Construction costs and financing for apartment or house

2016-08-31 07:46:07

I agree with Marc. With residual debt, the higher the residual debt at the end of the term, the higher the risk of rejection. Especially the man at 48 years old should be retired in 17 years (?). I also don't know if one wants to put up with these prices. But the region allows it.

Counter question:
- Why does it have to be a house, how old are the children?
- How secure are the jobs
- Why do you think the house will always be sold easily and at the best price in a few years?

2016-08-31 08:28:31

Hello dear people,

we are 48/37 years old with 2 children and have been looking for an apartment or house in a town in the Munich district for quite some time. Since we don’t want to move away from there, the search is quite hopeless, because as soon as something is built and the sign is up, all the apartments are already sold.

Now the municipality is offering plots of land in a bidding process (pretty mean), with the standard land value at about EUR 1,400. No, I haven’t added an extra zero; the prices are really that high.

A plot of about 400 sqm would thus cost around EUR 600,000 including ancillary building costs, and for a house of about 140 sqm including basement and garage we are “optimistically” calculating with EUR 350,000. We have not excluded a prefabricated house or wooden house but tend rather toward a solid house with 36 cm brick and two floors without a converted attic. Everything else is still completely open.

1st question: Are the construction costs for the house realistic, or what would one have to give up in order for it to become realistic?

Regarding the financial situation:
Our monthly net income without bonuses is EUR 7,500 and we have about EUR 200,000 in equity.
That means we would have to finance EUR 750,000. That seems unrealistic to me, but a first exploratory talk at the bank was positive.

Background:
A 4-room apartment costs around 700,000 and the increase in value is likely to be more moderate over the years than with a single-family house, which is already being offered in the town from about EUR 1.3 million.
That means for me: When the kids have left the house in 15 to 20 years, the house can be sold well and a smaller apartment can be bought.

2nd question: Is that realistic or sensible?

Best regards

Are there no such projects for long-term residents in your municipality/town?
I once lived in Oberschleißheim, where there were, for example, significantly cheaper plots (I mean less than half the price) if you had lived there for more than 10 years.

2016-08-31 08:47:13

Thank you for your answers. The title was changed by someone, but it referred more to my second question, but whatever...

I am trying to answer all questions:

There are also local projects, but unfortunately we exceed the income limit there, although one has to ask how to finance the house with a significantly lower income, even if the land is considerably cheaper.

I am self-employed with a company, meaning I earn significantly more than my wife, but that could change in the future. She still has time . We both work in professions where unemployment is not imminent.

The new guideline is a good point, because as a self-employed person I will only receive a minimal statutory pension, but I provide through the company. We both also have occupational disability insurance.

It doesn’t have to be a house, but a large apartment is not much cheaper and in resale a single-family house is clearly better. The southern part of Munich is one of the most desirable regions and that will hardly change in the next 15-20 years.

What do you think about house building costs? Is 350,000 including basement realistically calculated? Besides the local developers, which construction companies should one get information from? We looked at prefabricated houses in Poing, where they calculate about 1500-2000 per sqm from the base plate plus basement.

2016-08-31 08:56:44

350k is already very tight, and if it is supposed to be Kfw55, then rather not. What I wonder about the resale value is who buys a house with low-end features in the most expensive area of Germany. As for me, if possible "I don't know Munich," I would look for a different plot. These 600,000 could also be well invested in public transport.

2016-08-31 09:00:56

It was already about the district of Munich and not the city of Munich.

2016-08-31 09:14:03

Are there no such projects for long-term residents in the community/city where you live? I once lived in Oberschleißheim, where there were, for example, significantly cheaper plots (I mean less than half price) if you had lived there for more than 10 years.

1. There was also an income limit here 2. There was a limit for equity 3. There was "only" a discount of about 15% on the plot price

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Construction costs and financing for apartment or house

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