Snowy36
2022-06-29 21:55:59
- #1
Hypovereinbank offers this as well at least that was the case in 2019
Hello everyone,
thanks for the numerous replies. We were away over the weekend, so I couldn’t respond to everyone, but I wanted to give an update after the appointment with the construction company.
Today we had a very detailed conversation and received a rough cost estimate for our idea.
For 150m² of living space on 2 full floors with an attic, we would pay about €450,000 turnkey, photovoltaics and garage would have to be paid separately and probably postponed by a few years. Through own contributions, the construction company sees a saving potential of about €20,000, but the recommendation was not to plan that in, because in our experience, special requests for equipment usually offset these savings again.
A basement would cost us about €80,000 (which matches well with the cost estimate we have received here) and would thus not be affordable for us.
In total, we would be at about €730,000 for land (€260,000), purchase ancillary costs (€20,000), turnkey construction costs (€450,000), and would still have about €70,000 buffer for outdoor facilities, access/parking, furnishings, and incidental costs like construction electricity, building permit, etc.
So if we waive the basement and postpone photovoltaics and garage for a few years, the project should be feasible for us.
Now we just have to decide for ourselves whether we
a) are willing to make these compromises even though we commit to a rate of about €2,500 for the next 30-35 years (which, as some have written here, forces us to work full-time again immediately after parental leave and put the children in care), and
b) want to take the risk that interest rates will rise significantly again by the time the loan agreement is finalized (which will still take some time, since the construction planning has to be well thought out) and we then have to finance over an even longer period.
Best regards,
Julia
You think the 7 percent thing is nonsense. Your opinion. I just have a different one. When I predicted the 4 percent back then, exactly the same stupid comments came up. Well, reality has caught up with all of you and it will catch up with you again.
Angry comments don’t help either.
The FED is already slowing down because inflation is already decreasing in the USA, and the ECB cannot raise rates that high because of the Southern Europeans. Currently, German government bonds are being sold and Southern European ones are being bought by the ECB, but even this circumstance has not yet brought us 4% on construction loan interest rates. Currently, the yield on German federal bonds is even going down.