Is financing feasible? Finished house for the money?

2017-01-17 13:50:37

I believe steffen80 phrased it aptly where the misconception lies. Everyone assumed that expensive land is synonymous with an upscale residential area. I assume that the area is a completely normal settlement with houses ranging from Town & Country to designer architect houses.

2017-01-17 14:09:01

Hello again from my side as well.

In the meantime, we have decided to postpone the house construction by a few years (even though the plot would have been really perfect for us). The financial burden would just be too great. Regardless of what other costs might come up, we currently do not want to put all the money we can raise monthly into the house and thus have no reserves for other things.

I just don’t understand the argument that you shouldn't put an inexpensive house on such an expensive plot. Honestly, that doesn’t make any sense to me. If the plot is more expensive, then you simply have to be a bit more economical with the house... why does the house have to be especially expensive just because you had to pay so much for the plot?! In my opinion, that contradicts itself. Especially since the plot is not expensive because it is sold in a fancy area or has some special features. Unfortunately, it’s just the case that building plots in our area are generally very expensive – which does not mean that there are only expensive villas here.

no, it doesn’t have to be a villa, but if you save on the substance because the land is too expensive and thus can only afford to put up a modest house, it’s enough. T+C is not known for leniency, and if unexpected costs come up, they will demand them from you. Since there is no equity or refinancing planned, it looks even worse.

Therefore, the right decision from you.

2017-01-17 14:47:47

I agree. Right. Wait. Although I am new to the forum, I am not new to life. My way of getting a house in such an expensive area would be. First. Build a stable, long-term relationship with a local Volksbank or Sparkasse. Save more equity, also through [Bausparen]. When the interest rate rises again, and that will happen, everything else goes against all life experience, interesting properties for foreclosure will also appear again in your area at the court. Now go to the bank, which now knows you, discuss what kind of financing can be arranged to seize the opportunity, and boom.......

2017-01-17 14:53:41

Then this part of the forum should be closed immediately... because any question about financing etc. must not be answered. @OP: Plain speaking: no equity (what you have is not equity! as a builder you should have that as a reserve of 2..3 monthly incomes) + expensive land + rather average income + desire to have children = totally bad idea. And then you want to build a maximally cheap house in this expensive location? Sorry... I find that silly. Have fun then with the neighboring buildings. I see it with us... houses for 500k and significantly more. In between, one of those really standard Town & Country things. No... not everyone has big possibilities but then I adjust my wishes accordingly. In other words, I would build somewhere else or better yet buy an existing property. 20k for the wedding is well spent money... only once in a lifetime. We got married for significantly more and I don’t regret a cent of it, even though I could use it now for one thing or another. Regards, Steffen

They want to adapt the project to their possibilities. And I don’t care what the neighbor’s house looks like, that’s something only envious people can’t stand, when the neighbor has more. They then chase the horizon forever without realizing that it always remains the same distance away...

2017-01-17 15:02:04

We have now decided to postpone the house construction by a few years (even though the plot of land would have been really perfect for us). The financial burden would be too great. Regardless of what other costs might come up, we currently do not want to put all the money we can raise each month into the house and therefore have no savings for other things.

In this context. Were you at Town & Country, and did the conversation have any impact on your decision?

2017-01-17 15:27:45

First. Build a stable, long-term relationship with a local Volksbank or Sparkasse.

Could you please tell me what advantages this long-term connection and relationship with the banks is supposed to bring?

But then also mentioning the Sparkassen with their bullet repayment building savings pre-financing offers (regardless of that also with the bad LBS tariff) and the Volksbanken with their Riester models and building savings models?

What about the Ing.Ing-Diba, the Sparda and PSD banks, the DSL Bank and the Münchener Hypothekenbank and the insurers for the long-term fixed interest rates???

Foreclosure properties??? Is that something you can recommend? Regardless of the moral stance on that, but how can you recommend foreclosure properties? Do you know what that means and what dangers and pitfalls are waiting for you there???

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