Construction financing 40,000€ equity, tied to a condominium

  • Erstellt am 2016-08-16 12:09:31

ypg

2016-08-16 14:56:14
  • #1
But there is quite a lot of optimistic calculation here, aside from the fact that a fence, a prefabricated house, and Kfw55 are not necessary because they drive up costs.
No special equipment included, no outdoor facilities included, 5000 for EL materials is very tight, surely some things are still missing?
And the embellished expenses certainly do not include the depreciation or replacement of the cars as well as the financing costs, etc.
3400-2200 is then also 1200 and not 1300-1400.
Basically and meticulously calculate the real costs and income together, I hardly see anything to splurge on, as much as it pains me.
 

Xhnnas

2016-08-16 15:08:36
  • #2


Hey,

that can’t quite be calculated like that:

2400€
of which 560€ currently go to the apartment (interest + repayment + service charges)
850€ are due to parental leave until the end of the year
289€ to a car loan that expires in December
250€ into a building savings contract (or several) that will be dissolved soon

That leaves 450€ that we currently have to live on

So a second offer today was 1185€/month at just under 2% interest.

: I don’t want to sugarcoat anything here, it doesn’t help me to stand with nothing in two years because we took on too much. Why do you think the house price would rise again by 30k€ and the ancillary construction costs are too low? I have already budgeted more than twice as much for groundworks as was suggested.
 

Jochen104

2016-08-16 16:04:03
  • #3
Besides the points mentioned by Yvonne ( ) and me, you hopefully have also included the prepayment penalty for the repayment of the housing loan, the costs for the land charge registration, etc. in the expenses, as well as a reserve for the next car (or for repairs, etc.), childcare costs, etc. in your expenses? Sorry if I ask this so provocatively. But it feels very tight to me instinctively. And you also have a bad feeling about it. That's why you should be honest with yourself and put everything down on a piece of paper (or an Excel sheet).
 

Trommo

2016-08-16 17:21:54
  • #4


Leisure and clothing are, however, a significant item in typical expenses. Please calculate honestly here and plan for it, otherwise you will be very unhappy.

In general, 35 years is a very high risk. It lasts until retirement or even beyond. Some kind of income loss and that’s it for the house. I definitely wouldn’t do it that way.
 

Payday

2016-08-17 18:35:32
  • #5
We have just under 4k net (not gross) household income and are financing €270,000. With 2% repayment, that results in just under €1000 per month. If one person drops out, there is normally also 60% for some time (e.g. sickness benefits or parental leave) and you can easily get through it. It won't be much more for you then either. Maybe it would be an idea if you buy a used property or even a bit smaller? A terraced house or semi-detached house or even "just" a nice large condominium. In areas with high land prices, there are also significantly more high-quality condominiums. We hardly have anything like that here, because everyone with "some" money immediately builds their own house. PS: Value increases of 2% per year could possibly happen, but you also pay that much interest ^^ in the end, you haven't really gained anything from it.
 

Tego12

2016-08-17 18:59:09
  • #6
Phew. You can fudge the numbers a lot, even regarding the installments, and every second financial broker will offer you a "great" financing, but:

3,400 net doesn't even come close with two eyes to a loan amount of €400,000. On top of that comes the construction cost risk, as has been mentioned here several times. There’s always something else added...

Total installment (KFW + rest) ~€1,400. Additional costs ~€300 => €1,700. What about the maintenance reserve? The outdoor facilities in DIY also cost a lot at the beginning, complete furnishing, children will get significantly more expensive over time, etc.

Don’t fool yourself, it’s simply one size too big!
 

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