I’m going to be mean for once, although I don’t want to be, but it comes across that way anyway, so I’m giving a warning!
Quote: "
Currently we have been living since 2010 with my parents-in-law and my brother-in-law in a multi-generational house (3 units) and, for various reasons, urgently want to get out of there and start our own project... "
no response to this quote:
Then I can of course understand the wish for a new build.
Dear Alex, I can’t fully agree with that.
I can imagine that living together between old and young, between brother, sister, or brother-in-law is not easy.
Personally, I would fundamentally reject it. Nevertheless, you have to understand that things and circumstances in families change. Six years ago, apparently no serious problems were seen and the multi-generational house was agreed to?
Also recently (the mentioned investments) everything still seemed fine?! Only now something must be going on that is driving you away from the MGH.
You should first reflect on this and consider whether a spatial change is a way for you. Usually it’s a good option, this spatial change. But with an MGH it can be that everything is coordinated for family community – what would happen to the free living unit if you no longer want to live there? Can a “stranger” move in there? Are you simply tenants? How will the further family relationship suffer from this?
As I said, back in 2009 we already rebuilt with the parents-in-law and thus we now currently live in a modern property with upscale equipment. (Solid house, heat pump, electric shutters, upscale sanitary fixtures, home cinema, etc...).
I have to say that we recently paid for a nearly new car from savings and also all of our apartment furnishings including the home cinema from savings.
Everything has its price!!!
If you can’t stand living together, that’s one side.
The other side is the advantages you have when you pay rent: saved capital to afford, for example, a new car as well as new furniture.
You can probably keep your electric shutters in mind, but the new apartment furnishings will age... if you orient yourselves independently.
It’s hopefully understandable that one does not want to deteriorate now, hence the demands with the double garage etc...
...reminds me of a conversation with an intern a few weeks ago:
Me: Are you going on vacation? He: Yes, but it’s not so easy. Everything costs more, the Caribbean is not affordable, primitive Mallorca is out of the question, blah blah blah, everything over €1100. Me, swallowing and amazed: How much do you want to spend? What’s your limit? (I travel for a fraction...) He: You know, my girlfriend and I are spoiled, parent status... Riu and at least 4 stars... that shapes you!
I just thought: look at that, I myself had a high status, but never thought that I had to/could take it over from my parents, but always had my own claim to find my own status.
That’s probably why it was “only” a used terraced house at first, and 15 years later now our own detached house.
In this respect, I absolutely cannot understand that one always has to have the same status/extras/luxury as one can rent or as the older generation lives it out for me. The journey is still the goal – this value is constant. I have to work for it.
That means: Your lifestyle, whether double garage or underfloor heating, you have to earn yourself. If you’re not up for it, then just continue living in the fancy MGH.
The €300,000 loan amount is rather like a "sound barrier" in my head, maybe you can add a bit more on top, but then the equity ratio gets even worse. But that will be shown in an appointment with various banks which comes after the discussion with the construction company.
I have no idea whether there is still a significant difference at 10% equity or below. I doubt it.
Then €205,000 would remain for the pure house construction costs. We are aware that we have to get a lot done ourselves with this budget and have to tackle some things like the outdoor area step by step. We are planning 1.5 to 2 full floors with about 150 m² living space + double garage.
Scratch the latter and the basement. I’d be interested in how much ancillary costs you are paying?
Please don’t misunderstand this post: I am always for independence. Nevertheless, it is clear with you that you enjoy the rented luxury and also like to spend the savings made for yourselves.
Best regards, Yvonne