Cost - Adding a small existing family house to a home

Hello everyone! I have a few questions. I am now 22 years old and would like to build my own home onto an existing house at my grandmother's in about 4-5 years. It should be about 80 sqm in bungalow style. It is very difficult to plan costs and I wanted to ask here what you would estimate I need to completely plan for there? I would of course also like to save something now and wanted to ask what is most sensible there. [BAUSPARVERTRAG]? My net salary is about 1500 euros. Is it possible to finance a home on my own with that? What would I have to plan monthly besides the repayment for the house, in additional costs? Many questions, but I would appreciate any answers. Regards

Hi,

if I understand correctly, the property already exists and the costs would then not be incurred. If it is only about an extension, I would estimate around 100,000 euros.

by Hellboy

Hello,

thinking like this at 22 years old is rare but totally positive ^^.

Since I am also currently in the building planning phase, here is my compiled knowledge or half-knowledge ^^:

- Rule of thumb 30-35% maximum for house financing from salary
- Building permits would exist?

How does it look so far, how much can you save? Are you already paying rent or living at home?

Keep in mind with your saving idea you are still young and probably want to experience a bit more, by that I mean vacations or going out extensively on weekends. Or financing a car.

Here is an example for a building project worth 100,000 euros:

Equity

Your equity 25,000.00 €
Girlfriend

Sum: 25,000.00 €

Financing maximum is therefore 75,000.00 €
to consider the 25% equity ratio
I assume for safety reasons a 25% equity ratio. That means you should have 25,000 equity.

Rent: - €
Saving rate: - €

Sum: - €
How much do you manage to accumulate?

Loan calculator

Loan amount: 75,000.00 €
Nominal interest rate: 0.05 percent
Interest fixation: 10 years

Monthly rate: - €

Month Remaining debt Rate Interest Repayment Remaining debt



1 75,000.00 € - € 312.50 € 75,312.50 €

2 75,312.50 € - € 313.80 € 75,626.30 €

This is an example calculation with 5% interest; you still have to add your repayment amount that you can afford.

I have created an Excel spreadsheet that calculates such things.
With fixed costs, etc. I can gladly share it here for improvement and further use.
Then you can see how long the loan needs to be paid off and how much installment you can afford or how the money should be allocated into the house.

Best regards

Hello,

if you want to finance everything with a building savings contract, you have to save half of the money in such a contract. That is hardly achievable in a few years.
But you can use the time to save as much equity as possible.

Eisbär

Hello, if you have 1500 net then it could already be tight, because even with equity you will certainly have a rate of 600 -700 euros. This then corresponds to the cold rent. In addition, the remaining costs such as heating and electricity come on top. You should also set aside money for extraordinary expenses, such as buying a new car. Balser

Do the 30-35% of the salary then refer to repayment including ancillary costs or exclusive??