Danii83
2019-09-23 19:02:02
- #1
Hello dear community,
we (35, 37, children 2 & 5) have been living since 2012 in the newly built owner-occupied house at that time. If it matters: the value is about €450,000 with an outstanding mortgage currently of about €220,000. The monthly installment is about €1,600, our family net income monthly between €6,500 and €7,000. Our jobs and incomes are secure (civil servant and employee in public service).
My parents (65 & 70) live 450 km away in their own home (value about €70,000), but would like to move close to us in an age-appropriate way. Now there is a new construction project with age-appropriate condominiums in the neighboring town. These are offered for purchase at about €300,000 or for rent at €850 cold rent. They only want and can rent.
We have now considered having a financing calculation done for the purchase. However, we would not want/could not provide any equity except for the incidental purchase costs. The installment, on the other hand, could be higher than €850, even if this would not be asked from them as rent but would be borne by ourselves.
The idea is primarily that my parents can spend their retirement nicely and securely without fear of termination due to personal use when they give up their own home. And in addition, it would be a kind of additional retirement provision for us if we later owned the condominiums.
What do you think about these considerations? Or even better, what do banks say about such constructions?
Thank you very much in advance.
we (35, 37, children 2 & 5) have been living since 2012 in the newly built owner-occupied house at that time. If it matters: the value is about €450,000 with an outstanding mortgage currently of about €220,000. The monthly installment is about €1,600, our family net income monthly between €6,500 and €7,000. Our jobs and incomes are secure (civil servant and employee in public service).
My parents (65 & 70) live 450 km away in their own home (value about €70,000), but would like to move close to us in an age-appropriate way. Now there is a new construction project with age-appropriate condominiums in the neighboring town. These are offered for purchase at about €300,000 or for rent at €850 cold rent. They only want and can rent.
We have now considered having a financing calculation done for the purchase. However, we would not want/could not provide any equity except for the incidental purchase costs. The installment, on the other hand, could be higher than €850, even if this would not be asked from them as rent but would be borne by ourselves.
The idea is primarily that my parents can spend their retirement nicely and securely without fear of termination due to personal use when they give up their own home. And in addition, it would be a kind of additional retirement provision for us if we later owned the condominiums.
What do you think about these considerations? Or even better, what do banks say about such constructions?
Thank you very much in advance.