Home financing through existing real estate

So... How are you doing financially overall? Are you doing very well anyway? Then get rid of the house and apartment and build. Until the money is available, there are so-called bridge loans. They are quite common.

Did you have to save your whole life? Then get rid of those things, put €100,000 somewhere as a reserve and spend the rest. Or buy a small age-appropriate 3-room apartment. I would even just rent. Already central and age-appropriate.

Hello Hope2020,

there are different concepts. Either arrange bridge financing, or sell first and then start the new construction. That saves the costs of bridge financing. Then you just have to agree with the buyer that you can continue to live there for a while.

I'll send you a private message about it as well.

Building a house at 60 and everything? Sell everything, rent a new apartment with a small garden and live off the money as best as you can. I currently see many of my rental applicants doing it that way....

I think everyone has to handle that the way they like. Not everyone is a "good" tenant, and homeowners' associations are a matter of luck. How much does the reserved plot cost? Banks generally don't like pure bridge financing – that has to be said clearly. It may even be necessary to register new or additional mortgages. If possible, sell the condo, get started, and then calmly sell the other property.

Thank you all for the many tips. We will first sell the apartment and continue to gather information as long as we do not have to buy the [Grundstück] yet. The prices for a house have really increased massively compared to the last 30 years.

Hi,

so we will now also build new in Heiligenhafen (at almost 59 and 55).
We have owned the property for a while, we will finance the construction.

We still have a townhouse (Speckgürtel Hannover) which is currently rented out and will be paid off in 2 years.
With the current interest rates, the rent almost covers the entire financing costs, so our tenant can nicely pay off the new house. :D

We ourselves live in a rental apartment between Cologne and Düsseldoof due to work.
Since we will eventually give up the extremely expensive rental apartment in NRW, the whole thing should proceed quite stress-free financially.

I would keep the house and rent it out.
If necessary, you can always still sell it.

Regards Olli