ᐅ Brainstorming Ideas for a Potential Move in the Hildesheim Area

Hello everyone, first a brief background. We want to help a couple of friends and need your advice. He (34) and his wife (30) both work full-time. He commutes to Hannover, and she commutes to Hildesheim. Currently, they both have to travel by car because they are financing a semi-detached house they live in near Wolfsburg. The problem: they don’t want to commute that far in the future and are considering buying a building plot from the municipality located between Hannover and Hildesheim. They plan to build a single-family house on this plot and then rent out the semi-detached house.

Does it make sense to take out a loan for building a single-family house here? Or are there other alternatives?

If you need more details, please let me know.

Tom197680 schrieb:

Does it make sense to take out a loan here for the construction of a single-family house?

If you don’t have any cash available for the land and house in your bank account, you will need financing. How else would it work?
You won’t be able to buy land this year from rent paid two years from now.
Plan B: Change jobs to be closer to the place you will be living, whatever that may be.

So, the jobs are secure. In other words, it doesn’t make sense to change jobs since they are very well paid.

The rent received can cover the current mortgage payment for the semi-detached house. The remaining capital can then be used to pay off the new house.

In my view, you have three tasks on your to-do list:

1. Come up with a more suitable thread title – "Idea generation for a possible move" may mislead readers into thinking this thread is about moving assistance or looking for a removal company.
2. Then, ask a moderator to move the thread to the financing questions section, since that seems to be the appropriate place for it.
3. Consider a property exchange, meaning swap the security of your "current house" in the financing for the "house to be built" and sell the current house (this is nearly a frequently asked question topic in the correct section here; you just need to use the forum search!). Managing two properties in one portfolio is not practical, especially if one is owner-occupied and the other is rented out, and both are “about the same size.”

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Wouldn't it make more sense to rent out the other property? Selling the property would incur prepayment penalties. I'll take a look at the other posts to see if there is a similar situation.

Once again: if they have enough money to pay for the new project in cash, they can do whatever they want.
What do you want to know now?
People take out a loan if they don’t have enough money...
They sell to have funds for something new.

What they do with the other house doesn’t really matter then. They can decide that once they have moved.

I don’t understand the current situation you described. Are you mostly talking about yourself?
Otherwise, they should join the forum themselves – that’s the best option.