Paying rent is not wasted money because you get a service in return for your money.
You will probably long for this comfort of renting and remember this sentence when one day, with your financed funds, there is a mechanic’s workshop with a granny flat (or it is still under construction) and you can no longer get out of paying over €1000 monthly to the money-eating bank (half of that is loan interest).
But to realize this, you have to be somewhat mature in life :p
However, you also have to assume here that something about the dream won’t work out and a new build or conversion will cost you a bit more. And whether the bank wants to support a mechanic hobby workshop with over €200,000 is another story ;)
Cheers
Regarding the above part, maybe you’re right, but I hope not. And about being mature, yeah, I’m not that old yet and have to gain my experience. It wouldn’t just be a "mechanic hobby workshop with..." It’s a newly renovated apartment or a newly built apartment with the garage on the ground floor. Please don’t misunderstand, I don’t want to build a huge workshop; it’s about an apartment that is located on the first floor and on the ground floor a double garage with a lift for my vehicles and a room for heating, laundry, etc. There will be no basement.
The bank will certainly value such a "residential hall" very low. Maybe at €50,000 if the construction costs are €200,000. Because nobody wants something like that.
I don’t understand why nobody would want a building with living space and a hobby garage. Maybe the majority doesn’t want that, but I think there are some people who would be eager for such a property, especially one located outside. For example, I don’t want to live wall-to-wall in a new development area.
I think the OP is imagining it way too easily, converting a hall (probably a commercial property) for residential purposes. Then completely different energy requirements must also be met.
That will probably be just as expensive as a new build.
Only you won’t get a new build with 170 m² plus a mechanic’s workshop for €200,000.
Technically, it wouldn’t be a problem, the hall is solidly built of masonry and even has triple-glazed windows. The roof, if converted, would be replaced with 100 mm+ sandwich panels; a major cost item might be external thermal insulation. Problems, I see more as you already mentioned, with our bureaucracy. I still have to explore my options here.
I think he can’t remember the rental period because he lives in his mom’s hotel. And they apparently have separate plots.
Why don’t you just ask your parents? Back then it was a different time, but the principle has remained the same.
I still live in the same house as my parents, that’s true. “Hotel Mama” always sounds like you don’t get anything done yourself and have no expenses, which I think is hardly true. I definitely have my payments to make. ;-)
Of course, I have discussed it with my parents, and they “let me do my thing.” Basically, I first have to talk to the building authority, bank, etc., take care of everything, and see to what extent it is feasible or maybe just remains a wish. They are rather reserved about the whole thing.
Well, that is not supposed to be the topic of this thread, and all speculation doesn’t help; ultimately, our state decides as usual.
The topic of the "optimal" financing for a building project would be settled at this point, thanks for that.