Financing evaluation conditions - special repayment possible

To be honest, I would think very, very carefully about this in your case. The "either now or never" is absolute nonsense. On the one hand, with such phrases, I assume a certain immaturity for such a project (which is not necessarily improved by mentioning the "great" car and by calculating with salary increases), on the other hand, your calculation of the price development is absolutely unrealistic. I don’t know any city where construction prices rise by 80% within a few years.

Your 50% in another house brings you absolutely nothing if you cannot sell it or collect rent. Or do you want to finance one property completely and burden the other house as well? Furthermore, you own 50% of it, the other owner must agree to an entry in the land register, or do you think a bank wants to auction off the imaginary half of a house?? You see what I mean, right?? I also assume that the construction cost calculation is just as optimistic and made with ignorance as the rest. It is certainly feasible, but have you dealt with whether your desired equipment matches the calculation.

Very quickly, with parquet instead of laminate, more expensive tiles, freestanding bathtub, home technology, the house price can be significantly higher. Right, I am talking about CAN, but I have also read "either now or never" here several times.

I don’t know your income distribution, what other securities exist, age, etc. It is difficult to assess whether you can afford it or not. If you bring home 3500 Euro monthly and your girlfriend 400 Euro, it looks different than if each earns 1950 Euro. Purely factually:

[*]You are financing >100%
[*]There is 0 buffer available
[*]With your incomes, this loan is definitely borderline.
[*]Your financing (at least from what I read) is not secured until full repayment through the 10/15-year fixed interest term. Just have it calculated with full repayment in 30 years and consider whether you can/want to afford it.

How do you want to finance your house if children come and one income is lost? What if someone gets sick/unemployed?

The chance for you is high that the bank makes a double profit on your house. Once when concluding the loan and once when selling the house in 10 years. Honest assessment from me: buy the plot now, pay it off in the next 5 years and take your time with building until then. Alternatively, buy a condominium for about +- 250,000€ and wait first. If the property prices continue to rise, the value of the condo will also rise. This way you can continue going on vacation, drive your S4 and finance your home ownership.

Do not see it as criticism of you but as an attempt to wake you up a little. A few years ago I was in a similar position and I am glad I waited. Even though property prices have risen significantly, today I am more mature and see the whole thing much more realistically. In addition, my salary and equity capital have developed more positively than expected and I certainly would not be completely happy today with the construction back then.

So it is definitely doable. I would agree on a higher rate right away if you say you can easily manage 1500 plus 1000 euros rent, so at least 1500 euros rate per month right from the start. On top of that, occasional special repayments and the thing will be settled in 20 years. Whether you can and want to manage that long-term, you have to decide for yourself.

S4, how sweet.

I'll just say hello to the neighborhood :-)

So it is definitely doable. I would directly agree on a higher installment if you already say you can easily manage 1500 plus 1000 euros rent, so directly at least 1500 euros installment per month. Plus occasional special repayments and the thing is done in 20 years. Whether you can and want to manage that in the long term, you have to know yourself.

A rate around or over 1000 will never work with this income (e.g. also with children)! But I think this has now been excellently described here. As the thread starter already wrote above, you have to make compromises and define what is important.

Regards