Buying a house without equity?

2012-02-23 13:01:54

Why only 170k loan?

Sorry, my mistake, I was too quick. The financing is based on 220,000 euros, I forgot the 50,000 KFW in my text, but not in the calculation. It’s red because the monthly burden is too high for most lenders in relation to the income.

The calculation is of course rough because the information is rather sparse. The debt service could also be reduced if the KfW runs for 35 years instead of 20 and the bank loan has only 1% repayment instead of 2%. Then there would be some more lenders who say yes – however, the overall financial project does not really get better because of this. It just shows that you are operating in the borderline area – with this project. If then something unforeseen surprisingly happens during the construction phase – which is not so rare – then it gets really tight.

2012-02-23 14:04:18

125k for the house, everything finished except laminate/walls 13k ground slab 750 steps for the chimney sweep

Sorry, when I see such a breakdown. Of course I need a ground slab, so why not as a package? But even better the steps... Why don't I even come close to 190 with your numbers? But there's still the point, what about new furniture, SAT, paths (or do they already go up to the future front door) etc.? Laminate on the floor is not ideal either. Apart from the fact that I wouldn't want "photo print on chipboard" in a great new house.

so, I was presented this and assumed that's it.. Naive, right?

um, yes. At first I felt the same way. You can look up my first post here What do your 20k additional costs consist of?

2012-02-23 15:07:26

Don't we have 190 + 30 = 220TEUR loan amount here? The equity is the land, and that doesn’t reduce the total amount for the house construction. Besides, you should first check what the actual costs add up to. 190TEUR sounds very unrealistic, based on everything I’ve read in the past few weeks (including from the construction expert).

2012-02-23 16:50:35

so, thanks again, I think I need to spread the info a bit more broadly:

- The house is to be built on a plot that technically doesn't exist: It belongs to our farm complex. That means there are already various utility buildings as well as garages etc. there.
- A garden as you might imagine won't exist at first either - because my horses will still be there. If anything, there will only be a lawn area, because my "garden" is already established and will stay (since we are now basically just living 10 meters further to the right)
- The materials (i.e. laminate flooring and wallpaper etc.) we are paying ourselves
- The costs break down on my paper as follows:
125K for the house, everything finished except laminate/walls
13K for the foundation slab
7K for underfloor heating
a total of 10K for geothermal energy (heat pump already included in the house)
20K incidental construction costs
2,500 for fireplace + chimney
750 steps for the chimney installer
10K possibly for photovoltaics

this does not include the cost of the land (notary etc.) (that's already "paid by" inheritance)

so, this was presented to me and I assumed that’s it.. Naive, right?

How do you get to 220K? It keeps growing..

I can only rely, for lack of experience, on the numbers that were presented to me..

2012-02-23 19:03:29

125T For the house, everything finished except laminate/walls
13TEur foundation slab
7TEur underfloor heating
in total 10TEur for geothermal energy (heat pump already included in the house)
20TEur ancillary construction costs
2,500 fireplace + chimney
750 steps for the chimney sweep
10TEur possibly photovoltaics

comes to 188,250 according to my calculator

And I only realize now what else is still coming. For example mailbox, doorbell, lamps just to name some small stuff.

Own work doesn’t mean you don’t need any materials!
Have you already bought the materials for the paths and paint/primer for the laminate? That adds up too... to be continued

2012-02-23 19:19:47

according to my calculator:188250

Own labor doesn’t mean that you don’t need any material!
Have you already bought the material for the paths and paint/primer for the laminate? That adds up too.... to be continued

no, but we still have a small reserve for that, not much.. but precisely meant for that..
For the paths/driveway we have everything here or get the gravel etc for free)
We are working on it.. calculating

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Buying a house without equity?

GeorgPuetz

perlenmann

Meecrob

Neubau_heute?

perlenmann

Neubau_heute?