Financing for capital investment or personal use?

Hello,

I would like to briefly explain the situation to you:

My wife and I have purchased a building plot within our family. We were lucky and got a bargain for today’s standards. The plot is fully paid off, fully developed, and no bank is involved.

The "problem" is that our plot is 200km away from our current place of residence (renting) and our main place of life. However, we are willing to move and build our house there.

The question I am asking myself is the following:

If I now go to the bank for financing to build the house, the banks will base their decision on our current income and therefore our current jobs.

However, the banks could think that once the house is built, we cannot continue our current jobs due to the distance and therefore will reorient ourselves by looking for new work in the area of the new place of residence. That poses a risk for the banks, since we cannot guarantee that we will find something without gaps, even though I am confident about it. Or do banks not pay attention to things like that and only consider the here and now?

If the above point were a problem, what would the situation be like if we applied for the construction loan under the aspect of renting out the house and thus using it as an investment? And would we then be obliged to rent it out or could we still use it ourselves?

Best regards
Daniel

That depends on the bank. For us, it was 140km and the banks we inquired with wanted to know how secure the jobs would be in the future. No one wanted to see proof, but at least the question had to be answered plausibly before an approval.