Is house construction feasible within the financial means?

Hello everyone!

First of all, thank you for the suggestions. Since I did not file for personal bankruptcy but was only liable as a managing partner for some things, that didn't matter much. Except for the lack of equity capital, of course.

It seems I was indeed mistaken that prefabricated houses are cheaper, right? How would I go about the whole thing then? Sure, first look for a plot of land, but to see if our ideas are financially feasible, I would have to go to a construction company. Or rather to an architect? What makes more sense? Probably a construction company, right? They usually also offer architectural services.

Hello

I don't know the difference. If someone was personally liable and therefore had debts, it is a similar situation. But we are not a house bank.....

Hello,
I come from the Bremen area myself, so I would say that this won't work.
I would rather think of a [ETW].
The land prices in Bremen start at about 120€ in the immediate surrounding area and then rise depending on proximity to the city to 400€ and more.

Let's assume 450m2 of land and the top price of 100€, then you're already out 45,000€, plus 5% real estate transfer tax and 5.95% broker fee (with a bit of luck you might find something without a broker, but that's rather difficult).
So we're at 50,000€ + 30,000€ additional costs = 80,000€.

That leaves 170,000 - 195,000€.
The construction price here is approximately 1400€ - 1500€,
and that's when your capital is used up.

Painter & flooring work as well as the kitchen, furniture, etc. are still missing.

A penthouse apartment with a large roof terrace also has its appeal.

Regards

Saving? I don't know how long the insolvency was ago, but without collateral, I wouldn't build and definitely not with a tight budget! Otherwise, it won't be enough at the front and back, and you'll have a half-finished house and debts hanging over you! Just let someone become unemployed or a car break down! I would rather save for a few more years.

Sometimes I just marvel at how some people naively approach such an endeavor. Of course, everyone wants to own a house, whether building or buying, it doesn't matter. But without a cent of equity? I state clearly, no chance of success.

Unfortunately, there are always banks here as well that play along with this game and approve a financing. In 10 years the interest expires and the house is gone.. not very customer-friendly but unfortunately often reality :-(