Single-family house with a possible granny flat?

The loan would not be a problem my aunt is at the source (Sparkasse).

Well, that is something very personal; the comment was not meant seriously in that respect. The bank does indeed take sustainable rental income into account. If the parents pay rent, it looks a bit different. But aside from that, I think your wife will have to limit her wishes a bit. For many extravagant wishes, the income simply is not enough; building in Swabia is anything but cheap. Unfortunately, the estimated 260€/m² of land also seems cheap or simply no longer up to date to me, but of course, it varies a lot regionally. Basically, you have a good income and have also already saved up quite a decent amount of equity. You will be able to fulfill your dream of building; I think you just have to put a bit more brainpower into the financing concept. Is your father-in-law's apartment debt-free and can it be encumbered?

Hello dear forum community,

my wife (32), our son (8) and I (30) want to build a house with a granny flat. My parents would move into the granny flat.
We are currently looking for plots of land in the district of Neu-Ulm.
I know from some acquaintances who have built recently that they got their plots for about €260/sqm.
I will explain our situation in a bit more detail, as it is somewhat different from the norm.
We currently live in a semi-detached house, which I bought in 2013 for €180,000. We will sell it this year and move rent-free into my father-in-law’s apartment so that we can save equity (€1500 per month) until we find a plot. We will then rent out this apartment when we move into the house. I am not including that in the income calculations. There was another apartment that my wife got from her grandmother, but it was sold (our equity + savings) because we only had trouble with antisocial tenants. We got the semi-detached house very cheaply back then because the previous owner was in the middle of building a house in Magdeburg and ran out of money. We hired a real estate agent who estimates the semi-detached house at about €370,000. After deducting the prepayment penalty and settling the remaining debt, we would have about €200,000 (equity) left.



So we have about €980 left per month after all calculable costs if I haven’t made any mistakes.


Equity:
€70,000 from the apartment sale
€30,000 savings - €30,000 car loans = €0
1xx.xxx€ from what remains from the semi-detached house.
Debts:
Car loan 1: €300 monthly rate; the loan will be paid off from equity
Car loan 2: €179 monthly rate; the loan will be paid off from equity

Loan:
We assume that we will need about 36 months to buy the plot + house. We calculate €200,000 for the plot and €450,000 for the single-family house + granny flat. The costs would then amount to about €750,000 including buffer. If I deduct our equity (€70,000 + €200,000 + 36 months*€1500) a financing amount of €425,000 would still be open.

Have I nicely calculated the costs for plot + house construction or is that roughly correct?
The house should have 150-170 sqm + 60 sqm granny flat. Garage is not planned. If anything, a carport or something.

I hope my post is understandable and I look forward to your answers.

Regards

MJK2012

We are calculating with €200,000 for the land and €450,000 for the single-family house + granny flat.

The house should have 150-170 sqm + 60 sqm granny flat

You bought this house 7 years ago for 180,000 euros and it is still worth 370,000 euros? You say you have about 200,000 euros left here – so almost nothing has been paid off?

How about the salary? How are the salaries divided (gross/net) + special payments? Any more children planned?