Danton
2009-05-30 12:16:57
- #1
Hello hausbau1987, hello everyone,
already so sensible at such a young age, respect.
An extension with 80m² of living space (without basement) would indeed cost about €100,000 (standard quality).
I would rather advise against financing this amount through a [Bausparvertrag]: very low interest on savings during the accumulation phase and very high monthly burden during repayment due to a very high repayment rate. Quite high closing fees (commission for the seller).
At the start of financing, at least 20% should be available as equity, so until then, invest as much as possible each month profitably.
For the financing, I take the safe side and assume a loan of €100,000. The more equity available, the better. Assuming 5% interest and 1% repayment (together 6%) would mean the following monthly burden:
100,000 x 6% = €6,000/year
6,000 / 12 months = €500/month
This would be equivalent to the cold rent in the new house. Additional costs must be added to this monthly burden.
The duration of the financing would be about 30 years.
With a higher repayment rate (1.5% or 2%), the duration would decrease accordingly and the total amount of interest and compound interest would be significantly lower with a shorter term.
As you can see, this means committing financially over a long period. That needs to be well considered.
already so sensible at such a young age, respect.
An extension with 80m² of living space (without basement) would indeed cost about €100,000 (standard quality).
I would rather advise against financing this amount through a [Bausparvertrag]: very low interest on savings during the accumulation phase and very high monthly burden during repayment due to a very high repayment rate. Quite high closing fees (commission for the seller).
At the start of financing, at least 20% should be available as equity, so until then, invest as much as possible each month profitably.
For the financing, I take the safe side and assume a loan of €100,000. The more equity available, the better. Assuming 5% interest and 1% repayment (together 6%) would mean the following monthly burden:
100,000 x 6% = €6,000/year
6,000 / 12 months = €500/month
This would be equivalent to the cold rent in the new house. Additional costs must be added to this monthly burden.
The duration of the financing would be about 30 years.
With a higher repayment rate (1.5% or 2%), the duration would decrease accordingly and the total amount of interest and compound interest would be significantly lower with a shorter term.
As you can see, this means committing financially over a long period. That needs to be well considered.