Project house construction. What can I finance?

2021-05-17 11:05:15

Sorry. But this is becoming more and more Harakiri here.

You should first seriously and honestly deal with the house construction costs and also consider your future income/expense situation.

Go to the painter with your 25‘ and say you would like to have floors laid everywhere and the walls finished plastered/wallpapered/painted. He won't be able to stop laughing.

2021-05-17 11:18:02

Sorry. But this is increasingly turning into harakiri here. You should first seriously and honestly deal with the house construction costs and also consider your future income/expense situation. Go to a painter with your 25,000 and say you’d like to have floors laid everywhere and the walls plastered/wallpapered/painted. He won’t be able to stop laughing.

Thank you for the honest criticism. For these items, it is already planned to do it myself. That means filling the joints of the plasterboards, painting, and laying the flooring. Until now, I thought 25,000€ would be enough for that. I am somewhat surprised by the partly devastating criticism from this forum. These are not the first opinions I have gathered on this. So far, the feedback has been that it is all within reason. My income and expense situation is such that I can afford a payment of 1,200€ per month. Even with currently one child. That is less than 30% of my net income. If I take out 350,000€ and in the end have a project costing 500,000€, after 10 years I will have a remaining debt of about 200,000€. My wife still has over 30 years of working life ahead of her. If necessary, I’ll sell half of the property. Is all of this really that unreasonable? Should I really plan for every curtain here?

2021-05-17 11:19:24

I have already consulted with Dr. Klein regarding financing with apartment sale, i.e. €350,000 as a loan with €150,000 equity. According to their statement, that is not a problem. Much different financings go through there...

That would certainly pass. But the intention of a loan broker is to pocket their commission. Whether you later live a satisfied life with the house and the installment no longer needs to concern them. The people here in the forum have no advantage in advising you poorly. However, they are not all professionals (at least not all). We also ran a slightly tighter calculation than is usually recommended here in the forum. But we only have a somewhat high burden in the first few years. In the long term, my part-time job will become a 3/4 or full position again. In addition, the daycare fees in our federal state will eventually disappear. I have already worked full-time and also held such a position. I would currently not necessarily financially calculate on your wife's academic success. I do not know her, but studying with 1-2 children can be tough; it is not certain whether she will complete it until she has finished. Therefore, you need to calculate the financing so that it currently fits for you with one income. And then the question is: Does that still allow you the lifestyle you want, or would you have to accept too many restrictions to be happy with it in the long term?

2021-05-17 11:19:34

These are the real calculatory total costs for your project:

Land including real estate transfer tax: 113 TEUR
Additional construction costs including civil engineering and earthworks: 60 TEUR
House ready to move in (160 m² x 2,700 EUR): 432 TEUR
Outdoor facilities: 50 TEUR
Garage/carport: 15 TEUR
-------------------------------------------------------------------------
Total: 670 TEUR
Repayment DA for ETW including VfE 100 TEUR
less sales proceeds ETW 250 TEUR (corresponds to a factor of 26. Cannot assess whether this is realistic for the area you live in.)
less various funding KFW 55 energy consultant etc. 20 TEUR
less equity capital 30 TEUR
--------------------------------------------------------------------------
Loan requirement: 470 TEUR

Corresponds to a monthly installment of approximately 1,700 EUR for a total term of 29 years (his retirement) and an interest rate fixation of 20 years (as initially requested).

This is reality. Everything else is nonsense.

2021-05-17 11:22:44

It is already planned to do these items ourselves. So filling the drywall joints, painting, and laying the floor coverings. Until now, I thought that €25,000 would be enough for that. I am somewhat surprised by the sometimes devastating criticism from this forum. These are not the first opinions I have asked for.

At the beginning, you said you didn't want to do anything yourself. Now it is already a significant part of the interior finishing and the exterior facilities.

I am somewhat surprised by the sometimes devastating criticism from this forum. These are not the first opinions I have asked for.

Who have you asked so far? House sellers and loan brokers? Of course, they will tell you what you want to hear. After all, they don't have to sit at the kitchen table in the end, look at the unfinished exterior facilities, and with your wife turn every euro over three times so that the bank also gets its money.

2021-05-17 11:33:45

These are the real calculated total costs for your project:

Land including land transfer tax: 113 K EUR
incidental building costs including civil engineering and earthworks: 60 K EUR
House ready to move in (160 m² x 2,700 EUR): 432 K EUR
Outdoor facilities: 50 K EUR
Garage/carport: 15 K EUR
-------------------------------------------------------------------------
Total: 670 K EUR
Repayment of DA for condominium including VfE 100 K EUR
less proceeds from sale of condominium 250 K EUR (corresponds to a factor of 26. I cannot judge whether that is realistic in the area where you live.)
less various subsidies KfW 55 energy consultant etc. 20 K EUR
less equity capital 30 K EUR
--------------------------------------------------------------------------
Financing requirement: 470 K EUR

Corresponds to a rate of around 1,700 EUR with a total term of 29 years (his retirement) and an interest fixation of 20 years (as requested initially).

This is reality. Everything else is nonsense.

You can’t just say that so generally?! We paid the construction company turnkey 300k for 152 m². Our outdoor facilities and incidental building costs were also significantly below this, not even half. It’s no use to present the OP with such a statement as the only true reality. He needs his own calculation for his own project. It’s not enough to say “ready to move in 2,600 per m²,” those are guidelines, but where does the value come from? If you want to plan properly, you have to lay everything out and calculate and see where you personally end up.

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Project house construction. What can I finance?

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kati1337

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