der-snert
2011-09-18 17:50:23
- #1
Hello everyone,
a brief foreword:
We (33 + 34 years old) are planning to have a small house built soon.
There are no kids yet – we are still practicing because one is supposed to come :)
Since we cannot afford any property in the region where we currently live (simply way too expensive), we have now found a nice building area in the surrounding area. Here, the building plot is still affordable (210€ / sqm).
Today we fiddled around with Excel and the calculator:
Plot costs approx. 110,000€
In addition, property transfer tax (5%) + notary fees (1.5%)
And of course a house with a bit of garden.
The house is supposed to be a timber frame house with approx. 140 sqm without a basement. Heated with a gas heating system + solar support.
We have saved about 87,000€ as equity.
Current monthly net income is approx. 5,000€, of which – when the child is here – 2,000€ will be lost. Therefore, we calculate with the remaining 3,000€. If there is parental allowance, we would rather save it or allocate it for other things....
With a 15-year financing, we can currently borrow 250,000€ without it strangling us (that’s about 1,050€ installment/month).
The plan is:
200,000€ through the bank with 1% repayment and 15 years fixed interest
50,000€ through KFW55 loan (30/8/10)
1% repayment because we have a special repayment right here. I would rather save 200€ / month in a daily allowance account to then increase the repayment to 2% through special repayments than bind myself. We currently have a bad case in our circle of friends where 150€ / month really is missing due to a short bottleneck.
KFW loan because the interest is a bit cheaper + lower loan-to-value ratio at the bank = better interest rate.
I’ll just post our calculation here, maybe one of you can take a look to see if it makes sense:
Plot 110,000
Additional costs 7,150
Total 117,150
Equity - plot/additional costs = -30,150
Mortgage 250,000
Remaining approx. 220,000 for house and garden
Question 1:
If I roughly calculate, I arrive at a price of approx. €/sqm of 1,500 without garden. Does that fit including connection costs, painting work, industrial parquet, etc.? Or is that completely unrealistic? The house providers always tell you that it fits.
I have an offer from "ProHaus" (prefab house) here, which fits. However, it is supposed to be not a prefab house, but rather a semi-prefab house (holzbau-rosenthal).
Question 2:
Equity ratio:
Is this correct: equity - additional costs / total costs
87,000 - 7,150 / 330,000 = 24%
I was told that 20% + additional costs in savings should be there to make it look somewhat solid.
I hope I have given all the information you need to read through this once. If anything is missing – just let me know. I have a huge folder and a thick Excel sheet here :-)
a brief foreword:
We (33 + 34 years old) are planning to have a small house built soon.
There are no kids yet – we are still practicing because one is supposed to come :)
Since we cannot afford any property in the region where we currently live (simply way too expensive), we have now found a nice building area in the surrounding area. Here, the building plot is still affordable (210€ / sqm).
Today we fiddled around with Excel and the calculator:
Plot costs approx. 110,000€
In addition, property transfer tax (5%) + notary fees (1.5%)
And of course a house with a bit of garden.
The house is supposed to be a timber frame house with approx. 140 sqm without a basement. Heated with a gas heating system + solar support.
We have saved about 87,000€ as equity.
Current monthly net income is approx. 5,000€, of which – when the child is here – 2,000€ will be lost. Therefore, we calculate with the remaining 3,000€. If there is parental allowance, we would rather save it or allocate it for other things....
With a 15-year financing, we can currently borrow 250,000€ without it strangling us (that’s about 1,050€ installment/month).
The plan is:
200,000€ through the bank with 1% repayment and 15 years fixed interest
50,000€ through KFW55 loan (30/8/10)
1% repayment because we have a special repayment right here. I would rather save 200€ / month in a daily allowance account to then increase the repayment to 2% through special repayments than bind myself. We currently have a bad case in our circle of friends where 150€ / month really is missing due to a short bottleneck.
KFW loan because the interest is a bit cheaper + lower loan-to-value ratio at the bank = better interest rate.
I’ll just post our calculation here, maybe one of you can take a look to see if it makes sense:
Plot 110,000
Additional costs 7,150
Total 117,150
Equity - plot/additional costs = -30,150
Mortgage 250,000
Remaining approx. 220,000 for house and garden
Question 1:
If I roughly calculate, I arrive at a price of approx. €/sqm of 1,500 without garden. Does that fit including connection costs, painting work, industrial parquet, etc.? Or is that completely unrealistic? The house providers always tell you that it fits.
I have an offer from "ProHaus" (prefab house) here, which fits. However, it is supposed to be not a prefab house, but rather a semi-prefab house (holzbau-rosenthal).
Question 2:
Equity ratio:
Is this correct: equity - additional costs / total costs
87,000 - 7,150 / 330,000 = 24%
I was told that 20% + additional costs in savings should be there to make it look somewhat solid.
I hope I have given all the information you need to read through this once. If anything is missing – just let me know. I have a huge folder and a thick Excel sheet here :-)