Construction of a Single-Family House - Assessment of Our Financial Situation

Sorry, but to say there will be less population in 30 years? That only plays a small role.
In the past, you lived with 4-5 people in 80 sqm. Today, a single person rents the apartment. The best example is a new-build condominium. An 8-family house with apartments between 70-90 sqm.

In the 8 apartments, a total of 9 people live. In the past, there would certainly have been 25-30 people living there. That is also part of the demand, and it is across all age groups, so I can only shake my head at such generalizations... There will still be many developments on the topic of immigration due to poverty and climate etc. Neither you nor I can say what will be in 30 years. A year ago today, no one would have said that there could ever be a lockdown etc...

But that is not the topic here.

To the thread starter:

Calculate the apartment once, possibly with the help of a tax advisor etc... I personally would rent it out...

Hi gerade schräg,
I am new here and actually wanted to write you a message, but since I have published too few posts, unfortunately I am not allowed to do that.
I wonder where you took out a loan for the plot for 250k with only a 650 euro monthly rate??? I bought a house 3 years ago, still needed 270k from the bank and pay 1050 euros monthly rate.
I would be very pleased if you might write to me (unfortunately I cannot), since I now have to renovate, with of course rental income (2 FH) which were not there before, I would be interested to know how/where you arranged this financing with these low rates.
Best regards
Fritz

How much longer is the loan on the apartment running?

It's still running for about 7 years. It was originally designed as a full repayment loan. Since the opportunity arose a few months ago to acquire a plot of land, which is actually not available here, this installment was adjusted as mentioned at the beginning. So that one can comfortably pay this installment + the installment for the land and use the rest to save equity for the planned construction.

That disregards the fact that people do immigrate as well. I don't believe this trend will completely collapse. Besides, it's again a matter of location and area. The "popular" (=thriving) areas, I suspect, will not empty in the future either. However, €900 cold for 115m² doesn't sound like a top location in a top area; that's rather quite average.

Well, "south-western" Rhein-Neckar district indeed. There are more convenient places =D The average rental prices for apartments with 100-120m² currently, according to my latest research, are somewhere between €9.00 - €10.00 per m².

"Possibly" one or two euros more could still be achieved. But of course, this depends on the demand assumed to exist in 2 years. But nobody has influence over that.

Otherwise, I see it pretty much the same way as Altai. €800k is way too much with our income!

So I think it really depends on the situation. The possibility of a subordinated loan for the apartment to obtain additional "equity" has already been discussed. One could also, if the financing is possible that way, rent it out first and then see what the market says in 7 years. Maybe there is a good financially strong tenant who is interested in buying the apartment he is living in? Or you let it continue running if the value keeps rising significantly. However, then there is less to deduct (because you don't pay interest anymore). If the repayment rate could still be changed, you could also set it as low as possible -> more interest is deductible. The more carefree option is certainly to sell and be done with it.

I wonder where you took out a loan for the plot for 250k with only a 650 euro monthly rate???

At most banks. Fixed interest rate for 2 years - 650€ rate corresponds to 3.12% interest/repayment.

I bought a house 3 years ago, still needed 270k from the bank and pay 1050 euro monthly rate.

What interest rate and repayment do you have?

Living costs:

[*]1600.- as a flat assumption

Savings performance:

[*]Never consciously saved for it, the money that is available is taken for the vacation. In a healthy measure, of course!

I didn't quite understand that now. (Maybe I'm just too dumb right now) You list your monthly expenses in detail nicely. And then suddenly there's this 1600 euro lump sum. Savings performance is also not so clear...

Do you know your current average monthly balance?

A lot depends on that. As some have already written here: Could you afford to get no rent for a few months? It doesn't have to be a rent dodger. Sometimes you also don't immediately get a suitable new tenant for the apartment.

Just as unforeseeable expenses for the apartment, where the house funds are not enough.