Construction cost payment schedules

So you want to invest 55TEUR of equity... (leaving aside that I hardly believe you can get a basement for 30TEUR. But that’s another matter.

The question of proof remains. Prove the existing equity of 55 TEUR and the bank will go along with it.

Yes, so my girlfriend and I are now considering moving into the parents' house for 1 year and we earn 4500 net. You can save quite a bit that way. You should take advantage of the low interest rates now, they hardly get any lower.

Hello

the bank wants proof of equity. For us, even the life insurance was sufficient because we expected 2 large bonus payments. That was at the time of application. It gets critical during the financing. Most banks require the equity to be used before the loan is disbursed. That was possible for us, for you it will be more difficult.

A tip on the side, you can also take out a small loan.... However, it encourages spending more money than you have. Quite a few things have happened during construction.

Is a small loan considered equity? We were already at the bank for a condominium financing, there at least 160,000 was no problem, but this is now a different ball game :D. The only options I still see, I could sell my car (20,000), but reluctantly :(. My girlfriend also had her parents' house transferred to her, but that is not considered equity, rather as collateral, right?

You are, however, already aware that building a house involves quite a few additional costs, which are not included in the financing calculation.
Furniture, lamps, garden irrigation, plants, tools, garden equipment, surveyor, etc.
We already had quite a lot of furniture and lamps and took most of them with us. Nevertheless, you still end up spending one or two thousand here and there.

I find that very risky planning.

Alright, we now have an 80sqm fully furnished apartment, the house would be 120sqm, the kitchen would come with it 1:1 and I would have the room built in such a way that it fits. Of course, I know that at first you buy everything month by month, slowly build the garden. But you should have peace with a new building for at least 10 years.

Of course, it is risky, but for a good used apartment you already pay 160,000, for a new apartment 200,000-250,000. Whether I waste 70,000 euros in cold rent over 10 years or pay off a house, I just hope the bank cooperates. The interest payments are already the additional purchase costs you would have with an apartment and at some point you would buy a house anyway when the apartment was paid off, so you save yourself this waste of taxes and at the same time take advantage of the low interest rates, who knows how long they will last, in 1990 they had 8%. If everything goes wrong in 5 years, you can also sell the house.

Because over 20 years the
KFW 50,000 at 0.85% 220 euros
Repaid amount: 50,000.00 EUR
Total interest payments: 4,377.91 EUR
KFW 50,000 at 1.35% 240 euros
Repaid amount: 50,000.00 EUR
Total interest payments: 7,019.67 EUR
and the bank loan over 15 years at 1.45% 1100
Repaid amount: 180,000.00 EUR
Total interest payments: 20,303.87 EUR