Home Ownership – How Much You Can Save
Your own four walls are supposed to be made and the financing you want to make as cheap as possible? With a tight cash or average income, it is often advisable to bring in own services to fulfill your dream home. The craftsmanship should not be overestimated! Skill and time have to be realistic scheduled in house construction and mortgage lending.
With what effort and with how much costs you have to expect, you will learn in our blog post today.
What builders can do on their own
Realistic home builders can realistically plan 20 hours of work per week on site. This own contribution can save up to 10% of the total construction costs . The craftwork is accepted by many banks as an alternative source of money and also called “muscle mortgage” . The amount that can be saved concretely varies from case to case. This depends, among other things, on your financing partner and the banks .
In the following section you can see which works are good to do alone . Realistically, the client can do no more than two-thirds of what a professional craftsman creates. For laymen are all manual work, which have a high wage share but low material costs feasible:
- Wallpapering and painting work (saving of approx. 7,800 euros at 125 – 190 working hours)
- Laying laminate, tiles and carpets (saving 1,700 – 3,900 euros at 40 – 90h)
- Dry interior
- Installation of room doors (at 20h working time about 1000 euros saving)
- Loft conversion (with sufficient knowledge of insulation: savings of 4,100 – 5,300 euros in the insulation of slopes)
- Masonry work can be done with a lot of time and expertise
- Outdoor facilities such as paths, terrace and fences, garden (savings of 1,400 – 2,200 euros at 30 – 45h) create
Important: If there are delays in the construction due to unfinished work in-house , the client usually has to refinance costly and the money saved is quickly gone. Situations like these happen when trades build on each other . For this reason, you should prefer to use the specialist in house construction in some work.
Worth knowing for the builders
If you, as a builder, become involved in building a house yourself, you are responsible for your own safety and that of your helpers . You must note the following:
- Take protective measures
- Protection of the construction site by the builder’s liability insurance
- Registration of the helpers with the professional association of the construction industry (BG Bau)
- Insurance for builders complete (the construction workers’ accident insurance Example calculation: 10 helpers x 50h = 500h, 500h x 2 € insurance rate = 1000 €)
Own achievements in building a house – observe and weigh risks
If you and your helpers cause defects due to your own work , you must be responsible for the consequences yourself. In addition, there is no guarantee for your own work. It is important to know that the own contribution can even make the warranty on construction sites to a niece, which were provided by a skilled craftsman. For example, the warranty of the electrician expires if additional sockets have been installed by the client . So first weigh up the risks that can arise from in-house services. For work that significantly affects the construction of the home, you should rather schedule the specialist .
Ultimately, builders who want to do much themselves have to expect a longer construction time , as professionals are faster at work than laymen. As a rule of thumb, the longer the construction time, the higher the costs . This is mainly due to the financial double burden caused by the payable rent and the running costs of building a house. You should also have the cost of materials as a builder in view and be familiar with the building materials, so that later does not need to be improved. In addition, a suitable tool must be purchased, in which private builders usually get no affordable discounts.
If you build yourself, the VPB – Association of Private Builders eV, advises in advance to seek advice from an independent expert . Even before the mortgage contract is signed, you should use your to review and list your own contribution quota. Subsequently, it can then be contractually recorded how much third-party and own contribution to the building of houses, since this can be later checked by an expert.
Whether self-service is worthwhile can thus be anticipated in advance. Because the more specialist knowledge you have as the client, the more you can save on building a house.