Steffen80
2015-06-10 23:51:34
- #1
We (both freelancers) did it something similar
2 years of interest and repayment + minimal living expenses + insurance were and are kept in an otherwise untouchable account for the worst-case scenario, which we hope will never happen.
In addition, there is a business interruption insurance that covers rent and personnel costs for 1 year.
After that, a decision would have to be made anyway.
Since we are a bit older, we repay significantly more, but our contract states that we can change the installment amount 4 times during the 10-year full repayment period. The bank was initially not enthusiastic about this, but after appropriate explanation, it was possible.
If the worst-case scenario does not occur, we have reserves for repairs, which are likely to be necessary after 10 years with a used property.
Sylvia
I have also thought about business interruption insurance once... but found it very, very expensive. Why personnel costs? I think freelancers? Is your volume similarly high?
Somehow I can't really come to terms with half a million in credit. Many say "high income + high equity = no problem at all" ... BUT the equity is also my retirement provision and if the "thing" goes wrong, then it's not "just" a house lost, but also the retirement provision. By law, I won't get a pension.
Within the next 2 weeks we have to decide GO or wait and save more (keyword: interest rates, Energy Saving Ordinance 2016, construction costs)...