Construction project realistic? What else should be considered?

Hello everyone,

this is my first post in the forum. A brief introduction: I am 30 years old, my net income is €1650, my building savings balance is €15,000. The net income should increase within a year, as I am still studying part-time and have already been offered a position after graduation. Now I am considering possibly buying a house together with my parents and co-financing it in this way. My parents would add almost €150,000 as equity. To repay the monthly installments, I would use part of my income as well as my parents' rent payments. This is also because my parents currently still rent, but the apartment is quite expensive at almost €800 warm. In my opinion, it's simply not worth the money. For the monthly repayment rate, I had thought of about €800 (€400 from me/€400 from my parents). The houses that fit this price range are around €250,000. Does this sound realistic to you? Or should I consider other things?

Thank you very much and have a nice weekend.

Best regards Christian

so if you only want to finance 100 T€, that certainly fits. 9% annuity would be, for example, 750 € per month. The fact that rent is so unbelievably much more expensive is always a difficult generalization. It’s not just interest, but also maintenance, risk, and depreciation.

Hello,

thank you very much for the information. I don’t think I can manage with financing of 100 K€. About 150 K€ will be needed. However, this is only a rough preliminary estimate.

What is included in the 250,000€? How many sqm? Renovation? Etc.

Certainly it works when the property is ready to move in. It might also cost a few euros more, 500 for each is doable after all. However, I question whether you should share a house with your parents at the age of 30. Life would then be somewhat one-sidedly predetermined ;)

Hello Yvonne,

thanks for the info. The plan is two separate apartments so we don't constantly get in each other's way, although I have a great relationship with my parents. It shouldn't be much more expensive, as my parents are in their late 60s/early 70s and I should be able to finance the house on my own in a few years, possibly with additional rental income.

I will talk to the bank next week.