Financing

Yesterday I went to my chosen bank - the only one which, to my knowledge, offers loans in CHF (Swiss Francs) in Poland. It seems I've missed the boat - as of 2012 I'd need to be netting 15,000 PLN monthly, about five times what I make, to qualify for a loan in the currency. That means I am can only get a home loan in PLN, but my initial repayments will be at least twice that as with a loan in CHF, and I miss out on having my repayments cheapen significantly when the currently high value of the franc comes plummeting down - long overdue already. If I'd gotten the loan only three weeks ago I'd be laughing.

Never mind. The situation has forced me to rethink my plans. Previously, I was considering perhaps a large-ish property and a large-ish house with a few lavish luxuries. Instead, I'm thinking of applying for a much lower loan, just to cover the cost of the land, and building with the cash I have put aside - an amusingly petty 100,000 PLN inheritance and some 25,000 PLN in savings.

While I'd previously considered, for example, a polished concrete floor, I'm now thinking rammed earth or compressed clay or something. I'm also considering other alternatives that are even more budget friendly than what I was thinking of earlier...

I'll now be contacting my architect/cousin to get her thoughts on the issue.

Meanwhile, there is a plot of land in the area near Warsaw I was looking at. It's 760 sqm. I haven't seen the property yet, but a friend of mine dealing in real estate in that area will show it to me probably this weekend. She says I might need loose a bit of space, because I need to allow access to the property behind it, but the ad says it's already set back behind one property from the road. Either way, I'm enjoying the concept of having a neighbor buffering the noise of traffic for me :) I'll be sure to take some pictures when I do see the property. Hopefully it's a south-facing plot (though if not directly facing a road and lets say squished in behind other properties to each side, won't I be able to face a house any way I please?).

For now, here is the online ad for the property: