Unpredictability of construction costs - Will the project fail because of it?

World-class news? Holy moly, the next house will be 100k to 200k more expensive because of the interest rates. Normally, a really, really good lawyer should have taken this on

We were advised to get legal counsel and possibly also demand the prepayment penalty back from the construction company. Not sure if that makes sense?

I rather assume that the house building topic is closed.

Thanks, I totally agree. The lady from the bank also said we did everything right with the stop. She sees worse cases daily where it would have helped to cancel earlier.

But interestingly, those who shout the loudest apparently also messed up and threw money away.

I stand by it, we were and still are clueless in this field and relied on the wrong people. It happened and can’t be changed now. We will make the best of the situation and a solution will be found. I can definitely sleep more peacefully today because I know we’ve spared ourselves a lot of trouble.

Hello everyone,

I am reaching out to you because I’m currently feeling very low and extremely scared.

A brief background:

Small family, 1 child, living in a rental apartment. My desire to own a house has existed for 3 years. We viewed countless houses that didn’t fit, either because of location or other reasons. My wife was never keen on a house (an apartment was enough for her).
Now the thing is, there was already a house in the past where I committed, then backed out, then wanted the house again (which had meanwhile been sold). So it’s been a back and forth of feelings.

Now the time came that we found a house which is not perfect but fits us in terms of location and size (but pretty expensive).
I was fired up when I reserved it and overjoyed.

Before the notary appointment, I did have doubts but still went through with it with my family because I felt somewhat pressured (prices keep rising endlessly, rents are also getting more expensive etc.). I must add that compared to the “market prices” our rent is still relatively okay because it’s a housing cooperative.

There are still 3 of us but we want at least a second child (for quite some time). The space is enough for now but with 4 people on 77m2 it will be too cramped in the future.

So now we have signed the contract and since then, I can’t sleep anymore. Really brutal thoughts, stomach aches, exhaustion, crying spells, and more. The price is very high, practically indebting oneself for life for a standard terraced house.

The house is still being built and won’t be finished before the end of 2022 at the earliest. I’m afraid this state will continue and affect my relationship. Right now, I’d wish to undo everything and continue to enjoy our rental apartment.

What do you advise me? This can’t be normal, can it?
Should I talk to the seller? He could sell the house to someone else in 20 minutes. The notary would have to be reversed. For a nearly 800,000 euro purchase price, probably 20-30k in costs (which somehow wouldn’t even bother me, I just want to get up feeling good again).

Please help me

There is a construction service description stating that before the start of construction you receive the work contract as well as the cancellation policy.

You can enjoy yourself with a glass of wine. sorry.