What loan amount is realistic for house construction?

  • Erstellt am 2019-07-25 09:35:55

ypg

2019-08-13 09:41:36
  • #1

How much then?

390,000 for the house
65,000 for the plot
50,000 incidental construction costs
20,000 outdoor facilities
30,000 buffer (which gets used up quickly)

makes a total of 555,000

Deducting 15,000 own contribution, but that’s quite a few hours up to the whole annual vacation you spend on the construction site to work off 15,000 as a layman.

This can happen if the money is not enough:
https://www.hausbau-forum.de/threads/Bauunternehmen-stellt-arbeiten-trotz-ueberzahlung-ein.31945/

Why do people always have to go so showy with their wishes? There are plenty of builders who feel comfortable even without a basement and double garage, so that the financing works.
 

Lanini

2019-08-13 10:54:22
  • #2
I personally also find the proposed financing amount quite steep considering the available income. My husband and I had a household income of about 3700 euros at the time of the financing (2016/2017) and took out a loan of 240,000 euros. Honestly, that is enough for us with our income. Sure, we could have gotten a bigger loan... but somewhere it also has to be proportionate. We would never have dared to take a loan of over 400,000 euros with that income! You also have to consider that maybe children will come at some point (who also cost money) and then one parent's salary is (partly) missing. That is the case for us at the moment. I was on parental leave for one year and now work part-time, so we are missing several hundred euros per month, you definitely notice that. I am so glad our loan is not higher! Even so, there’s not much room for big moves anymore, it’s hard to imagine what it would be like if the loan installment were several hundred euros higher every month!

On the other hand, I can also understand that when building a house, one has certain wishes that they do not want to cut. That is understandable to me and was the case for us as well (fortunately, despite the comparatively "low" loan, we had the opportunity to accommodate all our wishes in the house; we built in a very affordable area and thus got relatively a lot for our money, plus we had six-figure equity). So what should one advise? Good question. I don’t know either... But for me it would be clear that I DEFINITELY would not take out a loan over 400k with that income. Then I would rather not build at all and instead look for a nice apartment and see if the house-building topic might be more feasible in a few years... with more equity for example... or you look for an existing property.
 

KlausiMausi

2019-08-13 10:57:06
  • #3
The OP doesn't have anything in hand yet ... the examination is pending. This is a sheet with conditions. It will be checked and if something doesn't fit (e.g. Schufa not quite perfect) that's it.
 

pffreestyler

2019-08-13 11:02:44
  • #4
I also belong to the candidates where everything is sewn very close to the edge. I can confirm that the generally quoted prices here are significantly too high for some regions and it can also be done cheaper. In addition, some demands here for "normal middle-class people" are quite elevated, which one does not personally need and therefore comes off cheaper. BUT the warnings (by the way, at first I, like you, didn’t quite want to believe them, since sometimes the gut is stronger than the head) that small stuff also adds up, personal work may not be possible, or the buffer can disappear very quickly, are definitely true.

I was incredibly lucky that my injury happened only 2 weeks before the move. Had it occurred during a phase of personal work, I would have had to spend tens of thousands of euros that might have been missing later. Small stuff that couldn’t be anticipated beforehand amounted to almost 2k with us, even though I could borrow all tools for free. Had I had to buy or rent the tools for a fee, probably another 2k would have gone. Then there are 1-2 undisciplined things regarding the equipment, which fundamentally wouldn’t be necessary, and bam, money is gone again. It adds up quite a bit in the end. Then there’s a price increase and bam, more unexpected money gone. I can only recommend not to completely turn off common sense.

For example, I would also do without the garage. If there is money left over in the end, you can always retrofit it. Maybe also think about a floor plan that allows you to finish only the ground floor and the upper floor later (kind of like the parents of your friends). Basically a small bungalow floor plan with a pitched roof and an unfinished upper floor. Although this is frowned upon here by some, we did it this way. We have only been living in the house for 3 weeks, but so far we don’t miss the upper floor at all and are very happy. The only thing we already really miss is a shed.

We are also lucky that there should be enough money left over for a carport with a massive shed included. But I say lucky deliberately, because this was due to circumstances, e.g., the application for gas/electricity was submitted in 2018 and on 01/01/2019 a new price list was published by the provider, which would have made our connection almost 900 € cheaper. I only noticed this by chance and 900 € was waived from us as a gesture of goodwill, even though the invoice based on the old prices was already in place. We had 2-3 similar incidents, so in the end there is money left over. But these are happy exceptions; without them we would be more or less break-even, and a big problem could have broken our neck. Lucky break.

Result: you should believe the warnings of most users; unlike you, they have already been through the building process and do not rely only on hearsay from acquaintances/friends. At first, I also didn’t want to really believe it, but the longer the construction took, the more I realized that although things are often a bit exaggerated here, almost everything basically applies that was previously warned about.
 

Michlhausbauaa

2019-08-13 11:03:34
  • #5


The trophy for the guy of the day goes to you

So if someone were to build a house while still having debts somewhere - I have never borrowed money or overdrawn my account, so zero problem. I even spoke with the board; I would get the appropriate loan, but we are still considering it, especially since life here in rural areas is still somewhat affordable, which many of you forget - what's the use if I earn 1k more net but spend more on living expenses
 

KlausiMausi

2019-08-13 11:05:03
  • #6

Why? Has the application been reviewed?
 

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