Which general contractor did you build with? Prices are certainly higher today, but satisfaction is also a good guide when choosing the general contractor.
We are building with ernst und ernst from Achim :)
Now everything is going faster than expected. Just found the letter in the mailbox saying I have been selected. €212/m² for plot sizes of 500 - 650m². Let's see what is still available when it's my turn. Unfortunately, my position in the lottery process is not stated in the letter.
So, I don’t want to spoil the joy over the fortunate outcome, but with the current interest rate situation, you would already have to expect a payment of around 2k with only 2% repayment. Considering your income, that is already more than borderline. On top of that, there are the uncertainties regarding the further development of construction costs. Honestly, I find all of this a bit too much. Half a year ago, it might have looked different…
So, I don’t want to spoil the joy over the lucky draw, but with the current interest rate situation, you would have to expect a rate of around 2k even with only 2% repayment. With your income, that’s already more than borderline. On top of that, there are uncertainties regarding the further development of construction costs. Honestly, I think all of this is a bit too much. Six months ago, it might have looked different…
You’re not wrong there. We have an appointment at the bank next week. What is reasonably possible with our income will then become clear. There is still potential for savings :) In case of doubt, the plot must be canceled.
You're not wrong. We have an appointment at the bank next week. What is reasonably possible with our income will then become clear. There is still potential for savings :) In case of doubt, the plot of land must be canceled.
Are there obligations regarding the plot of land, for example by when xyz has to be built? You are paying for the plot out of your own capital, so at least in that respect you are in a position to act. The pessimism that everything will only get much more expensive can be supported, but also means burying yourself and putting your head in the sand. Currently, there are plenty of peak offers where considerable markups are being applied. See what the bank says, possibly plan the house smaller and be happy. At present, probably around 2.5% nominal interest rate for 20 years with your values.
Are there any obligations related to the property, for example, by when xyz must be built? You are paying for the property from your own equity, so in that regard, you are at least able to act. The pessimism that everything will only get much more expensive can be shared, you can bury yourself and put your head in the sand. Currently, there are plenty of peak offers where prices are being significantly marked up. See what the bank says, maybe then plan the house smaller and be happy. Currently, probably around 2.5% nominal interest rate for 20 years with your values.
With the loan-to-value ratio, I think 2.5% is not enough, it will probably be closer to 2.8%. But yes, after the bank appointment, you will be wiser. :)