New construction with single-family multi-generation house - financing realistic?

Hello
Just wanted to check in briefly - thanks "for all the questions" - you can see there are still a few issues we need to clarify.
Regarding the topic of gifting, I now need to do some deeper research. I have an appointment this week with a specialist for all the questions. Also concerning the topic of renting or living rent-free with a right of residence.


Regarding the question - a house for 470k -> well, I have the offer here. (of course, it must be said that the KFW repayment grant has already been deducted).
Where are you building? And with whom?



In general, if the project cannot be clarified or simply cannot be managed, we will cancel the whole thing. We will not build a house "just for us".
The idea and thought only came up because we "spontaneously" got the opportunity to buy a building plot through social points, as normally it is done here through highest bidder.

My sentence "Yes, joint plan. Alternatively, the apartment will be rented out to third parties if 'something comes up'" was meant in case the parents-in-law do not feel comfortable and no longer want to live in the apartment and want to move into their own rental apartment. But now I first have to address and go through all the points I gained from this thread. Thanks

PS:
An apartment for rent on the ground floor has also been considered - problem -> rent for 65 sqm - 800€ to 900€ cold + additional costs.

Regards Ben

if the parents-in-law do not feel comfortable and no longer want to live in the EW apartment and want to move into their own rental apartment.

... then they need their money invested in the house.

Generally, if the project cannot be resolved or simply cannot be managed, we will cancel the whole topic

As I said, in principle I find such a project good. Of course, every "case" is different but I know from my own life and some other cases in the environment. What you have NOT clearly discussed AND bindingly agreed upon BEFORE will eventually maybe painfully fall at your feet and that applies to BOTH sides

The thought and the idea came only because we got the opportunity "spontaneously" to buy a building plot by social points, because normally it runs here by highest bidder.

Do they want to live together with you exactly? Do you want that? If yes, then great, one can mutually decide to live together and support each other. For a young family it is great if grandma and grandpa live in the house. But both sides must be secured and independent, therefore it is important that something like that is also calculated separately and nothing is mixed. If the parents-in-law lose their money at the casino from now on, it cannot be your problem. I believe you are maybe already way too focused on the house, photovoltaic, heat pump and wallpaper. Not bad, nothing has happened yet. The real issue that should occupy you is the fact that you then enter into an obligation, which has consequences. This is by no means meant negatively, you just have to be aware of it. In the same way the parents have to make that clear to themselves because they are responsible for themselves. To me that didn’t sound like that but rather like a muddle. Top priority is the adequate and secured situation of the parents for the case that they can no longer do it themselves. I don’t think that you as a family have really discussed that clearly and distinctly. Because that would mean financial sacrifice by the siblings, which would be totally okay if you then take care of the parents. If such a thing is on the table, the first step should be to a notary and not to the building authority; you cannot clarify that at a coffee party.

Alternatively, the condominium will be rented out to third parties if "something comes up," meant if the parents-in-law do not feel comfortable and no longer want to live in the condominium and want to move into a separate rental apartment.

They are now homeowners and then wanted to move into a rental apartment? That can be done but then it has to be SECURELY covered from the proceeds of the old apartment. The magic word here is always SECURE! Unfortunately it is often the case that the parents themselves say nothing or too little about what they want because they don’t want to hurt anyone. Exactly that often happens then. My tip: If you and the parents want to live together because you like each other or would find it so nice then go for it and a secure way can also be found. But if it is rather the accidental opportunity of the building plot and a great house that is the main thought I would be very cautious, especially on the parents’ side. ;)

Regarding the question - a house for 470k -> well, I have the offer here. (Of course, one must say that the KFW repayment grant has already been deducted).
Where are you building? And with whom?

With the Kfw grant, possibly deducted twice, it looks different :)

Then I would especially miss the second kitchen and furniture/lamps don’t appear at all.

I know 2 families with your constellation in our building area.

Family 1:
Grandparents have gifted half of their assets to the children as an advance inheritance. In return, they now live in the apartment rent-free or at least cheaper according to the share. The right is of course guaranteed for life.
The other child will inherit the other half of the assets accordingly and will not be disadvantaged.
If something regarding care arises at some point, one may have to reconsider.

Family 2:
The house was entirely financed by the family alone. Grandma pays quite a normal rent and thus helps with the monthly installment repayments.
Maybe there was also a smaller gift from grandma to support the equity, but then perhaps in a way that the other children can receive it now or later and it is not her entire estate.

On the question - a house for 470k -> so I have the offer here. (Of course, you have to say that the KFW repayment grant has already been deducted).

You can't just cut numbers like that. It creates a completely distorted picture of the calculation and the costs.
You also don't say you earn 650€... what, so little?... Yes, I've already deducted my costs.

Without the income of the parents-in-law, the whole plan simply doesn’t work. The 3000€ you earn is probably enough to support the family, but not enough to service a 350k€ loan. The bank calculates with its own flat rates and there are five of you. Especially since the loan amount could also increase by 50k€ if the sale of the existing properties brings in less than expected. Is there a prepayment penalty? A 230sqm house for 470k€ could also be ambitious. Meanwhile, the tip in the forum is to calculate with 2500€/sqm. Or is this already a concrete offer? But if even says it’s financially feasible? I think: only if you include the income of all household members. How "sustainable" the bank sees that, especially with the 74-year-old pensioner... I can’t judge.

works only if the woman goes back to work (2200) and/or rent flows in. 3k is not enough. Hope it’s clearer now. Otherwise, I find the rest morally reprehensible anyway and sooner or later there will be family beef when it hits the fan.