Compare construction financing offers - Which one is realistic?

2018-08-23 12:57:58

One can only hope for these people that they come to their senses in time and take the advice seriously.

2018-08-23 13:09:23

Yes, otherwise in 10 years there will be a nice house to buy in BB and quite cheaply from a foreclosure....

Please play around with the numbers yourself and use the relevant calculators.... I certainly couldn't sleep at 2,200....
We earn more and finance less and are younger, and I already had stomach aches....

2018-08-26 12:56:13

I am also speaking up now. Our net income looks very similar at €5400 for 2 adults and 2 children. We currently only have €10k in equity, are planning our house construction, and have financing offers on the table. We dream of staying at a total financing amount of €400k for a reserved plot priced at €115k. One offer calls for about €1450 with a fixed interest rate for 15 years at 2.25% interest and 2% repayment. Since we do not yet know exactly where we will end up with the total financing amount, we have set a last limit of €1600 burden. If it goes beyond that, we will give up / downsize / look for another plot. I could absolutely not imagine a higher burden; I advise you to temporarily park the calculated loan burden monthly in a Tagesgeldkonto or similar. This way you can already "feel" whether that is okay for you and additionally accumulate equity...

2018-08-26 13:04:42

I will now also speak up. Our net income is very similar at €5400 for 2 adults and 2 children. We currently have only €10k in equity, are planning our house construction, and have offers with financing proposals on the table. We dream of staying within a total financing amount of €400k for a reserved plot of land priced at €115k. One offer calls for about €1450 with a fixed interest rate of 2.25% for 15 years and a repayment rate of 2%. Since we do not yet know exactly where we will end up with the total financing amount, we have set a final limit of €1600 for the burden. If it goes beyond that, we will give up / downsize / look for another plot.
Under no circumstances could I imagine a higher burden; I advise you to try parking the calculated monthly loan burden in a daily money account or similar. This way you can already "feel" if that is okay for you and meanwhile accumulate equity...

Wise words, do you know your weaknesses regarding equity?

2018-08-26 13:11:53

Unfortunately, yes. This can be explained by parental leave, car loans, daycare fees, and very long commutes to work. I currently drive 2*60km and my wife 2*40km daily to/from work. We have focused on paying off the loans and have made many special repayments there. However, we are now lacking money for equity. We both drive regular vehicles but have not been in the profession for very long. Of course, "something" is added every month, but it is still far too little.

2018-08-26 15:22:27

Maybe you can't have everything at once ... ?

400k and 115k of that for land. What kind of house do you intend to build with that?
Switch to saving mode and check again in three years.

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Compare construction financing offers - Which one is realistic?

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