Construction project market value house - estimates - market value?

The lending value was 80% of the market value and was stated by the bank as TEUR 180 for the single-family house. That makes a market value of only TEUR 225. We would pay TEUR 282 according to the purchase contract. In addition, there are another good TEUR 110 for all the incidental costs (see above). That's quite hard, isn't it? o_O

Well, I would definitely inquire at other banks or through an intermediary. 100,000€ is quite a lot. Are you perhaps confusing market value and lending value/-limit?

The banker should know the difference, and after all, the statement comes from him. ;)

The ground lease is generally difficult to assess; it might be where the problem lies. If such a property goes into foreclosure (and this is the crucial event for the bank; a private sale is rather harmless), the valuation is not so straightforward. In my opinion, one should also look at the ground lease interest and the standard land value to be able to compare the properties. Are the land areas comparable!?

If the properties are basically comparable in terms of location and equipment, that would mean to me that the detached house should cost or be worth about 40-50,000€ more with the same living area, even though it has no basement. So you are exchanging a basement for the attribute "detached," and then the house is supposed to increase in value by 50,000€.

Honestly, I can't quite understand that, or I would also be cautious when selling whether I would get 50,000€ more for a detached house without a basement than for a semi-detached house with a basement in a comparable location. That can be, but it doesn't have to.

Best regards Dirk Grafe

The banker should know the difference, and after all, the statement comes from him. ;)

Sometimes the statements here in the forum are not reproduced 100% correctly because they were not properly understood. But after post #13, it is clear.

282K for 147 sqm seems very high to me or are all extras already included? That amounts to about €1900 per sqm. Unless it is rather to be classified in the luxury category. The development costs of 35K can be calculated both as ancillary costs and land costs. In our case, the plots were developed by the city and are included in the land price. That is then a matter of interpretation by the bank. I also do not really understand the property transfer tax for the house. But I am not very familiar with leasehold either. Or is there a developer tie-in for the plot?

Thanks ! Both the semi-detached house and the single-family house are leasehold properties in the same development area. The semi-detached house is located in a cul-de-sac, the single-family house on the edge of the fields. However, the plot for the semi-detached house is just over half the size, so we would pay TEUR 15 less in development costs and I have also estimated the costs for garden design/paving/fence/terrace to be lower since everything would be smaller. The ground rent for the semi-detached house is about 80-100 euros cheaper per month because the plot is smaller.

The semi-detached house itself is even TEUR 15 more expensive than the single-family house, but we would have fewer extra wishes for the semi-detached house - only TEUR 4 - and also the basement with a waterproof concrete tank.

In total, the semi-detached house and the single-family house are basically equally expensive for us. The single-family house has one proper additional room, whereas the semi-detached house has a basement with a hobby room.

If we only consider the house, we have to weigh "detached" and one more room with a "proper" window against the risk of overfinancing in case of a forced sale (or am I wrong?).

When I consider everything around it, the larger garden of the single-family house is also an advantage for us and, for example, the direct access to the garden. For the semi-detached house, you could only access the garden through the garage or through the house. I would also like fewer stairs in the single-family house. :p

It is not an easy decision for me. My heart says single-family house, my head says semi-detached house. :rolleyes::(

Thanks ! For TEUR 282 we get the ready-to-move-in house, but without our extra requests. The fireplace would still come on top, the shower bathroom, different shutters, wider windows, etc.) That adds up to at least TEUR 8; if we implement all extra requests, we're at TEUR 12. Of course, we could partially do without these extras.

The leasehold plots do come from the church, but they are marketed through the developer. In principle, we therefore have a commitment to the developer and the real estate transfer tax is also due for the house. Unfortunately.