum standard or rather have a long-term value-retaining property. You are still very young, and many things can happen in your life; therefore, you should at least keep in mind a possible future sale of the property.
I was thinking of a small bungalow with a maximum of 100m² (1076 sq ft) and a simple garage of 40m² (430 sq ft) where I can work on my car and motorcycle. I don’t care about expensive finishes in the bungalow, so I budgeted 100,000 - 130,000€ for the entire project.
Realistically, in the Koblenz area, you should expect costs around 170,000 - 175,000€ for a bungalow of approximately 108m² (1163 sq ft) living space built as a KfW 70 efficiency house, turnkey. Bungalows are always more expensive than comparable detached houses!
Marc L. schrieb:The finished shell—if you buy it turnkey—is, in my opinion, around 100,000€. If you want to build everything yourself, you should have good purchasing resources. Definitely enough time besides your job; I estimate the construction will take you at least 1.5 to 2 years. But that assumes you spend every free minute on site.
At the bank, I only want to borrow enough money to get the shell structure roughly finished, meaning the garage and bungalow fully built, plastered on the exterior, roof completed, and windows and doors installed.
Marc L. schrieb:I hope you know how to read a soil report and can assess what might happen if the foundation work is botched.
My friend and I want to do the excavation and concrete slab ourselves; we bought and refurbished a small excavator together.
Marc L. schrieb:My grandmother ran a large farm; still doesn’t mean I can follow in her footsteps 😕
We also want to do the masonry ourselves as much as possible because both my grandfathers were bricklayers.
Marc L. schrieb:And which certified professional will take responsibility for your work and provide the necessary approval?
I feel confident installing the entire heating system myself because I have already installed it in three rooms for a friend.
Marc L. schrieb:That’s much more reasonable.
I also know a master roofer who would build the roof structure and roof with me.
Marc L. schrieb:Nothing!
What do you think of my plan?
It’s true you can save the most money by doing the masonry work yourself. Still, don’t be naive thinking it’s just a matter of putting up some horizontal and vertical walls. Find a competent construction supervisor who can keep you and your friend in check and oversee the project. Otherwise, you’ll find yourself in an unpleasant situation quickly, and your bank won’t wait around.
Find an architect—you’ll need one anyway for your building permit/planning permission. Discuss your ideas with them and then proceed from there.
PS: even self-builders face “some” additional construction-related costs!
Best regards, Bauexperte
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