Is financing possible with equity? Is own contribution required?

Hello everyone,

I want to buy a piece of land next week, we have negotiated with the provider for a long time and have finally reached an agreement.

My problem. I don’t know if it is enough for total financing including house construction and earthworks.

We are married and have 3 children.

Income man: Gross 2,200,- / Net 1,750,-
Side income: 50 euros
13th month salary: 2,300,- gross / 1,800 net / 1,800:12 equals 150 € net per month.
Income woman: 400 euros
Child benefit: 558 euros

Total family: 2,908 euros net per month

Although we pay 700,- warm rent, we can still save an additional 500 euros per month, so we could finance about 1,100 max. 1,200.
But we want a monthly burden/payment of 800,-

We would like to finance 210,000 euros, of which 85,000 in subsidies would be available to us.

That means:
85,000 from the promotional bank
125,000 from the house bank or internet bank

20,000 euros of equity are available. I heard that the subsidies of 85,000,- could also be counted as equity in a total credit volume of 210,000,-. If anyone knows if that is really true, I ask for an answer.

That would mean. My bank only actually has to finance 105,000 euros, 85,000 is financed by the other bank at special conditions and the 20,000 I have myself.

My question. Is the net income and equity sufficient for construction financing?

Hello,

I want to buy a plot next week, we have negotiated with the seller for a long time and have finally reached an agreement.

My problem. I don’t know if it is enough for total financing including house construction and earthworks. (...) We would like to finance 210,000 euros ...

What do you want to build and where? EUR 210,000 plus equity of 20,000 doesn’t initially sound like enough capital :confused:

Kind regards

Hello,


What do you want to build and where? EUR 210,000 plus equity of 20,000 does not initially sound like sufficient capital :confused:

Kind regards

Hello,

I want to build a solid house (stone on stone).

I don’t yet know with which provider.

My calculation is as follows:

Land costs: 50,000 (fully developed)
House costs: 140,000 Interior work done myself (approx. 10,000 savings potential)
Earthworks: approx. 30,000

Total: 220,000 euros

That is also the limit I received from the development bank in order to get the grant of 85,000.

Best regards

Hello,

Thank you for your response so far.

Interior finishing done yourself (approx. 10,000,- savings potential)

You save around 10,000 on the interior finishing if you do it yourself, or how should I understand this statement? Very little from a closed shell to the finished house...

Kind regards

Hello,

Thank you for your response so far.


You save EUR 10,000 on the interior finishing if you do it yourself or in EL, or how should I understand this statement? Very little from a closed shell to the finished house...

Kind regards

That means an offer from a good brick-on-brick provider in the region.

137,303 euros including the foundation slab.

Saving 10,000 euros through own labor is possible if you do the wallpapering, tiling, and laminate flooring yourself.

Best regards

Hello,

That means an offer from a good Stein auf Stein provider in the region.

Means?

137,303 euros with ground slab.

For how many square meters and with what equipment? You are very sparing with information...

Saving 10,000 € through own work is possible if you do the wallpapering, tiling and laying laminate yourself.

Most providers do not count painting and floor coverings as part of their standard; therefore, I wouldn't call it own work in terms of saving on the house price, but normal finishing costs :D

Best regards