You only start repaying once the loan has been fully drawn...? Of course, interest accrues beforehand, but not the full installment, right?
Or is it about getting another financing at all?
Yes, exactly, that was more my point.
I don’t know how they see it because we invested our largest equity (which honestly wasn’t that much at the time—about 30K) into the first loan. So currently, we don’t have much equity left to contribute. We could possibly borrow something from family.
If we were to go for it, we would have significantly higher incomes / much higher household net income than with the first financing request. At the moment, we pay an installment of 1200 per month, then we would have a savings rate of about 2000 per month, even around 2400 per month when the daycare fees end in August. That means, theoretically, we could even manage a second installment of 1200. That would only be temporary, though.
But I don’t know how the bank evaluates that / to what extent the first house counts as an asset. We built it at total costs of around 445k, we could probably sell it now for an estimated 550-600k, the remaining debt is about 380k.
But I’m especially uncertain about the possible sale price. The real estate market (especially for new houses) is extremely thin here, but I find it hard to get a realistic estimate of what we could get for it. Do you have a good advice on where I can get info on that? I’m reluctant to sell through a realtor because I don’t want to burden potential buyers with the high commission.
That the family is local are great conditions! If they’re okay with accompanying the construction, I wouldn’t have any doubts about not being able to do it yourself
Yes, they would be really close. That’s also the main motivation to move there. We have no family where we live now. I ended up here because of love / studies and stayed because I found a job here, and then another job, and that’s how it usually goes when you’re in your twenties. But now, with a child, it would be nice to live closer to family. And professionally, since 2022, for the first time in over 10 years, we’re no longer tied to one location.
They live only two places away from the (possible) building site, or my sister even just one street away; she could probably send us pictures daily. XD