How should I plan to afford this?

Presumably because expensive plots attract high-income builders? There are no plots under 280,000 EUR (>1000sqm) here, and generally no 200,000 EUR houses are built on them, but rather more in the 500,000+ range. We are rather the exception... simply because we fell in love with the location.

For that money, you will get about 280sqm rather than >1000sqm in the Munich outskirts, and it does get rather tight there. Usually, they are infill plots anyway. By the way, we are building similarly to Bautraum2015, both in terms of size and price.

Hello "KeineKohle". Cool nickname for someone who owns a condominium. Don't underestimate yourself, you are already better off alone than 80% of people.

So about your plan:

Building is quite good, prefabricated houses too, and a granny flat is even better. If you can generate income with the property, you always have an advantage. This is exactly where the condominium comes into play. Selling would be an option. But not necessarily the best one. How about using the apartment as collateral for the house construction and continuing to use the rental income for repayment?

The previous speakers are right, the house with a granny flat won't be under 300k. Therefore, there is no room for negotiation there. But the plot of land, yes. How about buying the 500 sqm plot together with a friend? Sure, it’s not the same as having the big garden yourself, but it halves the costs. And sharing the garden with a friend, there are worse things.

I would post the link to a calculation tool for prefabricated houses now, but that’s not allowed, right? I’m not very familiar with this here yet.

What other options do you see?

Best regards

Flo

Hello and thank you for your answers.
So overall, I don't want to spend more than 600k. Half for the land / half for the house.

The thing with the basement / granny flat / double garage is a wish.
I just played around with a prefab house provider, there was a huge house with a garage for under 300k. And then I thought I was particularly smart and figured that minus xx m², plus 50k for the basement and x € for the granny flat, it would work out.

The current apartment is of course not paid off. Otherwise, it would be easier.
It will then be sold. At the moment, that would give me capital of about 120k.

I would rent out the granny flat at first and then if it is needed by the family, make it available at a low cost.
For ourselves it shouldn't be too big either. From 120 m² up to a maximum of 160 m². I am also happy to accept compromises here.

I am looking for land within a 30km radius of Munich.

: You can surely send that to me via PN???

Of course, 250 m² would also work. But with the house and garage, there would hardly be any garden left.
And building with friends is a tricky thing. Some already have land, others will never be able to afford it. And then there are some who don't want to live here.
And who knows: I would fear that you end up arguing fairly quickly.

Hello,

this topic just won't let me go. And I won't give up either.
There are rumors that interest rates will rise. Accordingly, real estate prices could stagnate. But of course, that is hypothetical.

I am now thinking about building the house without a granny flat and possibly also without a garage, just with a carport. I just hope that in the future, by saving, capital will be freed up, with which I can then eventually extend.

It is simply frustrating that with a good job, a degree, and hard work, you can't afford your own house.

Well, I will probably try to continue filling the piggy bank over the next 1-2 years.

And another thought at the moment: What if we were to acquire a small condominium for rent in advance? Some equity is available. I am thinking of 1-1.5 rooms. It should pay for itself through rental income. I have calculated it thoroughly. It is possible with little risk. Would that strengthen my position in 2-3 years?

Will this strengthen my position in 2-3 years?

Unlikely. You will have less equity as a result (which you need now for buying and purchase-related costs) and the rental income will not benefit you because it is supposed to finance the apartment. You also cannot sell the apartment without paying speculation tax (on the profit) and being stuck with the purchase-related costs (unless the selling price is high enough to cover them).

If you cannot find a tenant for the apartment or experience rental losses, it will make the whole situation even more difficult.