Planning: New bungalow + 2nd residential unit outbuilding for parents-in-law bringing 100 thousand.
Thus total equity = 215 thousand.
How many sqm is the bungalow supposed to have?
Cost of land (yet to be chosen in new development area, approximately 675 at 155 Euros each) = 112 thousand including incidental costs (8% ???)
Here I see the first problem. Most new development areas are quite restrictive regarding the development plan. In other words, the building areas that are specified usually barely suffice for a standard house on the plot; with bungalows in the new development areas I know in NRW it’s already difficult; and an outbuilding??? Have you actually looked at a development plan concretely?
Ancillary purchase costs in NRW are 6.5% property transfer tax + notary fees. Here I would calculate at least 2%; it can sometimes be more due to municipal requirements (which sometimes impose special wishes), as well as the expected land charge of 400k.
House should cost 340 thousand main building + 100 thousand outbuilding, turnkey. Contractor builds 270 houses p.a.
Yes, nice; Hopefully turnkey for you also means move-in ready. Otherwise, it’s hard to say much with so little information. I would guess the incidental construction costs are probably set too low here.
Parents-in-law own their own house, which should be sold with the move. Proceeds then flow by half into the new building project. Inheritance expected on the other side, several debt-free properties available.
Comfortable, right?
Certainly. You only count on inheritances once you actually receive them. Before that, a lot can happen; need for care, etc.
Are the properties with you or with the parents?
Otherwise, you shouldn’t just go to Interhyp. Contact several brokers as well as the house bank and maybe 1-2 other banks. Only then will you find out how much the advice and financing approaches differ. In your constellation, a lot is possible, but also a lot can go wrong.
What should one pay attention to?
That you understand the financing concept yourself.
How much to finance – better 400 instead of 370 thousand (340 for the main house + incidental costs)? What have I forgotten???
Yes, there are still a few things you forgot.
1) Half of the proceeds from the parents-in-law’s house should flow in. So this must also be included in the financing concept (usually as the standard special repayment option).
2) The 30 thousand incidental construction costs are already very ambitious for the bungalow alone.
3) Between move-in ready and actually moving in, there are usually things like kitchen, etc... Don’t forget, that must also be paid for.