ᐅ Two young couples are considering building a house but have little experience so far.

Hello dear community,

yes, the topic title pretty much sums it up.

We (my girlfriend and I) registered here mainly to read along a bit. Of course, there is a reason behind it, but first a brief background and the current idea developing.

Recently, the two of us went with a very close couple to a prefab house exhibition in Wuppertal. The original plan was just to enjoy the nice weather on Sunday. When we were inside a house by Hanse Haus, we were happily discussing the concept to understand it better, when a very friendly sales representative overheard us, came out of his office, and started a pleasant conversation with us. Naturally, he was a salesperson through and through, but he also gave us some useful ideas.

So now, the four of us are openly considering buying property. It was clear that this would happen at some point, but not exactly now, since we are all in our mid-20s or just above.
But is this relatively young age a dealbreaker when it comes to building a home? Probably not.

Now, quickly to the idea... We are considering purchasing a house that should be divided into two semi-detached units. We would like to live close together because the two ladies have been friends since childhood. Basically, each of us would have their own semi-detached unit with separate construction financing. Everything should be contractually and legally separate.

So... many questions, issues, and so on arise, especially since we are all complete beginners when it comes to buying property.

What should we consider? Are there any reasons to avoid a prefab house? What should we pay attention to when choosing the right company? Is there generally a price range for such a house that could indicate good quality materials, or is it even appropriate to say anything about that here?

What should be considered when choosing the right construction financing? What kinds of securities might one need to provide? Does this depend on the amount of financing? Both parties have equity available. Roughly speaking, what can one expect from a bank if there are two permanent jobs with normal salaries and capital in the low five-figure range?

These are the questions that come to mind right now, but surely there is much more we haven’t thought of yet or that raises further questions. We are very grateful for any comments, reactions, suggestions, ideas, or any other feedback.

Oh yes, one more thing to mention — this will not be a turnkey build. We want to do a lot ourselves due to our own craftsmanship skills and trusted people nearby. Can the work and materials provided personally be somehow included in the construction financing, or would a separate loan be necessary if one has a rough overview of the costs?

I hope this does not all sound too clumsy, but naturally, there are many questions when you are new to something — and that applies here as well. Sorry for the long text, but I hope you’ll get through it and still want to reply.

Best regards from Wuppertal