More complicated sales / construction project

2019-05-24 19:32:49

Are you sure about Schmitten or do you just want to go there because the plots are cheaper there? I also come from the area. Schmitten means long winters, no train, bus that can be canceled due to snow, there is nothing there (compared to the surrounding area)...

2019-05-24 19:35:02

I actually don't write about financing very often. But often people here say that it is not feasible, even though it could very well be. In our circle of acquaintances, quite a few are building at the moment, so I currently have some comparison values.

But for you, it's really too tight. No equity available otherwise? That would be around 450k. The repayment alone would be about €1300 + additional costs/reserves. In the end, we're at €1800 + €700 liabilities... leaving about €1000 left over. I wouldn't say it's impossible, but one puzzle piece has to fit, or you will have real problems. I would definitely not take this risk.

Maybe buy the land and start paying it off. That should be doable. When the kids are a bit older and you go back to work, then build a house.

1. Your €450k completely omits the additional costs. 2. No bank calculates living expenses of only €1000 for 2 adults and 2 children.

...so what are we even talking about here???

2019-05-24 20:00:33

1. Your 450k€ completely lack the additional costs. 2. No bank calculates only 1000€ living expenses for 2 adults and 2 children. ...so what are we talking about here???

I believe you misunderstood something or I expressed myself poorly. I also spoke out against it. I deliberately did not mention the additional costs because it would be too risky even without them.

2019-05-24 21:17:22

Over 500k€ including ancillary purchase costs as a loan with 3.2k€ net income and 700€ liabilities? No chance at the moment. When will you go back to work and how much will you have together then?

Thank you for the feedback and sorry in advance – I posted the salary from my husband’s old employer. Current net income is exactly 3648€. Hope this makes things a bit easier? Best regards

2019-05-24 21:20:16

I usually don't write much about financing. But often people here say it’s not feasible, although it could actually work. Quite a few people in our circle of acquaintances are building right now, so I currently have some comparison values.

But with you, it’s really too tight. No other equity available? That would then be around 450k. The repayment alone would be about €1300 + ancillary costs/reserves. In the end, we’re at €1800 + €700 liabilities... leaving about €1000 remaining. I wouldn’t say it’s impossible, but if one puzzle piece doesn’t fit, you’ll have serious problems. I definitely wouldn’t take that risk.

Maybe buy the plot and start paying it off. That should be doable. When the kids are a bit older and you go back to work, then build a house.

Hello again,

Thanks for writing, with the correct salary we would have just over €1400 left. The idea to buy the plot now and build later is not such a bad idea at all, thank you for this!

Best regards

2019-05-24 21:22:56

Maybe start by cutting back on some expenses. The car costs seem very high to me. Is it such a special one?

Hmm yes, that probably wouldn't be a bad idea.. It's a nice BMW X4 that I would be reluctant to part with

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