Project house construction. What can I finance?

2021-05-16 19:00:03

Waiting three years for an additional part-time salary of an as yet unknown amount doesn’t really make sense given the current steep price development. I am more in favor of scenario 1 and would first see what I can actually get for the apartment. With a lucrative offer, I would personally probably give in.

2021-05-16 19:17:50

Phew - so without a second income, I would say: stay in the condo. Everything else is a financial disaster. It would be doable if you sell the apartment - but then you would have 160k equity and would only need to borrow about 400k. Then, in my opinion, the payment would also be manageable with the smaller income.

2021-05-16 19:19:27

I would also go with scenario 1.

We are in a similar situation regarding keeping/selling the apartment. It is tempting when someone else pays for your own property. However, in my opinion, very little effectively remains. One should consider that the apartment also needs to be maintained and the income has to be taxed. In other words, if you rent out the apartment, you should be liquid enough to cover costly repairs, which can also occur outside the apartment (heating, facade, etc.)

Wäre es denn denkbar das Grundstück zu teilen? und die andere Hälfte für 100k zu verkaufen ?=D

2021-05-16 20:00:56

We also own a property with a low outstanding mortgage and good market value. Initially, we also considered renting it out. However, we would then have to do without certain things in the house construction because the budget would be too tight. So the house will also be sold, not to squander the money, but simply to avoid having to cut back on things we want for the new house.

2021-05-16 20:13:14

So I think with your project and the required loan in your amount, it won't work in the current situation with only one income at that level plus soon a 3-person household. I also can't imagine that the banks will go along with it, even if you list your [ETW] as capital?! Maybe it would really be worth considering first dividing your property to get more available equity?

2021-05-16 20:20:53

This is usually the very first step before even a single line is drawn on the floor plan and a cent is spent. Why would you buy a (much too large) plot of land for over 100k€ when half of that would have been more than enough. From my point of view, your wife will not be able to contribute (significantly) to the financing for the next 5 (up to 8) years. In addition, the child benefit is spent two or three times over. (Until the basic equipment is in place... and then the ongoing costs come...). And with a financing requirement of around 500,000€, a rate of 1,500-2,000€ should be targeted.

What is the current rate for the apartment?

I would first clarify the current situation and list all income/expenses (household budget), then you can immediately see what is possible with/without selling the apartment. You can consider the aforementioned interest rates as a guideline.

Tip from a builder to a future builder: Plan and calculate the entire "home ownership" project thoroughly, from the house, outdoor facilities, carport... to kitchen, furniture, lamps, curtains...

Because the plot could only be bought like that and there were practically no alternatives. It’s not like you can choose it. I’m sure I can find a buyer for half of the plot. Current apartment rate is 800€. If I sell the apartment, I will have almost 200,000€ equity. I think a total volume of 500,000€ is possible. Of course, not a 500,000€ loan, that’s clear to me. 1,200€ is targeted as the rate. But I already gather that you think I need to get rid of the apartment... If I price the house at 2,500€/sqm, it will probably be enough for around 120sqm with still approximately 400,000€ left, then I have 100,000€ for ancillary costs. Not everything on the outdoor facilities has to be done immediately... I just can’t imagine that I’m miscalculating that badly...

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Project house construction. What can I finance?

Jean-Marc

askforafriend

GeradeSchräg

Yaso2.0

thoughtless86

cyberosti