Maximum land costs compulsory auction

I made you a screenshot of our table (cleared) here. Of course, you have to know if items will be added or removed for you. In the "Soll" column, I always had my calculation for an item. The "Ist" column was filled when there was a concrete offer/invoice for it, and then I deleted the Soll entry or moved it to the "Plan" column. The Plan column had no further significance, except that I could track where Plan/Actual diverged.

At the bottom, it calculates the target costs (everything still in the "Soll" column) and the actual costs (everything in the "Ist" column), and deducts that from the capital/money received. What is missing in my table (for most clients) are, for example, garden work/outdoor area. Or whatever else you might be missing. ;) In every field, I marked in green if an item was already paid or disbursed.

That always gave me a good overview of where we stand.

I think there are enough topics and posts here on the subject of "how much does a house cost." How much equity is good for financing, how to save, etc., there are also plenty of topics here.

The reasons may all be understandable. The fact is, now the money is missing. Other families work longer very specifically towards building a house and save. For you, building a house has only just (spontaneously) become important. These are life decisions you have made. Nothing bad, everything is ok and without judgment, but in the end, equity is now missing, which makes building the house more expensive and difficult. You now have to deal with that.

That says everything about the available money. There's no need to keep going on about it now.

Addendum: We don’t even know whether you really only have €15,000 in the account, or if you can use €15,000 freely for the house project, but there is another five-figure emergency fund for cars, etc. That makes an enormous difference with such small equity amounts. Because without a five-figure buffer in the account, things get very steep and very expensive. (>100% financing, kitchen financing, etc.)

Regarding the topic of auctions: the deposit is 10% of the auction price. The bank has already been consulted. Income is good. An auction is not a purchase, that must be said too. Question for you: Does the bank know about your foreclosure auction plan? What does it think about it? Could there be problems regarding the land register?

It's good that you are preparing here, but it also shows that you expect a lot from it. Therefore, my tip: go to other... before you sit down, you have to get up again. That’s depressing. Otherwise: good luck, and let me know how it went :)

P.S. Work on your calculation!

Building plots are traded here at double to triple the standard land value. Good luck. I was recently at an auction where 75k appraisal came under the hammer for 145k.

Building plots are being traded here at double to triple the standard land value. Good luck. I was at an auction recently where 75k appraisal went under the hammer for 145k.

Something like this could potentially cause problems with a bank.

something like that could potentially cause problems at a bank.

if you have to ask a bank? I got out at 125.

if you have to ask a bank? I got out at 125.

usually yes. But there are certainly people who bring that much equity themselves