Buy a single-family house - where to start??

Hello!

So we are planning to acquire property. Unfortunately, we have no idea where to start. Maybe you could give us some tips here.

So we have no equity, well, a little bit, but that is a reserve and should remain so.

What we would like: a single-family house from 160 m² + garage on as large a (garden) plot as possible, with a basement. Especially due to the possibly low costs, it will be a prefabricated house. Which type exactly, no idea. We also don’t yet know how high the equity portion (interior finishing) will be.

Currently, we could pay 700 EUR as an installment, but from 2012 on, we can manage 800 EUR more. So it would make sense for the financing to have a special repayment clause so that after about 2.5 years, more can be paid. I have already "calculated" this once. After 20 years, we should reach 360,000 EUR. Of course, a lot will happen in 20 years, so we certainly won’t come to this amount; thus it can be said that we have amortized 300,000 EUR after 20 years.

We actually didn’t want to spend more than 250,000. That should really be the max amount. Of course, this includes all costs (e.g. entire interior fittings, notary, etc.)

How realistic is that? On TV, you are repeatedly shown that it is possible and even for less money, under 200,000 EUR.

Hope this info is enough for now to help me further.

Regards

Dennis

Hello Dennis,

unfortunately, 700 € per month will not be enough. Use the time to save up, you should have around 20-50,000 € in equity for that amount, and then just get in touch again in 2012. If you want to pay off 300,000 € in 20 years, you will pay about 600,000 € back to the bank, so about 2500 €/month.

HI!

No, you misunderstood or I expressed myself incorrectly. I want a MAX: 250,000 EUR no more! After 20 years, I have repaid 300,000 on my calculated amount. That's what I meant!

I already understood you, only that after 20 years you still have 15-20 years left to pay off. With low interest rates and, for example, 1% repayment, you pay back two to three times your loan amount to the bank ;)

As an example, after 10 years you have repaid at most 5-10% of your original sum, 90-95% still remain outstanding.