Purchasing land and building a duplex - How to proceed?

Hello dear forum community,

a total beginner asks for advice regarding the procedure for financing. It looks like I would like to buy a plot of land to build a semi-detached house on it. A few days ago, a building plot in an absolute dream location near here was offered for sale and I really want it :)
The plot has 500 sqm, which are to be divided (according to the development plan, this is allowed), so that each semi-detached house partner has 250 sqm of building land. It’s not huge, I know, but for the local conditions an absolute luxury!
So, now about the financing. The entire plot is supposed to cost €190,000 (without realtor, real estate transfer tax, etc.). Actually, I only want half of it, the other half goes to the building partner. How do I proceed now? Do I first have to buy the entire plot, so finance the €190,000 plus additional costs alone and then sell half to the building partner? Or how is this usually done? In principle, I have a building partner, but I don’t know exactly how decisive he is and now I’m saying the plot will be gone before he has decided.
The problem is also that building land here is so rare that plots of this kind are usually sold within just a few days. I think there has been a sign from the realtor at the plot since Wednesday and several interested parties have already been there. So waiting too long is not an option.
But how do I proceed now? How long does it usually take to obtain financing offers? And how many should you get to have a relatively good comparison? I actually intended to wait a few more months before buying the house but now there is this super opportunity here. And, oh yes, I have already written an email to the realtor asking if the plot can be reserved. Is that completely naive? Or can plots actually be reserved until financing is fully clarified?

I am very grateful for tips and experiences!

Not the best conditions at all. If there is really such a strong demand there, the seller, meaning the agent, holds the longer leash. In other words, if someone comes tomorrow and can pay cash, everything will go pretty quickly to the notary.

I simply claim that the agent will certainly not wait until you can present a construction partner. Especially since something like that can also be off-putting, it's just more work. The plot has to be divided, then suddenly there are 2 buyers at the table who still have to arrange their financing and double the risk that one of them suddenly drops out.

Reservations are a tricky matter, we also always used them for 1-2 weeks to clarify all the building law issues. But that always depends on the agent, it is not a guarantee. However, we had a reliable and correct agent, we could trust his word. When we committed, there was a preliminary contract, a 500 euro deposit, and the agent committed not to offer the plot any further and to coordinate an appointment with the notary.

You can expect financing approval to take at least 2 weeks. So far, there have been no talks or appointments.

My prognosis: if you really want the plot, hustle, but the chances are not very high. You also have to have a bit of luck.

Thank you for your response! Yes, the demand is unfortunately really that strong. That’s why I was thinking of first buying the entire plot without a building partner and then selling half to the building partner afterwards. So I would have to finance the €190,000 plus incidental costs alone at first, with the idea of getting half of the purchase price back through the sale to the building partner within a few weeks. Has anyone ever done it like this? My half of the plot would then have cost about €100,000 and I could still raise about €180,000 to finance a semi-detached house (wooden house) with about 110-120 sqm, without a basement and garage, without expensive fancy things like underfloor heating, etc., but according to KFW 55 standard. Landscaping is not important to me at first, some grass, a small terrace and two fruit trees are enough. I will definitely do walls and floors myself, the kitchen and bathroom will come from the big Swedish store, I don’t need luxury there. I know no one here has a crystal ball :rolleyes: But do you think all that is doable for €280,000?

Oh yes, a supplement regarding the financial situation:

The total net income is 3500€, including child benefits for one child, and I need full financing. I am a civil servant and cannot be dismissed; this is my starting salary (about 35 years until retirement), with regular salary increases automatically every 3 to 4 years. At the moment, I pay 600€ cold rent and can easily save 600€ per month without it hurting me. Besides that, there is only a small loan of 4000€ for the car, which is being repaid at 100€ per month. I should also receive funding from the Kfw if the house is built according to [Kfw 55].

What do the old and experienced house builders here say about that? Is there a bank that finances this?

Please organize yourself :)

The KfW 55 does not get cheaper the more threads you open regarding the same questions.

Firstly: You are a bit late with your zeal - the financing must be secured when you need to act quickly. I'm sorry, but I think the property will be gone before you have your first bank appointment. If the property is still there, there is a catch. Regarding the real estate agent's offer, please send me the link - many agents copy their sales descriptions... here it may be that the property has already been divided, but only this semi-detached house may be built on each part.

Und, ach ja, ich habe schon eine Mail an den Makler geschrieben

Wrong! - the personal phone call counts in this industry.

Thank you very much, just as I thought, Engel & Völckers near Lohbrügge (Hamburg) has a plot of land of 897 sqm for 370,000 for sale -> for a single-family house or semi-detached house (Doppelhaus) They also additionally offer the same building plot divided, namely 505 sqm for 190,000 for a semi-detached househalf or 392 sqm for 180,000 for a semi-detached househalf (Doppelhaushälfte)

You can buy 397 sqm for 180,000 and then build your half on it.

And no: unfortunately, you won't get a house in Hamburg or the surrounding area for 280,000, since the additional building costs are around 30,000 - 40,000. And you can see for yourself that the building land already consumes more than half.

We just discussed the subject of additional building costs in Hamburg yesterday or the day before...

Here in Seevetal (south of Harburg) you can get a semi-detached house on a leasehold for 220,000. With the leasehold development and some extras (let’s say Kfw55), you will be at 280,000 in the beautiful greenery, 500 meters from the A7 motorway entrance :)