Ask if home financing is feasible

Hello,

how high is the current rent? I don't see either old-age provisions or any building savings contracts etc. in the costs.

Sorry, I find it difficult to imagine accumulating so much equity within a very short time that the ancillary costs are covered. Why couldn't this be done before, especially since additional children cost cash. Just daycare / nursery alone

Hi,

the current total rent is 400 euros. Pension provision is directly deducted from the salary (company pension scheme) and therefore does not appear here in the calculation. There is also a small home savings contract, but it was only taken out 2 years ago - it is financed through salary conversion in the preliminary phase.

I was not able to save any equity beforehand because I was able to switch to a much more lucrative job 2 years ago, I went on a big vacation last year, and I will get married this year. Vacation and marriage have (or will) cost a total of 17,000 euros - this money was basically saved by me during that time. Of course, I could have used the 17,000 euros well as equity, but 2 years ago I was not yet thinking about possibly buying a house. Accordingly, it is clearly my oversight that I have no equity - but looking back over the last 2 years, I can say that I can save 8-9,000 euros per year with the current living situation (400 euros warm rent). Clearly, it would be better to save for another 3 years now - then I would have at least about 25,000 euros in equity - but then I would be 43 and would have to calculate almost 3.5% repayment p.a. - also, 3 years in the apartment (65 sqm for two) is really hard. And moving now and calculating again in 3 years only makes limited sense, since moves also cause expenses. In addition, money is currently cheap to borrow - the key interest rate was recently lowered again - what will the interest rate situation look like in 3 years, what about the situation with building land? Currently the sqm costs about 200 euros here - I can well imagine that it will rise significantly in 3 years. It is only speculation, but what use is the higher equity share in 3 years if the costs will rise accordingly?

Hello,

NRW is my area after all ...

Why? If you look at the prefabricated house manufacturers' sites, there are houses starting at 80,000 as a shell house and partly for 120,000 turnkey. But it doesn't matter anyway

That can hardly be indifferent to you because it affects the amount of financing required! The aforementioned prices are nothing but eye-catchers with a long tail.

- I wasn't concerned about whether a house without land is feasible for 150,000. Friends just bought a semi-detached house from the developer for 240,000 euros with 300 sqm of land

Where in NRW and with which post-contractual surcharges? Total sum of all expenses at move-in? A typical semi-detached house of the size 6.00 x 12.00/7.00 x 11.00 m; plastered, single-story with roof pitch 38° currently costs in the Rhineland about EUR 186,000, towards NS about EUR 174,000, towards Hesse and RP about EUR 192,000. Each without painting, flooring, exterior work, extras, and additional construction costs. All in, usually a hefty EUR 80,000 on top if the first positions are executed in self-performance; even more expensive if these trades are subcontracted.

If you seriously consider a construction project in the near future, you should calculate with realistic total values; especially regarding your wishes concerning the financing end. Also because you have no chance to finance land from equity; meaning financing for the later new construction could indeed become a challenge.

Rhenish greetings

Hello,

NRW is after all my area ...


YOU can hardly be indifferent to this, because it affects the amount of financing required! The aforementioned prices are nothing but eye-catchers with a long tail.

That is clear to me - it always depends on whether you buy it ready for finishing or turnkey and what equipment you want

We are talking about the Unna/Holzwickede area here

The end of financing should be in 25-26 years

In your calculation on expense tax the following are missing:

- childcare costs
- as you yourself say: electricity (for whatever reason this is not taken into account)
- the dog has liability insurance and you don’t?

With the house, then missing are:

- property tax
- building insurance
- household insurance
- maintenance

Set aside for depreciation (at the latest with child & house):

- reserves (for the house alone the rule of thumb here says) €2.50 per sqm
- plus reserves for household goods / car
- clothing

With €50 reserves you can only hope to push your car into the workshop once. But then the washing machine must not break down in the following months. That is already (too) little by today’s standards.

Don’t sugarcoat the whole thing. First and foremost you have to convince yourself and be honest with yourself. And it can also turn out that it simply doesn’t work.

I was “shocked” by our truth.

We have a 3-year-old child.
Our calculated fixed costs with the house amount to about €3,000. Of which around €1,500 go to the bank and €500 are reserves. The rest includes EVERYTHING that is actually fixed. Fuel is not a fixed cost, at best a minimum amount for the way to work. Just like clothing.

Then come the costs like: clothes, food, drinks, going out, etc.

In doing so, I arrive at an average monthly burden of approx. €4,400 total. Then there is still a buffer which if it’s gone, it’s gone and if there’s something left it’s also ok.

But I also have respect for people who manage two adults and child(ren) for less than €1,000 (excl. fixed costs) per month.

Hello,

I don’t know what job you do, but you don’t give me the impression of being stupid.

That’s clear to me – it always depends on whether you buy it ready for expansion or turnkey and what equipment you want

My subjective experience with these offers: if you calculate everything that is important and close to your heart into the initial price, you come to completely market-standard values. Which is logical, nobody has anything to give away. Therefore, you can also directly request an offer from a reputable provider; then you will know right away what to expect.

We are talking about the Unna/Holzwickede area here

The values are about 3-5% above the prices for the Rhineland.

Rhenish greetings