Construction financing semi-detached house 130m2 healthy?

  • Erstellt am 2021-06-24 23:42:12
F

Finn_Me

2021-06-24 23:42:12
  • #1
Hello everyone,

we have the opportunity at short notice to purchase a semi-detached house as a new build including the plot and would like to hear your opinion on this.

The financial situation has been checked and also classified as feasible by banks, but that does not necessarily mean anything. Therefore, I am very interested in your assessments.

Thank you in advance!
Finn

General information about you:

    [*]Who are you? Finn, Annika, and Charlotte
    [*]How old are you? 30 years
    [*]Are there children? Yes, one year old
    [*]Are more children planned? Possibly one more
    [*]What do you do for work? I have been working in the public sector for one year and my wife at a large telecommunications company
    [*]Are you employed, self-employed, retired, housewife, househusband etc...? Employed
    [*]How many hours do you work? I 39, she 36.

Income and asset situation:

    [*]What income do you have (gross/net)? Currently 2,600 € / 2,400 € net, from 2026: 2,700 € / 2,700 € net, from 2030: 2,900 € / 2,900 € net etc.
    [*]How much child benefit do you receive? 219 €
    [*]Other transfer payments such as parental allowance, sick pay, etc...? None
    [*]How much equity do you have? 50,000 €
    [*]How much of that equity do you want to invest in the house project? The complete ancillary purchase costs will be paid from that. Approx. 40,000 €

Expense situation:

Current housing costs:

    [*]current cold rent 900 € / month
    [*]current warm rent 1,070 € / month
    [*]electricity 80 € / month
    [*]telephone, internet, mobile phone 125 € / month
    [*]car loan until 2024: 290 € / month
    [*]car insurance 90 € / month
    [*]fuel 300 € / month
    [*]insurance costs: 50 € / month
    [*]groceries: 400 € / month
    [*]telephone/internet/mobile phone/TV: 185 € / month
    [*]Verdi: 27 € / month
    [*]ETF savings daughter: 80 € / month
    [*]daycare until 2025: 278 € / month
    [*]other: 30 € / month
    [*]leisure, drugstore, clothing etc. 600 € / month

Savings:

    [*]maintenance reserve 200 € / month
    [*]savings account/ETF: 650 € / month or everything left over

Income and expenses after moving in:

Total income 5,220 €

    [*]Expenses (installment + ancillary costs) 2,070 €
    [*]Expenses living expenses / leisure 2,300 €
    [*]Total expenses thus 4,370 €
    [*]Balance or savings and reserves 850 €

General information about the property:

    [*]How large is the plot? 300 sqm
    [*]New build, old building (year built), house type? New build, semi-detached house
    [*]Garages? One garage and 2 additional parking spaces
    [*]How large is the house? (living area) approx. 130 sqm

Construction or purchase costs:

    [*]Purchase cost: 512,000 € total including garden, outdoor facilities, terrace etc.
    [*]Ancillary purchase costs (notary, court, real estate transfer tax, broker) without broker: 40,000 € (equity)
    [*]Financing costs: 512,000 €

Necessary loan information:

    [*]Loan amount 512,000 €
    [*]Type of loan (e.g. annuity loan, bullet loan etc.) Annuity loan 392,000 € and KfW loan 120,000 €.
    [*]Interest rate (p.a. nominal, otherwise effective) offers available with 1.7% and 1.1% KfW loan
    [*]Fixed interest period 15 years and 10 years KfW loan.
    [*]Fictitious total term until full repayment: 36 years, KfW loan is to be repaid as quickly as possible
    [*]Initial repayment rate 2%
    [*]Monthly installment: approx. 1,600 €
    [*]Special repayments possible? Yes, up to 5%
    [*]Change of repayment rate possible? (Conditions such as number, repayment rate range) – basically possible
    [*]

    [*]

    [*]

    [*]I hope I have not forgotten anything and I look forward to criticism, suggestions, experiences etc.
 
H

HilfeHilfe

2021-06-25 05:55:24
  • #2
Good morning, the positive thing is that you are already a family and "established in life." You must be aware that you are exchanging a warm rent of 1080 for a burden of 2100 (installment & additional costs). This would mean that you can no longer save at all. Also, the 2% repayment is very low; after 10 / 15 years, there will be high outstanding debts.

How binding is the purchase price/construction price (?)

If the price is fixed, it can be done, but everything will be tight financially in the future.
 
S

Schneckham

2021-06-25 06:12:10
  • #3
Good morning,

It could get tight if more children come and there is only parental allowance for 1 year and depending on how the woman goes back to work afterwards.
Furthermore, you have telephone and internet listed twice with different prices.

Regards
Schneckham
 
Z

Zaba12

2021-06-25 07:17:34
  • #4
There is nothing more to say about the numbers.

I completely agree with the assessment of . I have not checked your expenses for completeness, but if that is true, the €850 savings rate is only virtual anyway, because you always buy something for yourself, the children, the wife or the house outside the regular expenses, and I don’t mean €50 or an unexpected bill from the municipality. For everything else, vacation money and Christmas bonus will have to be used. If you are thinking about special repayments, not much will flow in at the end of the year, in my opinion.

Many people are not aware of this.
 
A

Acof1978

2021-06-25 07:23:43
  • #5


What equity ratio do you have with the loan? We have an offer with €535k loan and 20% equity at 1.1% for 15 years. Maybe there's room for something in the range of 0.x% with you. Every 0.1% makes a five-figure amount over 15 years.

Have you considered the property transfer tax? That really hits hard :-)
The only thing I notice is the savings rate. Am I reading correctly that you only save €650 with that salary? We have "only" €1,000 more and save €2,500 - €2,750 monthly. You have internet, mobile twice listed. That would be about €300 total. A bit much :-)
 
D

driver55

2021-06-25 10:57:57
  • #6
: You are a controller after all.

No company car. The ride costs over €700 per month. And it won’t get really cheaper even after the financing.

With an income of €5200 and a loan over €500,000, saving is out of the question, especially when I currently see €50 on insurance.
 

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