Hello dear forum community,
I introduced my plans last year, but now things are getting serious.
My wife, our little one, and I want to be living in our own home by next year, as we recently found out we’re expecting baby number two *excited*.
There is a new local housing project in our town with one plot still available. We are applicants, along with another family without children, so the chances look good.
The available plot is 450m2 (4844 square feet) and our market has no major requirements.
It is already fully serviced, and the price is 190€/m2 (around $190/m2).
The decision whether yes or no will be made on September 17th.
We do not want a basement, as a smaller attic will be sufficient for us. The garage is planned to be partially underground or have a slightly higher interior height because one side needs to accommodate a lift, which will leave storage space on the other side.
So far, our favorites are:
- ELK Living 160
- Bien-Zenker Evolution 165
We have currently budgeted about 350,000€ (around $350,000) for everything and are collecting loan offers from banks.
- Land + notary approx. 91,000€ (around $91,000)
- Foundation slab 8,000€ (around $8,000)
- Turnkey prefabricated house 210,000€ (around $210,000) (will be less as we will contribute some work ourselves)
- Garage (double or single with carport) 10,000€ (around $10,000)
- Construction interest rate to avoid double burden 5,000€ (around $5,000)
- Budget for new interior furnishings, garden, a newer used car 26,000€ (around $26,000)
The financing is planned to be split into 3 loans:
- Bank
- KfW (government development bank)
- LRA (local authority, supports young families)
Any tips are welcome, we are currently in the decision phase for our house and collecting loan offers.
Best regards,
Dirk
I introduced my plans last year, but now things are getting serious.
My wife, our little one, and I want to be living in our own home by next year, as we recently found out we’re expecting baby number two *excited*.
There is a new local housing project in our town with one plot still available. We are applicants, along with another family without children, so the chances look good.
The available plot is 450m2 (4844 square feet) and our market has no major requirements.
It is already fully serviced, and the price is 190€/m2 (around $190/m2).
The decision whether yes or no will be made on September 17th.
We do not want a basement, as a smaller attic will be sufficient for us. The garage is planned to be partially underground or have a slightly higher interior height because one side needs to accommodate a lift, which will leave storage space on the other side.
So far, our favorites are:
- ELK Living 160
- Bien-Zenker Evolution 165
We have currently budgeted about 350,000€ (around $350,000) for everything and are collecting loan offers from banks.
- Land + notary approx. 91,000€ (around $91,000)
- Foundation slab 8,000€ (around $8,000)
- Turnkey prefabricated house 210,000€ (around $210,000) (will be less as we will contribute some work ourselves)
- Garage (double or single with carport) 10,000€ (around $10,000)
- Construction interest rate to avoid double burden 5,000€ (around $5,000)
- Budget for new interior furnishings, garden, a newer used car 26,000€ (around $26,000)
The financing is planned to be split into 3 loans:
- Bank
- KfW (government development bank)
- LRA (local authority, supports young families)
Any tips are welcome, we are currently in the decision phase for our house and collecting loan offers.
Best regards,
Dirk
His calculation is missing quite a few things.
But as long as he doesn’t read and absorb what is being discussed in this thread and throughout the entire forum about construction costs and additional building expenses, and in his excitement quickly adds 40 sqm (430 sq ft) of expensive(!) floor space because the catalog price is his final price (as if we were all fools and all work like soil surveys, building permits / planning permission, earthworks, etc. are free) – he will keep dreaming about his house for a long time and won’t be able to make it a reality.
But as long as he doesn’t read and absorb what is being discussed in this thread and throughout the entire forum about construction costs and additional building expenses, and in his excitement quickly adds 40 sqm (430 sq ft) of expensive(!) floor space because the catalog price is his final price (as if we were all fools and all work like soil surveys, building permits / planning permission, earthworks, etc. are free) – he will keep dreaming about his house for a long time and won’t be able to make it a reality.
W
Wanderdüne18 Aug 2014 09:03Regardless of optimistic cost estimates:
If there is only one plot left in a development area, it can be due, among other things, to the specific requirements of that plot.
In other words, the easily developable lots in the best locations are usually gone by then.
For the remaining plots, a designer really needs to consider how the desired lifestyle and the property can work together. (Which can lead to very convincing solutions.)
However, this also means that the chances of achieving a satisfactory build with a catalog house like Lieblos 136 decrease.
WD
If there is only one plot left in a development area, it can be due, among other things, to the specific requirements of that plot.
In other words, the easily developable lots in the best locations are usually gone by then.
For the remaining plots, a designer really needs to consider how the desired lifestyle and the property can work together. (Which can lead to very convincing solutions.)
However, this also means that the chances of achieving a satisfactory build with a catalog house like Lieblos 136 decrease.
WD
How much equity are you planning to bring in?
Including a new car, kitchen, and notary fees in a construction loan is really difficult. Getting all of that approved by the local building authority and meeting the strict funding guidelines will be impossible.
Take a look at the requirements from the local building authority. They also specify how large your house can be...
Besides the underestimated costs, the financing will become challenging. Our local financing model (unfortunately) requires 20% equity based on the mortgage lending value of the house. In reality, you will quickly need about 30-40% equity. The remaining 65% can then be divided among the banks.
Fully serviced means that the external infrastructure is complete. You don’t have to pay anything more for the road. However, you will still need around 10,000 € (approximately 11,000 USD) for your house’s electrical connection, sewage, and water supply connections.
Including a new car, kitchen, and notary fees in a construction loan is really difficult. Getting all of that approved by the local building authority and meeting the strict funding guidelines will be impossible.
Take a look at the requirements from the local building authority. They also specify how large your house can be...
Besides the underestimated costs, the financing will become challenging. Our local financing model (unfortunately) requires 20% equity based on the mortgage lending value of the house. In reality, you will quickly need about 30-40% equity. The remaining 65% can then be divided among the banks.
Fully serviced means that the external infrastructure is complete. You don’t have to pay anything more for the road. However, you will still need around 10,000 € (approximately 11,000 USD) for your house’s electrical connection, sewage, and water supply connections.
@DDre
I have moved your thread to the moderated forum
https://www.hausbau-forum.de/threads/es-wird-ernst-mit-unserem-Projekt-Eigenheim.12976/
because it is too specific to a particular home builder.
Regards, Yvonne
I have moved your thread to the moderated forum
https://www.hausbau-forum.de/threads/es-wird-ernst-mit-unserem-Projekt-Eigenheim.12976/
because it is too specific to a particular home builder.
Regards, Yvonne
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