Hello,
I have been reading this forum for a long time, and my wife and I have decided to turn our dream into reality.
In January, we seriously considered building our own house or buying one. We quickly dismissed buying once we saw what was available on the market.
We purchased a plot of land from the municipality. Just under 700 sqm (7,535 sq ft) for €32,000, paid in full. Development costs of €14,000 are expected in 2018.
We chose a regional prefabricated house company. The shell construction contract is €160,000 for a footprint of 200 sqm (2,153 sq ft), including a double garage, with 140 sqm (1,507 sq ft) of living space. The building permit with earthworks will cost about €35,000. I am still reviewing quotes for heating, electrical work, and underfloor heating. We plan to install a pellet heating system supported by solar thermal panels, with a 1,000-liter (264-gallon) buffer tank.
So now my question, hoping for some advice that will help us move forward.
Regarding financing: We took out a loan of €240,000. Of this, €190,000 is a loan, and €50,000 is KfW funding with a combined interest rate of 1.63%. We have €50,000 in equity, after all financing costs (mortgage registration, notary, property transfer tax) have been deducted.
This means we have about €270,000 available for house construction and interior work (heating, electricity, etc.).
Is this achievable, or should we already plan for additional financing?
Greetings from Upper Franconia
I have been reading this forum for a long time, and my wife and I have decided to turn our dream into reality.
In January, we seriously considered building our own house or buying one. We quickly dismissed buying once we saw what was available on the market.
We purchased a plot of land from the municipality. Just under 700 sqm (7,535 sq ft) for €32,000, paid in full. Development costs of €14,000 are expected in 2018.
We chose a regional prefabricated house company. The shell construction contract is €160,000 for a footprint of 200 sqm (2,153 sq ft), including a double garage, with 140 sqm (1,507 sq ft) of living space. The building permit with earthworks will cost about €35,000. I am still reviewing quotes for heating, electrical work, and underfloor heating. We plan to install a pellet heating system supported by solar thermal panels, with a 1,000-liter (264-gallon) buffer tank.
So now my question, hoping for some advice that will help us move forward.
Regarding financing: We took out a loan of €240,000. Of this, €190,000 is a loan, and €50,000 is KfW funding with a combined interest rate of 1.63%. We have €50,000 in equity, after all financing costs (mortgage registration, notary, property transfer tax) have been deducted.
This means we have about €270,000 available for house construction and interior work (heating, electricity, etc.).
Is this achievable, or should we already plan for additional financing?
Greetings from Upper Franconia
240,000 loan + 50,000 equity = 290,000€. Why "only" 270,000? Was the land included in the equity?
What exactly is included in the building kit, and which work will be carried out (more detailed than just "ready for shell construction")?!
Is your plot already connected to utilities today? If yes, why are the costs only appearing in 2018? If not, can you even start building now?!
What costs have you calculated so far? There is a huge lack of information about whether your money will be enough or not. Are you planning to do the interior work yourself? Or will you hire regular contractors and so on...
No one can really help you with so little information.
And the most important question: Has anything already been signed? If yes, what exactly.
What exactly is included in the building kit, and which work will be carried out (more detailed than just "ready for shell construction")?!
Is your plot already connected to utilities today? If yes, why are the costs only appearing in 2018? If not, can you even start building now?!
What costs have you calculated so far? There is a huge lack of information about whether your money will be enough or not. Are you planning to do the interior work yourself? Or will you hire regular contractors and so on...
No one can really help you with so little information.
And the most important question: Has anything already been signed? If yes, what exactly.
The plot is fully developed. The development charges will only be due in 2018 because the municipality has to process other invoices first before ours are issued. We can definitely start building.
That’s why instead of 290k, it’s only 270k since I will have to pay those costs at some point.
So far, the loan agreement and the contract for the prefabricated house are signed.
Regarding the house, it is at the shell stage, meaning only the walls are standing, including windows, the front door, and exterior plaster.
Estimated costs so far:
Heating: 25k
Electrical: 10k
Sanitary/plumbing: 10k
Planning permission/building permit fees: 35k
House: 160k
Total: 240k
Some of the work will be done by ourselves because close relatives are a heating technician and an electrician.
That’s why instead of 290k, it’s only 270k since I will have to pay those costs at some point.
So far, the loan agreement and the contract for the prefabricated house are signed.
Regarding the house, it is at the shell stage, meaning only the walls are standing, including windows, the front door, and exterior plaster.
Estimated costs so far:
Heating: 25k
Electrical: 10k
Sanitary/plumbing: 10k
Planning permission/building permit fees: 35k
House: 160k
Total: 240k
Some of the work will be done by ourselves because close relatives are a heating technician and an electrician.
K
Knallkörper23 Aug 2016 09:35I have no idea what is already included in a shell house package. My first thoughts would be whether the following items are included or if you have already factored them into your budget:
- Window sills inside and outside
- Roller shutters
- Interior doors (around 3,000)
- Staircase
- Stair railing
- Interior plaster
- Floor insulation or impact sound insulation
- Screed (around 12 per m² (1.1 per ft²))
- Painting work (apparently not included, around 6,000)
- Drywall installation
- Thermal insulation on the upper floor (roof slopes and ceiling)
- Bathroom fixtures
- Flooring
- Garage door
- Outdoor areas, at least the driveway
- Built-in kitchen
- Possibly land surveying
- Window sills inside and outside
- Roller shutters
- Interior doors (around 3,000)
- Staircase
- Stair railing
- Interior plaster
- Floor insulation or impact sound insulation
- Screed (around 12 per m² (1.1 per ft²))
- Painting work (apparently not included, around 6,000)
- Drywall installation
- Thermal insulation on the upper floor (roof slopes and ceiling)
- Bathroom fixtures
- Flooring
- Garage door
- Outdoor areas, at least the driveway
- Built-in kitchen
- Possibly land surveying