ᐅ Financing a Double Garage After Completion of a Single-Family House
Created on: 12 Feb 2021 08:36
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Zenjamino
Hello everyone,
We are in the final stages of completing our single-family home.
Initially, we decided to forgo the garage in the planning phase since everything was already becoming more expensive than planned.
However, now that we are inheriting a vintage car and also receive the child benefit for two children (200 euros/month for 10 years), we would like to build the garage after all. We would also contribute an additional 10,000 euros of our own funds. --> So that would mean 34,000 euros in total.
My question is whether projects like this typically come with higher interest rates or not (compared to a single-family home)?
Maybe someone already has experience with this?
Thanks in advance and best regards,
Zenjamino
We are in the final stages of completing our single-family home.
Initially, we decided to forgo the garage in the planning phase since everything was already becoming more expensive than planned.
However, now that we are inheriting a vintage car and also receive the child benefit for two children (200 euros/month for 10 years), we would like to build the garage after all. We would also contribute an additional 10,000 euros of our own funds. --> So that would mean 34,000 euros in total.
My question is whether projects like this typically come with higher interest rates or not (compared to a single-family home)?
Maybe someone already has experience with this?
Thanks in advance and best regards,
Zenjamino
The word “classic car” often carries the stereotype of a very expensive hobby. And yes, that applies here as well, since a garage is being built specifically for a recreational vehicle. It’s probably a nicer classic car than an Opel Kadett from 1989.
This situation doesn’t make me envious, rather sympathetic. It’s like in the thread about the old mill: an inheritance can have value but also be a burden if you don’t have the spare cash.
This situation doesn’t make me envious, rather sympathetic. It’s like in the thread about the old mill: an inheritance can have value but also be a burden if you don’t have the spare cash.
bauenmk202013 Feb 2021 14:59Please provide details about the type of garage, including construction method and size.
Z
Zenjamino14 Feb 2021 17:02Hehe, the vintage car is a wreck and will first just be parked in the garage, then restored whenever there’s money available again.
It’s more of an emotional project than an investment. The garage measures 6 by 6 meters (20 by 20 feet).
It’s slightly on a slope, with a 1.5 meter (5 feet) retaining wall at the back and a slight downward slope at the front. The photo is attached as well.
I have no idea what it costs, but I’m happy to hear any bad news you might have.
Regarding financing, installment loans are currently very easy to get, and the monthly payments should be manageable with government subsidies.
Refinancing with a bank afterwards might be more expensive because of mortgage registrations and similar fees.
Best regards
Zenjamino
It’s slightly on a slope, with a 1.5 meter (5 feet) retaining wall at the back and a slight downward slope at the front. The photo is attached as well.
I have no idea what it costs, but I’m happy to hear any bad news you might have.
Regarding financing, installment loans are currently very easy to get, and the monthly payments should be manageable with government subsidies.
Refinancing with a bank afterwards might be more expensive because of mortgage registrations and similar fees.
Best regards
Zenjamino
rdwlnts schrieb:
approximately 25k - 30k€... The last time I checked, for 35,000 EUR you could just get a prefabricated garage with nothing included except an additional door. No electrical installation, no wall box, and no retaining wall either.
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