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

Hello everyone,
I would like to revive this topic due to the current situation and rising prices and look forward to the reports :)

For me, it grew solely from my own ideas. By discovering the possibility of BAFA funding for heat pumps and (when coupled) controlled residential ventilation, I completely turned my planned buffer for the controlled residential ventilation upside down. The fact that earthworks and development ancillary costs (additional earthworks and drinking water transfer shaft) became higher and that I vastly underestimated the costs for outdoor facilities did the rest. Latest insight: I am already above street level, meaning that nicely distributing the excavated soil is not an option, and I will eventually have to have it transported away. I hope there are enough people who need good topsoil.

Hm, so we didn’t have a classic follow-up financing. We calculated our partial renovation with €40,000, were well within the numbers for a while, then dealt with a few unplanned things after all (e.g. new windows in the kids’ rooms, put up a fence) and in the end we still ran out of money. We then supplemented around €8,000 more with a loan as a “follow-up financing.” For a proper follow-up financing, the required amount was not enough; our bank said back then we would have had to take at least €20,000. Next month I will transfer the last installment for this €8,000 ;). That was at least around a €250 installment per month.... it really hits you.

EDIT: For us, the house was bought in 2017. “Follow-up financed” sometime in 2018. So this has nothing to do with the current price increases. Back then everything was still at normal prices and from well-stocked shelves...

For me, it developed solely from my own fault. By discovering the possibility of BAFA funding for heat pumps and (when coupled) for controlled residential ventilation, I completely overturned my planned buffer for the controlled residential ventilation. That earthworks and development ancillary costs (additional earthworks and drinking water transfer shaft) then became higher and I vastly underestimated the costs for outdoor facilities did the rest. Latest finding: I am already above street level, i.e. nicely distributing the excavated earth is not possible and I have to have it hauled away sometime. I hope there are enough people who need nice topsoil.

May I ask how much additional financing you needed? And at what interest rate?

I did it privately. 30 TEUR for 2%. Currently, I hope it's enough, as the construction is taking longer than chewing gum by now.

I did it privately.

What do you mean by privately? Thank you for your openness :)