ᐅ Brainstorming Ideas for a Potential Move in the Hildesheim Area
Created on: 9 Jul 2021 08:28
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Tom197680
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.
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.
So, apparently you don’t have any more funds to start over. You need a loan for a new plot of land and house. Since you’re already tied up in one, you probably won’t get a new loan.
One option would be to plan everything thoroughly with a new plot and revised calculations, reserve the land, and then ask the bank if they would agree to a property swap.
To clarify: you can ask now if they generally allow this, but in practice, they only consider it once everything is fully calculated and you are about to start building again. They have to know what they would be financing. The semi-detached house would, of course, have to be sold.
I don’t see a Plan B.
One option would be to plan everything thoroughly with a new plot and revised calculations, reserve the land, and then ask the bank if they would agree to a property swap.
To clarify: you can ask now if they generally allow this, but in practice, they only consider it once everything is fully calculated and you are about to start building again. They have to know what they would be financing. The semi-detached house would, of course, have to be sold.
I don’t see a Plan B.
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Tom19768010 Jul 2021 22:15No speculation tax applies if we use the property for our own purposes for three years. Ypg’s idea sounds good. First, talk to the bank. Wait and see if a building plot is available in the various municipalities. Thanks for the good advice, ypg. Life is like a box of surprises.
Tom197680 schrieb:
Speculation tax does not apply if we use the property for our own purposes for three years.Earlier it was mentioned as two years. 😉 But I think it’s commendable that you’re now doing this for your "friends’ couple." :p In any case, I would also consider exploring what a new interest rate might look like and whether it could possibly offset the early repayment fee.T
Tom19768010 Jul 2021 22:48We have a close relationship with our couple ;-) Yes, we will need to find that out first :-)
I’m really frustrated with this kind of dissociative identity disorder, where within a week you age by years, the household income doubles, or you know numbers of friends that you basically shouldn’t be able to know.
How is your hereditary leasehold house doing? The one where your dad definitely wanted to be registered as the owner in the land registry?
How is your hereditary leasehold house doing? The one where your dad definitely wanted to be registered as the owner in the land registry?
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Tom19768011 Jul 2021 14:11Dad now has a different idea.