Construction financing, construction costs - will this work?

  • Erstellt am 2017-10-27 18:03:02

truce

2017-10-28 09:41:03
  • #1
As a comparison: We currently have about €4500 net and are now saving about €2000 of that during the house construction. Our installment will be about €1550 after drawing the entire loan. We could certainly save €2500 as well. (We live in the countryside - hardly any rent etc.) It must also be said that we hardly have any expenses for weekend activities. Especially since this is neglected anyway during the house construction. For that, we spend a little more than other people on good food.
 

HilfeHilfe

2017-10-28 10:14:00
  • #2
Hello, we have an income of 5,300€ with 2 children. Installment 1400 and we are saving. I see your income as critical with multiple children and part-time employment.
 

Zaba12

2017-10-28 10:17:36
  • #3


Your leverage is not the equity capital. If you save €20-30k more equity capital in 1-3 years ;-p then you might pay €100-150 less per installment.

The real and better leverage is to change spending behavior, nothing else.

How far would your commute be from the plot to work? If it’s such that you both need a new car every five years due to mileage, then you also cannot make special repayments.

Therefore, it might be worth reconsidering selling the plot and choosing a building lot in a more economically reasonable proximity to the workplace. Not to mention the massive waste of lifetime.
 

Bau-Schmidt

2017-10-28 10:33:31
  • #4
Simple question. Workplace new residence distance in km?
 

ypg

2017-10-28 10:38:48
  • #5
Ah, the property already exists? It is paid for? Ok, then it also counts as equity.

Regarding own contributions: you have to distinguish and calculate properly: floor coverings and outdoor facilities should be itemized separately anyway. Material is needed. You don't save that much. Unfortunately, in these financing calculators, a resulting gap is simply replaced with the item own contribution. The builder does not know what that means in terms of labor. Compare 30,000 with your income, then you know how many months you have to work to reach 30,000. Electrical work can probably be done very well by yourself.
 

JuKa2016

2017-10-28 10:50:08
  • #6
Thank you for your answers.

Yes, that's correct, with 2 children and part-time work I also see it critically. But one must not forget that we are still at the beginning of our professional experience. Before we consider having children, something should happen in that regard. Especially since we would have to move anyway and the rents in our area for 100-120 sqm would also be around 1500€ warm.

However, my wife also says that she wants to return to full-time work as soon as possible - as of now. She works in shifts and often finishes at 2 pm and also sometimes has weekdays off. Grandma and Grandpa would also be nearby, they are already eager to help. But her plans might change hormonally later on.

This is basically the crux of the matter we are currently facing: we want to expand. So rent or mortgage, so to speak.

My wife would go from 24 km to 59 km simply, but she could also "easily" change her employer. However, she would definitely have to cover the distance by car.

For me, it would be from 10 km to 37 km, but I would take the train for most of the way.

Currently, my wife takes the train and needs between 60 and 90 minutes. I drive or bike and need 17-30 minutes by car. For my wife, the travel time would hardly change because traveling by car is quite smooth.

It's all not so easy. Maybe we should just sell the plot and buy something used nearby.

I will try to get a mostly concrete overview of the construction costs as well as ancillary costs in the next few weeks.
 

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