Hello everyone,
I am currently in the planning phase of building a house. Right now, I am considering whether and how it would be possible to create a second living unit in the basement in order to secure two affordable KFW loans of €100,000 each. I would prefer to invest more money into the house rather than pay higher interest costs to the bank. Plus, you also receive a repayment grant for each loan.
The house has two full floors and is situated on a relatively flat plot with a height difference of 0.5m (1.6 feet). The basement is therefore entirely below ground level. The current layout of the basement is shown in UG_bisher.pdf. The window at the bottom left is planned to have a light well. Structural work would include an external basement stairway, an entrance, walls, and preparations for a bathroom and kitchenette. I understand that the second living unit is supposed to be very small. It is not intended for rental, but rather for the children in the future. Therefore, doors will not be installed everywhere yet.
What do you think about my plan and my design in UG_neu.pdf? Or is this unrealistic, and do you have other ideas?
Thank you very much.
I am currently in the planning phase of building a house. Right now, I am considering whether and how it would be possible to create a second living unit in the basement in order to secure two affordable KFW loans of €100,000 each. I would prefer to invest more money into the house rather than pay higher interest costs to the bank. Plus, you also receive a repayment grant for each loan.
The house has two full floors and is situated on a relatively flat plot with a height difference of 0.5m (1.6 feet). The basement is therefore entirely below ground level. The current layout of the basement is shown in UG_bisher.pdf. The window at the bottom left is planned to have a light well. Structural work would include an external basement stairway, an entrance, walls, and preparations for a bathroom and kitchenette. I understand that the second living unit is supposed to be very small. It is not intended for rental, but rather for the children in the future. Therefore, doors will not be installed everywhere yet.
What do you think about my plan and my design in UG_neu.pdf? Or is this unrealistic, and do you have other ideas?
Thank you very much.
toxicmolotow schrieb:
But you do know that you can only apply for a subsidized loan up to the value of the housing unit to be built, right?How exactly should this be separated? Are the basement costs then proportionally allocated to the basement apartment? And what about the basement ceiling—does it belong to the basement or to the ground floor?
T
toxicmolotof20 Apr 2016 19:22Counter-question: How is the value of a condominium in a building with multiple units determined?
There are several methods to determine the value.
There are several methods to determine the value.
T
toxicmolotof20 Apr 2016 19:25If your idea were the solution, everyone would be doing it. You haven’t found the silver bullet.
I would advise discarding this idea as soon as possible if there is no genuine real interest in having two separate living units. Otherwise, if it is only intended on paper to fraudulently obtain subsidies, it should be avoided.
I would advise discarding this idea as soon as possible if there is no genuine real interest in having two separate living units. Otherwise, if it is only intended on paper to fraudulently obtain subsidies, it should be avoided.
I'd rather not comment on that... I just shake my head at some of the ideas to save a few bucks. It's no surprise that government subsidies might eventually run out, because some people just can't get enough. Interest rates are at rock bottom, the funding pool gets even smaller, and that’s being exploited as well.
Just turn every basement room into a separate living unit, the city pays rent for each unit. Oh, right, you don't actually want to rent them out... 🙂
Just turn every basement room into a separate living unit, the city pays rent for each unit. Oh, right, you don't actually want to rent them out... 🙂
I can understand both sides here... but I wouldn’t want to overdo it and assume bad intentions from the original poster.
The days when a chicken coop was converted into a living unit are over.
If there is serious interest in creating a second dwelling unit, it needs to be properly planned. That way, the costs are clear from the start. After that, everything obviously needs to be approved.
It makes sense to start such a project as early as possible, ideally with the overall planning from the beginning. This is how our single-family house became a three-family house—awkward terminology, I know.
Whether the unit is actually rented out or just used for storage is up to each individual. However, the project should be completed as planned—that is, a self-contained unit with cooking facilities and a bathroom. It’s entirely possible that someone from the building authority will come for a final inspection.
Since construction has already started here, meaning the building permit / planning permission has been approved and the execution plans are finished, I would estimate that the costs to make changes would far exceed any subsidies. Unless the second dwelling unit is included as a rental property in the financing, but that doesn’t appear to be the case here.
The days when a chicken coop was converted into a living unit are over.
If there is serious interest in creating a second dwelling unit, it needs to be properly planned. That way, the costs are clear from the start. After that, everything obviously needs to be approved.
It makes sense to start such a project as early as possible, ideally with the overall planning from the beginning. This is how our single-family house became a three-family house—awkward terminology, I know.
Whether the unit is actually rented out or just used for storage is up to each individual. However, the project should be completed as planned—that is, a self-contained unit with cooking facilities and a bathroom. It’s entirely possible that someone from the building authority will come for a final inspection.
Since construction has already started here, meaning the building permit / planning permission has been approved and the execution plans are finished, I would estimate that the costs to make changes would far exceed any subsidies. Unless the second dwelling unit is included as a rental property in the financing, but that doesn’t appear to be the case here.