Architect estimation, round one

I had a look through the first architect estimation. The assumptions are:

  • 25 apartments of 100 m2 each. This a habitable surface, corresponding to 125 m2 “on the map”, including external walls etc.
  • Each apartment has one parking space, one cellar, and a 12 m2 balcony.
  • 250 m2 of common spaces (indoors)
  • A 1,500 K terrain, with 225K paid in legal fees to the notary.
  • Two hypotheses are made as for VAT: 21% or 6% on construction. Architects fees are always 21%.

With these numbers, the cost of a 100 square meter apartment goes to 390,028 EUR at full 21% VAT. It goes to 348,028 EUR at 6% VAT on construction.

How much is that per square meter? If you are talking about habitable surface, it’s obviously just 3,900 EUR/m2 at full VAT, and 3,480 at 6% VAT. But it seems prices in Belgium refer to the full surface, which is larger. So we need to divide these costs by 1.25: they go to 3,120 EUR/m2 at full VAT rate, and to 2,784 EUR /m2 at 6% VAT.

Edit: I confirmed with the architects that these are NOT casco costs.

The estimate is in the Team Finance shared folder.

Notice I always talk about costs, not prices. This would be an average price, with top-floor corner apartments commanding a higher price, and ground floor ones a lower one.

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Thanks so much Alberto!!!

This part I don’t understand though. Why do we need to divide the cost by 1.25?

We do not “need to”, we simply choose a different denominator for the purpose of comparison with Brussels prevalent prices. It seems Belgian prices refer to the square meter brut, not to the square meter habitable. 1 m2 habitable = 1.25 square meter brut.

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@Lee please note.

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Thanks a lot @alberto!

I almost started considering whether I had to rob a bank to be able to join :sweat_smile: