We have already had garages here that nearly matched the footprint of the main building. Here it is the same... you really have to see whether the garage is supposed to be subordinate according to the development plan. At least the idea is quite daring if you hardly have any equity and everything else is tight as well.
If you have debts, you have no assets. You should first consult a lawyer about what makes sense. As a woman, I certainly wouldn’t take out a loan without a land registry entry and pour it all into the house.
Regarding your calculation:
2350 - 1400 living expenses leave a surplus of 950, not 1000. Then you would have 950 for the loan installment, but not yet 400€ for additional costs.
If your plot costs 100,000, your house 320,000, you have ancillary construction costs of 30,000 and outdoor facilities of 20,000, you end up at
= 470,000.
- Equity 20,000
Remaining: 450,000€!
But you can’t finance 450,000€ with 950€.
Period.
For the bank, a salary of around 2400€ is just good for a loan of about 200,000€ or so.
For a 400,000€+ project, one borrower certainly isn’t enough.
More likely.
I realized for myself 4 years ago: building a house doesn’t work with less than 4000€ salary. Exceptions due to equity, housing benefits and other things just confirm the rule.
Tell me, do you all like to interpret? The equity is not 20k but 40k euros – plus a plot for 70k euros is being considered – we could initially limit the outdoor facilities to the essentials – my salary will certainly rise, just hard to predict.
Well, the 4000 euros in salary we nearly have together – honestly, I don’t really understand one saying this way, the other that way.
Sure, the more equity and salary, the less stressful the whole thing is.
Especially since, for example, we only want to build and plaster the garage outside with a garage door, not directly finish the two “children’s rooms” and office – rather just the essentials – what’s wrong with that? We can manage the outdoor area initially with a terrace and driveway, and if those two things are only finished in two years, it wouldn’t be stressful for us – I have completely left out vacation and Christmas bonuses in the calculation.
We would immediately finish living-eating-cooking areas, living room, bathroom, bedroom, and technical room.
The parents of a friend built about 20 years ago – since then only the ground floor and basement have been in use – the first floor is without interior walls (knee wall 1m) – recently the two sons started finishing it – something like that is how we can imagine it in terms of style.
We don’t have to completely finish a house to stress again.
And now I’m curious if anyone wants to make a clever comment.