Hello,
We are still at the very beginning of our planning. I’ll try to explain briefly. We currently live in a semi-detached house (owned) and want to buy a plot of land for construction. However, we have little equity and would initially need to finance the land alone. For building the house, we would need the proceeds from selling our current home. We do not want to move into a rental property in the meantime. What options are there? Is it possible to take out a second large loan for both the house and the land initially and later include the proceeds from selling our current home? Building while renting would probably have been easier. Maybe someone here can share their experience? Thanks and best regards
We are still at the very beginning of our planning. I’ll try to explain briefly. We currently live in a semi-detached house (owned) and want to buy a plot of land for construction. However, we have little equity and would initially need to finance the land alone. For building the house, we would need the proceeds from selling our current home. We do not want to move into a rental property in the meantime. What options are there? Is it possible to take out a second large loan for both the house and the land initially and later include the proceeds from selling our current home? Building while renting would probably have been easier. Maybe someone here can share their experience? Thanks and best regards
N
neo-sciliar27 Aug 2020 11:24WiFa2801 schrieb:
Option b is now the route we want to take, since we plan to use the money for the house construction. The problem is that the real estate agent for the plot has not given a clear statement yet. We can only commit to buyers once we have secured a plot. Otherwise, it could take forever. We have an advantage here: we already own a plot and are currently planning the house.
Option b) means the buyer has to bear the costs. They have financing expenses but receive no immediate benefit. So something needs to be offered in return, such as paying rent, for example. If you no longer have to make repayments yourself, then it can be financially viable.