Assessment of financing scope for the purchase and renovation of a single-family house

  • Erstellt am 2022-01-28 23:48:44

EinBerliner

2022-01-29 09:39:59
  • #1
About 320,000 euros. Basically, with the same conditions, we would be pretty much covered until retirement. But an interest rate increase is of course likely. Therefore, the plan would be to implement special repayments with the variable salary component (which is an additional 10-20k euros net per year in good years, but almost 0 euros in bad years) and if both work largely full-time again. Thanks for the question, it’s a good point to clarify this again with the follow-up financing.
 

Elokine

2022-01-29 10:12:38
  • #2
You wrote that the parental allowance is not yet included in the 5700. The woman also seems to earn quite well with a total net income of 8500, so that even with little weekly working hours a decent contribution is possible here after the parental leave period. Loan amount and installment should therefore not be a problem, even with "only" one salary. We have 2 free repayment rate changes included during the term, one of which we will definitely use if I work more again. That could also make sense for you.
 

Kokovi79

2022-01-29 10:21:21
  • #3
I don't see a problem there either. However, please calculate whether the energy renovation is economical, meaning whether you will eventually "recover" the costs for the insulation - if not, then skip it, or invest the money better in things that also make living in the house "nice".
 

EinBerliner

2022-01-29 10:57:57
  • #4
Well, according to the energy certificate, the house currently has 300 kWh/m2, which is very high and is likely to significantly affect living comfort with 3 exterior walls. Since we will be replacing the old 60s windows anyway, would need new radiators, and the facade also deserves a new coat of paint, we want to do it properly right away and then be future-proof and have peace of mind. Whether exactly as in the architect's preliminary calculation would certainly have to be examined in detail. It certainly also depends on whether/when/and at what level funding will be available again.
 

Tassimat

2022-01-29 12:26:20
  • #5
- Income is great
- Loan amount is appropriate
- Renovation costs are set nicely high (realistically)
So no concerns on my part.

Maybe it’s worth waiting half a year for the new [KFW] funding? It’s a risky game. Funding vs. rising interest rates, increasing construction prices, and paying rent longer.
 

EinBerliner

2022-01-29 12:59:16
  • #6

Thanks for the assessment, I’m slowly feeling a bit more relaxed. I had expected more warning voices, but then it should probably fit quite well after all.

The architect calculated the renovation costs; my first estimate was rather around €200k. You can see, despite research, it makes no sense to calculate something like this without a professional.

Yes, the thing with KfW is annoying. We wouldn’t really want to wait, but we’ll certainly first carry out the demolition work inside, since it has nothing to do with KfW, and hope that maybe in 2 months there will at least be an outlook on how to proceed. Otherwise, perhaps tap into a few small other funding sources for individual measures and get annoyed that the funding is resumed exactly at the completion of the project ;)
 

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