Hello dear forum,
My partner and I, both 26 years old (+ child), are currently starting to consider the possibility of buying a house. We have received various catalogs for prefabricated houses and solid construction houses. We are also open to the idea of building through an architectural firm.
We are complete beginners in this area and quite inexperienced. Here are some key details about the desired house:
Single-family home, plot size about 500m² (5400 sq ft), living area about 120-135m² (1300-1450 sq ft), at least 3 bedrooms, no bungalow style, possibly a basement, underfloor heating at least on the ground floor, kitchen island, KfW standard at least 70. These are just the rough ideas for now.
We want to build in a village of 5,000 inhabitants in Saxony-Anhalt, where serviced plots cost around 30,000 EUR.
What total costs should we roughly expect? Is building a house possible at all with only 25,000 EUR in equity and a combined net income of 3,500 EUR? Currently, we pay 650 EUR per month for our apartment including utilities.
We would be very grateful for any tips and advice!
My partner and I, both 26 years old (+ child), are currently starting to consider the possibility of buying a house. We have received various catalogs for prefabricated houses and solid construction houses. We are also open to the idea of building through an architectural firm.
We are complete beginners in this area and quite inexperienced. Here are some key details about the desired house:
Single-family home, plot size about 500m² (5400 sq ft), living area about 120-135m² (1300-1450 sq ft), at least 3 bedrooms, no bungalow style, possibly a basement, underfloor heating at least on the ground floor, kitchen island, KfW standard at least 70. These are just the rough ideas for now.
We want to build in a village of 5,000 inhabitants in Saxony-Anhalt, where serviced plots cost around 30,000 EUR.
What total costs should we roughly expect? Is building a house possible at all with only 25,000 EUR in equity and a combined net income of 3,500 EUR? Currently, we pay 650 EUR per month for our apartment including utilities.
We would be very grateful for any tips and advice!
B
Bauexperte18 Nov 2014 12:41Hello,
Regards, Bauexperte
alex1304 schrieb:Yes, including excavation and backfilling costs (provided the excavated material is suitable). However, this only gets you an unheated basement; if parts or all of it are intended to be used as living space, an additional 8,000 to 20,000 EUR will be added.
A basement costs nearly 40,000 EUR?!
alex1304 schrieb:Based on nationwide evaluations of construction documents that I offer, as well as my professional experience 😉
How did you arrive at the price for the single-family home? What assumptions did you base it on?
Regards, Bauexperte
B
Bauexperte18 Nov 2014 12:52Hello,
Regards, Bauexperte
Bauherren2014 schrieb:You can anytime 😉 😀
And I don’t like to disagree with Bauexperte 😉,
Bauherren2014 schrieb:If "everything" goes as usual, you are probably right. But what if it doesn’t? See the neighboring thread with 2.50 m (8 feet) soil replacement or possibly pile foundations? I prefer secured financing! With smart negotiations, the borrower can always return unused funds without costs. But what if the worst case happens and this option is not included in the original financing, or a follow-up financing is not possible? That is not my idea of reliable construction consulting; neither in my professional daily work nor here on the forum. Better to calculate generously than to end up facing the ruins of one’s livelihood!
but I think that the item for additional construction costs in Saxony-Anhalt will probably be lower (similar to Saxony). We paid significantly less for additional construction costs all-in (about 20,000 euros, however without extra foundation costs) and I think that would probably get you pretty far as well.
Bauherren2014 schrieb:Here too, there are countless possibilities. Starting from simple machine-applied plaster through basic tiles up to Venetian plaster or expensive floor coverings from V & B (the glossy gray ones cost 110.00 €/sqm (about $115/sq ft) two years ago, the matte even 120.00 €/sqm (about $125/sq ft)).
Even painting and flooring work can be done for well under 20,000 euros if no luxury finishes are desired; in our case about 10,000 euros in total, even though parts of the flooring and painting work were done by professional companies
Regards, Bauexperte
Hm, okay. So we had planned a total budget of about 250,000 EUR (around 270,000 USD) for everything. Building your own home is definitely an expensive venture. Maybe buying a used property is a better option after all?
When people talk about 100% financing, do they mean 100% for both the house and the land, or just the house?
Tricky, tricky, tricky...
When people talk about 100% financing, do they mean 100% for both the house and the land, or just the house?
Tricky, tricky, tricky...
B
Bauherren201418 Nov 2014 13:19Bauexperte schrieb:
If "everything" goes according to plan, you are probably right. But what if it doesn’t? See the neighboring thread with 2.50 m (8 feet) soil replacement or possibly pile foundations? I prefer secured financing! With smart negotiation, the borrower can always return unused funds at no cost. But what if the worst case happens and this option was not included in the original financing, making additional funding impossible? That is not my idea of reliable construction advice; neither in my professional experience nor here in the forum. It’s better to calculate generously than to end up facing the collapse of one’s livelihood!I completely agree with you, no question about it.
Therefore, as is usually mentioned in every thread on such a topic, always have a soil survey done BEFORE purchasing the land, if possible – or be prepared to accept additional costs in case of doubt.
My point was more that the additional construction costs you mentioned, which roughly represent an “average,” tend to be lower in regions like Saxony/Saxony-Anhalt compared to the overall average for Germany.
It should be obvious to always budget a financial cushion for unforeseen expenses (which I see as independent of the typical additional construction costs).
Bauexperte schrieb:
There are countless possibilities here as well. Starting from simple machine-applied plaster to basic tiles, all the way to Venetian plaster or expensive floor coverings from V & B (the glossy grey tiles cost €110.00/sqm (approximately $115/sq ft) two years ago, the matte ones even €120.00/sqm (approximately $125/sq ft)).Again, I fully agree with you. That is why I phrased it as it being “possible” to manage with significantly less. On the other hand, of course, it is also possible to spend considerably more if desired.
B
Bauherren201418 Nov 2014 13:26alex1304 schrieb:
Maybe buying a used property is a better option after all?!You should definitely include that in your considerations. For that price, you can surely get a nice, well-maintained house in your area (depending on the market, of course).
alex1304 schrieb:
When talking about 100% financing, does that mean house + land = 100%, or just the house?It always includes the land (land value or plot price) plus the house (pure construction costs, excluding interior fittings or similar) – although some banks apply a safety margin deduction.
Bauexperte schrieb:
Hello,
This should roughly fall within the following range (construction prices will increase from January 1st):
Land plot: €30,000
Single-family house, 130 sqm (1,399 sq ft) built to KfW 70 standard: €182,000
Usable basement: €38,000
Prefabricated garage 3 x 6 m (10 x 20 ft): €6,500 (including electric sectional door and strip foundations)
Additional construction costs: €35,000–40,000
Painting & flooring included in the price: €20,000
Outdoor facilities: €10,000 (only the absolute essentials)
Reserves for extras: €10,000
Estimated total: €336,500
If you want to build to KfW 55 standard, additional costs for a controlled residential ventilation system with heat recovery, better masonry, more insulation, and an external inspector apply.
Best regards,
BauexperteI think that might be a bit on the high side... Friends of ours built a city villa in their town of 25,000 inhabitants in southern Brandenburg, with 160 sqm (1,722 sq ft) living space, plus a 1,000 sqm (10,764 sq ft) plot, a geothermal heat pump by Heliotherm (surface collector), a double prefabricated garage, all sanitary fixtures from Villeroy & Boch, flooring costing 60 €/sqm (about $65 per sq ft) and up, outdoor facilities, staircase (around €8,000), entrance door (€2,500), electrically operated and programmable shutters on all windows, a huge fireplace, and more... Altogether, they paid about €260,000. I found that quite remarkable. Of course, it’s without a basement... but even then, they could have spent another €40,000 more.
But it’s better to plan for a bit more than less and be happy if you have leftovers. ;-)
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