Are we crazy? Is this doable? Risk too high?

General about you:

[*]Who are you?

Me, girlfriend + brother, girlfriend

[*]How old are you?

24, 22 + 28, 24

[*]Are there children?

Not for the time being.

[*]What do you do professionally?

All in public service, brother’s girlfriend, trained educator


Income and asset situation:

[*]What income do you have (gross/net)?

Together without partner 3600 net – each starting salary level

Together with partner 7250 net – also still at starting salary level


No equity


Housing costs:

[*]current warm rent:

My girlfriend and I live in a rental apartment: 750€ warm

My brother lives in the parental house with his own housing unit.


Plot:


Plot of 800m² is already available and may be built on.

11.5m wide – approx. 70m long. Boundary exemption on one side

Construction costs:

We have already been to Okal Haus (My father’s brother had built with Okal Haus and is very satisfied) there with our concept it came to approx. €570,000 to €600,000 including photovoltaic with storage, air heat pump, knee wall 1.60m, usable basement, each 120 sqm living unit one with terrace the other with balcony, kitchen and turnkey including ancillary building costs.

Financing:

My brother and I thought of a rate of “only” €1,400 monthly and ongoing ancillary costs for both parties of approx. €600-800. This should also be feasible without a partner.

The parental house with land has already been appraised by the local court, we wanted to sell it in about 30 years in the interest of our parents to repay the mortgage loan. It was valued at €201,000. In our opinion, the value is 30-50% too low compared to other houses offered.

During the term, the then vacant housing unit is to be rented out. We assume the rent of approx. €800 warm will be saved half to support us in emergencies and to repay the mortgage loan in 20-30 years.

We have not yet had a financing discussion with Okal Haus or a bank.

We are aware that we do not earn much. Possibly everything is completely unrealistic. How do you assess our situation? Is it feasible?

Honestly, it shakes me a bit: I think you are the first here who adds their salary together with that of the brother...

Please calculate for YOURSELF or your girlfriend, who also has to (is expected to) sign the loan agreement and should also be in the land register.

And please leave the parental home out, as long as the parents still live there.

I would recommend a conversation with a broker and bank.

Here, too much is being mixed up wildly... Everyone individually + possibly partner separately. Otherwise, no one will understand.

Unfortunately, difficult to understand or make sense of.

In general, 600,000€ (if that's enough) and a 1,400€ installment probably won't work. The salary of you and your brother is also too low for the loan volume, the partners will have to co-sign.

With your current situation, you better stay away from that.

Many questions and comments about your concern:
- who is supposed to become the borrower?
- is the property divided?
- who will become the owner?
- additional security on the parents' house? What is the deal with the house – what do you want to tell us with your explanations?
- €1,400 installment means an annuity of 2.8%, which you will not get at a bank, so the financing will be more expensive
- You want to commit yourselves at your age already in a two-family house? And even with partners? Good luck

Please write specifically what you want. I WOULD stay away from such a construct

How do you want to legally represent all of this? WEG and the girlfriends are each nothing? No owner, not in the land register, not in the loan?

Aside from the financial questions, the personal ones would concern me much more: does a woman want to help build a house that she doesn’t own? Does she want that with two other people? What if one of the ladies is "replaced"? Who has to climb stairs every day and who gets the garden? What if the house is used in 20 years to care for the parents? Or if it is only transferred to one person because the parents fell out with son number 2? Or if one of the two gentlemen dies – who inherits then?

You notice, many of the questions are indiscreet and especially as things that lie in the future not easy to answer. You don’t have to answer them for us. But you urgently need to discuss the emotional components in any case, because it is easier to resolve peacefully. If it cannot be discussed without conflict or tears before building the house, it will not get emotionally better later.