Bank does not accept own contribution

2020-08-05 14:04:59

What do you think about a self-build or shell house in timber frame construction where you always have a site manager from the construction company who provides assistance and conducts inspections ... ?

We had looked into that. You are limited in the floor plans and have read many negative reports about companies. There are shell houses where the interior finishing (such as heating etc.) has to be ordered as well, and you are limited again.

But it would certainly be the next possible alternative.

Does that solve our problem with the personal contribution at the bank? You also have to put in a lot of personal effort there. Does the bank accept that more in the case of a shell house?

2020-08-05 14:05:17

Basically, with most banks (not all but many), partial amounts from the loan are only released after the invoice has been received. In other words, you need an invoice to pay invoices. What you are usually granted is about €10,000 in advance.

So you can already imagine how far you will get with your EL construct. In addition, you will need to find an architect who confirms the construction cost breakdown along with the EL by signature. That means if you don’t have someone in the family who does that, then you won’t find one either.

Thus, your whole rosy cloud construct is shaky from the start. The worst part is that as a result, you end up with a lot of construction left when the money runs out. So if I were you, I would be extremely careful about what you wish for and put yourself through.

...and 12 months of free provision time is basically nothing for such a project.

2020-08-05 14:06:16

Well, hardly any soldering is done anymore. Press fittings are installed and then pressure tested for over 48 hours. Although the underfloor heating usually involves MSVR anyway and there are no connection points in the floor. But that doesn't change the project itself.

Personal experience: A buddy built everything with individual contracts involving a lot of electricians and friends. However, there were masons, roofers, and electricians in the family or circle of friends. All in all, it took a good 2 years, and the seasoned master mason provided a LOT of advice. As a helper, I sometimes really cursed because aids like cranes, pallet trucks, etc., were saved on. Only because we have been friends since childhood did I still go to help. What I want to say: despite professional support, the whole thing took 2 years. It was all but a gift. I do think you’ve made a real plan or are making one right now. BUT: first find an electrician who will sign for relatively little money. Or a window installer who will come for one element. Or, or, or. Some things rightly fall under mandatory professional operation. I also consider such a planned project rather difficult. But I am also happy to be proven wrong, as I absolutely support independence.

Thank you very much for the report!

Electrician or window installer: I assume that for the little work, we will have to pay well above the standard rate just to get them to come. Overall, it should still be a significant saving.

2020-08-05 14:08:28

As a rule, most banks (not all but many) only release partial amounts from the loan after receiving the invoice. In other words, you need an invoice to pay invoices. What is usually granted to you is about €10,000 on a blank basis.

Thank you for that! If every bank really handles it that way (wanting to see invoices), then that is of course a problem and the plan is not feasible as is. Other users write that invoices are not required. So that would need to be found out.

2020-08-05 14:19:37

They do this in order to prevent undeclared work and not to co-finance the construction vehicle that was common at the time.

2020-08-05 14:20:45

Thank you for that! If every bank really handles it this way (wanting to see invoices), then that is of course a problem and the plan is not feasible as is. Other users write that invoices are not required. So that would need to be found out.

Who wrote that, show me? Of course you need an invoice! There are even approval limits for transfers which the bank must manually lift for high transfers. So I built with individual trades and that is already close to how you want to build, compared to someone who builds according to a payment plan with 5-10 payments. Here it could be different with a general contractor, of course. So if that is the case, that this is problematic for you, then the idea is almost over already. I only know the possibility of payment without proof with very solvent customers.

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Bank does not accept own contribution

DerHäuslebauer

Zaba12

DerHäuslebauer

DerHäuslebauer

Alessandro

Zaba12