shibboleet
2023-07-10 00:20:35
- #1
Hello,
we are trying to get an objective second opinion from outsiders this way.
General information about you:
Income and asset situation:
Housing costs:
Mobility costs:
Due to 2 cars, annual fixed costs of €1200 plus approx. €2000 fuel (= €265 / month for mobility)
Living expenses:
We have kept a household budget for 2 years and have average expenses for food, household, leisure, and everything that comes up between €1400 and €1700 per month
Insurance costs including retirement provision
€285 / month
Savings
€1350 / month
Other expenses:
none
General information about the property:
Other costs:
Renovation backlog! The last modernization was 20 years ago, the gas heating, both bathrooms, and windows are from that time and still okay so far
Electricity must be completely renewed. The roof is watertight but has no insulation, which we want to have renewed in the next 3-5 years (including solar), then possibly the heating. Costs may also arise at some point to maintain the cellar. Otherwise: install kitchen, fresh wallpaper on the walls and move in. Everything else we will do gradually.
Cost summary
Purchase price €300,000
Notary / land registry €5,900
Land transfer tax €17,700
Broker fees €0 (yeah)
Equity €100,000
Loan amount €218,600
Interest rate 3.6%
Monthly installment €1,200
Repayment 2.97%
Costs for moving in:
Electricity: 10k for the essentials (with a lot of personal work), further measures over the next years
Kitchen: 10k
Wallpaper, paint, miscellaneous: 5k
From the above figures, after deduction of the repayment and all ongoing costs, a monthly surplus of at least €1200 results, which we save for roof renewal and all other costs that will arise. There will be quite a lot because only the minimum has been done / maintained on the house in recent decades. Cables and pipes run there somewhat 'adventurously'. Since we will not need all rooms immediately, some rooms will probably be renovated gradually.
We can certainly manage the purchase; everything else regarding renovations and repairs will be our task for the next years if not decades.
we are trying to get an objective second opinion from outsiders this way.
General information about you:
[*]Who are you? 32 and 35, unmarried
[*]Are there children? 1 child
[*]Are more children planned? at least 1 more child in the next 5 years
[*]What do you do professionally? He: IT sector, She: laboratory technician, both permanently employed for >10 years
[*]How many hours do you work? 100% / 80%
Income and asset situation:
[*]What income do you have (gross/net)? He: net 2900 / She: net 1900 (variable bonuses, 13th salary not included)
[*]How much child benefit do you receive? 250,-
[*]How much equity do you have? 135,000
[*]How much equity do you want to invest in the house project? 100,000 in the financing, 25k for initial renovations and moving in, 10k as reserve / emergency fund
Housing costs:
[*]current cold rent: 580
[*]current warm rent: 760
[*]electricity: 130
[*]gas, water, etc.: included in warm rent
[*]telephone, internet, mobile phone: 65,-
Mobility costs:
Due to 2 cars, annual fixed costs of €1200 plus approx. €2000 fuel (= €265 / month for mobility)
Living expenses:
We have kept a household budget for 2 years and have average expenses for food, household, leisure, and everything that comes up between €1400 and €1700 per month
Insurance costs including retirement provision
€285 / month
Savings
€1350 / month
Other expenses:
none
General information about the property:
[*]How big is the plot? 1000 sqm
[*]What are its dimensions? 17x60m
[*]What is the standard land value? €290/sqm
[*]New building, old building (year built), type of house? Year built 1905
[*] ? Available + outbuildings, shed, barn
[*]How big is the house? approx. 170 sqm on 2 floors (+ attic expansion would be possible)
[*]What is the market value of the land and house after completion? I can’t say, the rear part can still be used as a building plot, but it should remain a garden
Other costs:
Renovation backlog! The last modernization was 20 years ago, the gas heating, both bathrooms, and windows are from that time and still okay so far
Electricity must be completely renewed. The roof is watertight but has no insulation, which we want to have renewed in the next 3-5 years (including solar), then possibly the heating. Costs may also arise at some point to maintain the cellar. Otherwise: install kitchen, fresh wallpaper on the walls and move in. Everything else we will do gradually.
Cost summary
Purchase price €300,000
Notary / land registry €5,900
Land transfer tax €17,700
Broker fees €0 (yeah)
Equity €100,000
Loan amount €218,600
Interest rate 3.6%
Monthly installment €1,200
Repayment 2.97%
Costs for moving in:
Electricity: 10k for the essentials (with a lot of personal work), further measures over the next years
Kitchen: 10k
Wallpaper, paint, miscellaneous: 5k
From the above figures, after deduction of the repayment and all ongoing costs, a monthly surplus of at least €1200 results, which we save for roof renewal and all other costs that will arise. There will be quite a lot because only the minimum has been done / maintained on the house in recent decades. Cables and pipes run there somewhat 'adventurously'. Since we will not need all rooms immediately, some rooms will probably be renovated gradually.
We can certainly manage the purchase; everything else regarding renovations and repairs will be our task for the next years if not decades.