What are the current construction costs
What does a house cost? An overview of the costs of building and buying a house
Building a house - costs
A building owner who decides on a plot of land with 850 square meters and a solid house with a living space of 150 square meters has to reckon with a nationwide average of around 320,000 euros. The actual house construction accounts for the lion's share with an average of 60 percent. However, this can vary greatly depending on the location of the property, as building sites in metropolitan areas, for example, can be significantly more expensive than the house that is being built on it. In order to gain more clarity, we have compiled average values for you.
The costs you will have to face if you want to build a house, however, depend on many factors: Are you planning a solid or prefabricated house? What equipment should it have? What is the location of the property and how big is it? These and many other variables make it difficult to give a tangible cost of building a house.
House building costs per square meter: how much living space can I afford?
On average, the house construction costs per square meter for a self-built single-family house with normal equipment can be estimated at 1,300 euros. With 150 square meters of living space, the costs are 195,000 euros. However, both the equipment and different house types can quickly drive up house construction costs.
Based on the construction costs per square meter, you can determine the expenses incurred for your space requirements. It should be noted that only the living space is used as the basis for calculation; The balcony, terrace and cellar are irrelevant. You can find a more detailed list of costs in our article on construction costs.
The ancillary construction costs when building a house make up an additional item. This includes, for example, expenses such as house connections (approx. € 25 / sqm), permit fees or construction insurance. In total, up to 15 percent of the house construction costs can be incurred for this.
Examples of costs: The costs of building a house at a glance
In the following we have summarized three examples for you of the average costs that arise when building a house.
Average cost to build a house
In addition to the average values for Germany as a whole, you will also find example calculations for Mecklenburg-Western Pomerania and Hamburg for comparison, which make it clear that both the land and construction costs can vary greatly depending on the federal state.
Average cost of building a house in Mecklenburg-Western Pomerania
Average cost of building a house in Hamburg
Average costs for a property in Germany
Real estate financing has a significant share in the house costs when building your own home. On average in Germany, it has an area of around 850 square meters and costs just under 90,000 euros. That corresponds to a square meter price of just under 104 euros. However, the prices vary a lot. Standard land values in your region provide an initial orientation on this topic. Even if these only give rough information, they still help to get an initial overview of which districts or towns are expensive and how expensive. In addition, expenses for the building site, land transfer tax and development costs are due in connection with the property. Any earthworks have another major impact.
Buying a house - costs: What does a finished house cost?
When buying a house, it is difficult to answer the question about the specific costs of buying an existing property. There are just too many influencing factors. Roles play among other things the age, renovation status and equipment of the property. There are hardly any guideline values for real estate valuation, as supply and demand can significantly distort prices, especially in metropolitan areas. It is mostly cheap in rural areas. However, if you want to buy a house in metropolitan areas like Hamburg, Frankfurt or Munich, you have to dig deep into your pockets. The results of Dr. Small trend indicator real estate prices (as of Q2 / 2020). This is based on the actual purchase prices paid for properties in different regions.
What additional costs are there for house and construction?
All in all, the resulting additional costs amount to around 5 to 15 percent of the purchase price. These are split up as follows:
- Notary fees: approx. 1.5% of the purchase price
- Land registry costs: approx. 1.5% of the purchase price
- Real estate transfer tax (depending on the federal state): 3.5 to 6.5%
- Broker's fee: 5.95 to 7.14% of the purchase price
Regardless of whether you want to build a house or buy a completed one: There are always additional costs, albeit to different degrees. As a new home owner, you shouldn't neglect financial reserves for maintaining the value and maintenance of your property. The rule of thumb here is that around 50 cents per square meter belong in the savings bag for a new building, and around one euro for an old building.
How much equity is required?
Both when building and buying a house, experts usually recommend equity of at least 15 percent of the construction or purchase price. This means that for a purchase price of 360,000 euros, you would have to contribute at least 54,000 euros from your own resources. This corresponds to the amount of the one-time incidental purchase costs.
However, the average values in Germany are lower: In this country, 71 percent of building owners and property buyers provide a maximum of 50,000 euros themselves. More than one in five Germans even opts for construction financing without equity. However, this can only be achieved for builders with a high and secure income.
Include modernization in house costs
If you are unsure whether the house is overvalued, you can hire an expert for real estate valuation. This also recognizes any need for modernization and tells you what amount you have to reckon with, for example for renovating old buildings. Because for laypeople it is often difficult to see whether the lines are really new or whether the roof is also up to date.
Monthly news: Stay up to date with all things mortgage lending.
Summary: It costs a house
Whether you are building or buying a house is usually a matter of type. You can be happy in either variation. When it comes to costs, neither of these options is likely to be so beneficial here either.
- On average, a new house costs around 1,300 euros per square meter of living space.
- The higher the quality the equipment should be, the higher the average costs per square meter.
- In addition, there are the costs for the property on which you want to build your house. All in all, you get around 320,000 euros for an average new building.
- The costs of an existing property are strongly influenced by many factors. Current values can be found in our property prices article.
- Basically, however, it can be said that a house in the country costs less than one in the center of a large city.
- In addition to the acquisition costs of an existing property, there are also any modernization and renovation costs.
- In addition to the pure house costs, there are also purchase or construction costs. These amount to five to 15 percent of the purchase price, which you have to finance in addition to the purchase price and ideally with equity.
You can find much more information about buying real estate or building a house in our guide. Would you like to know how much home loan you would get with your salary? Then read our advice article on the subject of home loans.
- What is egalitarianism
- What scientific discoveries were made by chance?
- Which is Russell's paradox for laypeople
- Accused presidents remain in office
- Who can I speak to confidentially?
- Has the Malay language articles
- Who finances pure mathematics research?
- Why are salaries in Canada so low?
- When can a diabetes professional help you
- How old would Jesus be today?
- Why am I smiling
- What are Walmarts' current shoplifting policies
- What are legalized examples of white privilege
- How is GoDaddy hosting for WordPress
- To whom do celestial bodies belong
- Which country do Singaporeans admire most?
- What is your elective in UPSC
- How do you impress a Chinese
- Why can't plants grow on Mars?
- How can trans women trans men have sex
- A teenager may have mild ADHD
- What if the voltage is too low
- Why should farmers in India be trained?
- How do I create a business website