Home construction financing with a primary earner

Hello, if things get tight, the woman just has to go to work. What I notice is that there is high equity but no savings rate in Hamburg.

Gift, inheritance or self-saved.

If gift, then it generally gets tight when it comes to building a house.

But how do you come to 3000 warm? With the financing amount, you should get by with a loan rate of about 2000 euros. Additional costs maybe another 400 euros.

I understand it as that, due to the age, the house should be paid off in 20 years. This results in a rate of just over 2500€. With your mentioned 400€ additional costs, that is pretty much exactly those 3000€.

Basically quite feasible. Although I wouldn't go for a 20-year term, I would rather work with special repayments. It eases the liquidity situation and you also don't have to repay at all costs.

General information about the property:

[*]How large is the plot? approx. 730 sqm
[*]What are its dimensions?
[*]What is the standard land value? 250 euros for the neighboring plots
[*]New building, old building (year of construction), house type? New building
[*]Garages? one double garage
[*]How large is the house? (living area / usable area) 175 sqm
[*]What is the market value of the land and house after completion? Land: 220,000 euros House: 175*3000 = 525,000 euros + ancillary costs 10% = 577,500 euros

Did I understand correctly that you do not yet own the plot and are calculating based on the standard land value? That can quickly backfire. Market prices are often 2-3 times higher.

I agree with Tom on this, for 220 k€ you probably won't get the land. Where exactly is that? Insurance premiums and living expenses will certainly add a few more €. Please plan the project "complete and finished" and not "we'll do the outdoor facilities later". This will rather turn into a million-euro project!

Dumb question, but you don’t mean Freiburg, right? Because the property seems very cheap to me :).

No. The city deliberately sets the prices low here. It’s called the Ulmer Model