haussuche123
2024-01-11 19:08:34
- #1
: Thank you for your contribution. We will definitely recalculate very precisely how we will approach the project existing property and/or new construction.
Today we had an appointment with the financing advisor, who went through different calculations with us. Soon there will also be an appointment with a building expert, so that we can look at both properties again with an independent expert.
Assuming we would decide on one of the two existing properties. Originally, we thought we would fully finance the purchase price (except for incidental purchase costs) and use the equity for the first major renovations. Now the advisor told us today that in such a case the bank would still assume a 100% financing because with our equity we could theoretically do whatever we want, meaning the bank would have no security that we actually invest the money in the renovation. Accordingly, they would also apply the worse interest rate. Does that mean we have to obtain quotes from craftsmen etc. in advance and then add these costs to the financing, so that the original €235,000 property value becomes €335,000 and we simply contribute €100,000 of that as equity? Or how is that done, because so far our equity has been considered as 0....
Today we had an appointment with the financing advisor, who went through different calculations with us. Soon there will also be an appointment with a building expert, so that we can look at both properties again with an independent expert.
Assuming we would decide on one of the two existing properties. Originally, we thought we would fully finance the purchase price (except for incidental purchase costs) and use the equity for the first major renovations. Now the advisor told us today that in such a case the bank would still assume a 100% financing because with our equity we could theoretically do whatever we want, meaning the bank would have no security that we actually invest the money in the renovation. Accordingly, they would also apply the worse interest rate. Does that mean we have to obtain quotes from craftsmen etc. in advance and then add these costs to the financing, so that the original €235,000 property value becomes €335,000 and we simply contribute €100,000 of that as equity? Or how is that done, because so far our equity has been considered as 0....