Procedure for constructing a new single-family house on an existing plot

2022-12-14 12:56:09

With the information given... what can you do with that...
How much is your rent, for example? You pay that anyway, whether for an apartment or a house.

Otherwise, there are general rules of thumb. No more than 35, a maximum of 40% of net income as loan installment, so for you a maximum of 2,600 EUR.
And 2% repayment should be done.

How much installment you trust yourselves with, you have to decide. Because you know best what you are willing to give up for the dream of owning a home and what not. You have to ask yourself that very realistically.
For example, it doesn't bother me at all if I don't go on vacation or even fly. Others would consider that a massive loss of quality of life. Or one car is enough for us, for example...

In any case, it’s no use setting unrealistic goals now like "Then we’ll just live like begging monks for the first 10 years," because that doesn’t work. Not as a couple and especially not with children.

Thank you very much for your assessment.
I know the information is initially sparse, just to hear opinions like yours first.

We currently live rent-free.

Best regards

2022-12-14 13:07:22

Otherwise there are rules of thumb. No more than 35, maximum 40% of the net income as loan installment, so in your case a maximum of 2,600 EUR. And there should be a 2% repayment.

There were also rules of thumb at interest rates of 8%, and we are heading in that direction. The advice part of max 35% of income then also applies, the repayment goes down to 1% and as much special repayment as possible should be made. Those who did not do that are still paying off their house from 1985-1995 today. A special repayment of 20,000 DM at the beginning shortened the repayment by about 2 years. By the way, income is subject to inflation, so it increases, the installment remains the same. In 15 years you will smile about the low installment, our installment was an incredible 2,000 DM in 1995 :eek:

2022-12-14 14:52:17

Whereas I do not yet see the time for 1% repayment. At 1%, the terms are still too long. Only at well over 5% does it work out. The term is more favorable than the repayment, as it takes into account both repayment and interest. If you are over 25 years, give yourselves another push and consider whether a higher rate might be possible after all.

2022-12-14 15:53:11

Ok, the 25 or more years also depend on the age. As the name suggests, year of manufacture '90 ;)

2022-12-14 16:18:14

We have now already spoken with an architect and are waiting for the first appointment to have a professional design based on our initial drafts created.

Find the error (see enlargement). That sounds like architect in quotation marks.

We would like to carry it out with self-contracting,

Keep in mind that every penny "saved" during the tender ends up costing a bill during execution.
If the client apprentices at this point, the craftsmen have golden cunning ears :)

2022-12-14 16:19:48

It's not that young either. I also don't see much point in stretching the financing until retirement. You can do that if you pay 1% interest and speculate that you'll get a higher return elsewhere. At 4% interest, that doesn't work anymore; the investment would have to yield well over 5% for you to break even after taxes. And sure, you can also just spend the money. Spend one half on alcohol and fast cars (warning: better not at the same time) and just blow the other half ;)

You should also not forget that a new building doesn't stay new forever. Eventually, the first things break down, and you want to build up a maintenance reserve for that. It's easier to do that when you no longer have any payments to make.

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Procedure for constructing a new single-family house on an existing plot

Dachshund90

Nida35a

WilderSueden

Dachshund90

11ant

WilderSueden