Follow-up financing experiences. What has this brought upon you?

Hello everyone,

since we have one or the other financing request in the forum, I wanted to ask out of personal interest what a follow-up financing has cost you. I am well aware that a follow-up financing mostly results from an inaccurate cost estimate or forgotten items, but the specific position(s) and amount would be quite interesting.

Regards
Zaba

Earth replacement: Estimated 20k, it cost 25k
Sewage pump + installation: 6k estimated, it ended up being 8.5k (I did not consider the installation)
Heating: We planned on district heating but couldn't find a craftsman who installs the system at fair prices, so we reverted to a heat pump, which cost 1000€ in planning expenses
Boundary staking for setting the garage: think it was 600€
Various smaller expenses that added up. In total, this resulted in an additional financing of 15k€

How did you then realize the follow-up financing and under what conditions compared to the original financing?

How did you then realize the follow-up financing and under what conditions compared to the original financing?

We did that through a small loan. At about 3.5% interest. It is now being repaid within 4 years (a little over 3 years remaining) and can also be paid off faster through special repayments. So yes, follow-up financing really hurts. The monthly rate is as high as for my two KfW loans.

How did you then realize the follow-up financing and under what conditions compared to the original financing?

worst case is always.

from 25k you usually get a construction loan at better conditions than a small loan.

A follow-up financing can also result in your original construction financing being adjusted in terms (because of the lien if you have spent equity elsewhere).

A follow-up financing is always at higher conditions and you are in a bad starting position.

Building too cheaply is always the highest risk

1) Planned own work that we simply didn’t have the energy to do in the end (e.g. painting) 2) "We'll do the exterior landscaping later..." Now it just needs to be finished... 3) Car broke down during the construction period, kitchen significantly more expensive than estimated, furniture, lamps, decorations... that costs money and wasn’t taken into account...