ᐅ Land plot available but currently own a condominium?

Just throwing around a few thoughts:

* Is there currently enough money available to hold onto the land AND purchase the condominium (also known as an apartment or flat)? (Be careful if you plan to use the land as collateral, as this could affect future mortgage options for the house.)
* Will the inheritance provide enough funds to keep the condominium (as planned in the original post) AND build the house? (Keep in mind that there might be periods with double financial burdens. Personally, I’m not sure how banks calculate finances when you say "I plan to rent it out in the future," in terms of household budgeting. Also, it’s currently quite uncertain how construction costs and loan interest rates will develop.)
* Would it be a problem for you if you stay in the condominium for a longer period or indefinitely? (See also the thoughts in my previous post about the inheritance—take another look at what would happen or what is planned for the land in such a case.)

Right now, we only have broad statements like “above-average income” and “$2,500 is too much.” You might want to check out the pinned thread in this section. There’s a questionnaire about income and expenses. You don’t have to share it publicly if you’re not comfortable, but it might help you get a clearer overview. The real question is, “What amount is reasonable?” If you can comfortably keep the land and buy the condominium, then the question is how far off building the house really is. Maybe you can scale back a bit or plan a phased completion, as already mentioned. (Typically, that would be the garage, but it could also be the roof space or a second bathroom, for example.) The question is whether it’s just a matter of “cutting a few things and tightening the belt for 2–3 years,” or if you would be living from hand to mouth. Keeping the inheritance in mind can provide some reassurance, but of course, you should plan as if you can’t rely on it initially.

Salary is 3000 net.
Wife’s salary is 2300 net, but she is currently on parental leave and will be out starting February, so no income until September (1.5 years of parental leave).

Repayment is currently between 2300 and 2500 according to the bank, calculated with L-Bank Z15. However, there is currently a halt, or submission is possible, but no one knows how it will continue—not the district office nor L-Bank directly provide information.

@ypg
A hip roof is not possible; we have to build on the adjacent building. You cannot simply add a hip or flat roof next to it. This is stipulated by the district office.
We are not obliged to develop the area; we can also leave the house as it is for a certain period. We own the plot.

Leaving out the basement only makes a difference of about 20–30k, according to the finished builder, since excavation is already done and there is an old basement. Retrofitting a basement afterward is no longer possible.

Basically, some responses here are useful for our considerations.

The question was whether it makes sense to buy a condominium temporarily until the overall situation with material prices, L-Bank, etc., normalizes.

I read tips about moving away, but I immediately delete those from my memory...
Otherwise, my question is, where is building cheapest—federal states / regions?!

Building tends to be more affordable in the northern regions (Schleswig-Holstein/Lower Saxony/Mecklenburg-Vorpommern) and in the eastern areas (Berlin/Brandenburg), as well as in the upper western region (North Rhine-Westphalia). The further south the state, the more expensive it generally becomes. The main cost driver is not the house price itself, but the very high land prices in the southern part of the country, which make building expensive. Since you already have the land, you are mainly affected by this. Construction costs may be around 10% higher in your area—nothing more. However, it’s important to note that this is currently the most expensive time to build in the last ten years. Therefore, my advice to you is to minimize the floor area of the house as much as possible (ideally around 50m2 (540 square feet) per floor) and start building.

irmsche schrieb:

My net salary is 3,000
My wife’s net salary is 2,300
But she is currently on parental leave and will be off work starting February, so no income until September (1.5 years parental leave)

I’m sorry, but how did you imagine this working? I can fully understand why the bank won’t approve a loan in the 500,000–600,000 range given the current interest rates. The 200,000 (or whatever exactly you get) from the Z15 does help, but it’s not enough. So I would drop everything that isn’t absolutely necessary.

And what exactly are you building now? A townhouse or a semi-detached house? What requirements do you have from the development plan or section §34?
It might be that the basement is actually not as expensive due to the old structure compared to a new build. But then make sure to cut everything else like the garage. Also, make sure to make the best possible use of the old excavation pit.

irmsche schrieb:

The question was whether it makes sense to buy a condominium temporarily until the overall situation with material prices, L-Bank, etc. normalizes again.

Usually no, and especially not in the current situation. With an apartment purchase, you lose 10–12% in additional costs. And once you’ve received funding, it becomes difficult to get further support. Either you build on the plot or you sell it again. Whether you then rent or buy something else is your choice. But you can’t afford to leave the plot unused.

irmsche schrieb:

A hip roof is not possible; we need to connect to the neighboring building.

I only followed your quotes/alternatives. We don’t know the planning details.

irmsche schrieb:

Skipping the basement would only save about 20,000 to 30,000 (currency) according to the builder.

Well, this “doesn’t make much difference,” “only costs an extra x0000,” “you can’t add a basement later,” and similar comments are exactly your problem: you’re inflating the house so much that you simply can’t afford it anymore.
A house without a basement is still a house. Most people today can’t afford what they dreamed of in their mid-twenties.

irmsche schrieb:

My net salary is 3,000, my partner’s net salary is 2,300.

Here comes the hard truth: that’s a good, above-average income, but experience shows that wishlist items like a basement and others simply aren’t realistic with that income.
That won’t change because construction costs won’t get any cheaper (just my guess).
You’re shooting yourself in the foot with your demands if you want to become a homeowner someday.
I’ve already mentioned inheritance. My parents have a house too, but when they have to go into a care home, the property must be liquidated—not to fund my house wish, but to cover their care costs.

irmsche schrieb:

Salary 3000 net
Wife’s salary 2300 net
Wife currently on parental leave and will be out starting February, so no income until September (1.5 years parental leave)

Is the wife’s 2,300 € (approximately $2,500) salary full-time or part-time?
If full-time, how much income will she have with the planned part-time work?

I think the salary is okay for Baden-Württemberg—not more, not less.
If the wife brings in about 1,500 € (approximately $1,600) part-time, if that works out, and you 3,000 € (approximately $3,300), you would have a monthly household income of around 4,500 € (approximately $4,900).
For a reasonably healthy financing situation, the monthly payment should probably not exceed 1,800 € (approximately $2,000). That would already be about 40% of the household income, which is close to the upper limit. Let’s say 2,000 € (approximately $2,200) maximum — but I’d consider that quite risky.

So, if the assumptions I made above are roughly correct: halve the house size, no basement, no garage—or don’t build at all.
If I had the choice, I’d build significantly smaller, without a basement and garage—just a small, cozy home.