Debt restructuring in construction financing

So far we haven't started building at all because we still lack the building permit.

Did you upset the female employees at the building authority, or why is it taking so long? I think you are building in Neufünfland?

Thank you very much for the partially constructive contributions. Regarding the 7000€, I want to say that it is the remaining debt. For an alternative cancer therapy for my sister, I took out a loan of 50,000€ to help her. But that is secondary. I want to take advantage of the currently good interest rates before I have saved up equity again. Every year of rent is lost time for me, but family came first. It was initially just a preliminary inquiry.

@ Steffen80: I am new here now and no matter what you call it, you are acting up. I can understand why most people here push back against you. There are people coming here who sometimes don't know their way around. That's just how it is. You can help everyone. If you can't do it in a normal tone, then you can leave it. As you can see in my post before, my loan has no reasons like "dude, I need a fancy car." Please just leave it here.

Just my 2 cents...

This is what my garage looked like 1 year after the house was completed.

Loan amount just under 300,000 EUR
Salary now 2,400 EUR, at the start of planning still 2,100 EUR.



So it is possible if you want. The "investment" in the sister was definitely more sensible.

@ Steffen80: I am new here now and no matter what you call it, you are acting up. I can understand why most people here are firing back at you. People come here who sometimes are not familiar. That’s just how it is. You can help everyone. If you can’t do it in a normal tone, then you better leave it alone. As you can see in my previous post, my loan has no reasons from "dude, I need a flashy car". Please just leave it here.

With all due respect for your intention regarding the loan, which is truly commendable. I would act the same way and put everything else aside. Now the big BUT: one thing has absolutely nothing to do with the other. To put it bluntly: A Hartz IV recipient does not get more money just because he wants to donate 200 EUR monthly to a children’s aid organization.

You are approaching this completely wrong: First save equity and then build a house. There is actually only one exception* to this sensible rule... a very secure & high income. If that were the case, you would save a lot of equity within a few years. 7000 EUR remaining debt is not worth mentioning at all...

Regards, the polarizing Steffen

*I will ignore lottery winnings and large inheritances :)

I want to take advantage of the currently good interest rates before I have saved up equity again. Every year of rent is lost time for me, but family came first.

That is wrong in every respect! The low interest rates should definitely NOT be a reason for a "quick decision"! Renting is by no means lost time! Paying rent can be and is very sensible in millions of cases. I do not regret a single euro of rent.