johnmanfred
2021-01-01 17:08:47
- #1
Hello everyone,
happy new year to start with.
We have the chance to buy the house we are living in. It is a house from 2002, currently occupied by us.
I am stunned by the real estate prices asked for in other parts of Germany.
We are in the province of Saxony-Anhalt and can take over this house.
Key data:
Living space: 206 sqm
Plot: 580 sqm
As mentioned, the house is from 2002 and in good condition, but minor work is necessary and we would like to renovate the driveway and the bathroom. Since my wife has been working full-time only since last year (previously studying, teacher training, parental leave), our equity is still very low because I was the sole earner for a long time.
We have a household net income of about €6,250 including child benefit (1 child) and currently need about €2,500 per month including rent for the house (€680).
For the project, we have now requested a loan of €230,000. This also includes a budget for renovations.
The additional costs (€14,000) will be covered from our equity.
We have received the following offer:
Amount: €230,000
Monthly installment €800
Fixed interest period 10 years (no longer was possible)
Nominal interest rate 1.09%
Term just under 28 years, so before our retirement. (33 & 35 years old)
We deliberately waived special repayment options because we want to modernize gradually and save at the same time, so that after the fixed interest period about €50,000 can be repaid so that only €100,000 remain. The offer is from the local savings bank.
I consider this a solid concept. But I am an amateur. Is there perhaps any input on this?
I know more equity would be better for the conditions, but the house is to be sold NOW, we save the move and the real estate agent.
Regards.
happy new year to start with.
We have the chance to buy the house we are living in. It is a house from 2002, currently occupied by us.
I am stunned by the real estate prices asked for in other parts of Germany.
We are in the province of Saxony-Anhalt and can take over this house.
Key data:
Living space: 206 sqm
Plot: 580 sqm
As mentioned, the house is from 2002 and in good condition, but minor work is necessary and we would like to renovate the driveway and the bathroom. Since my wife has been working full-time only since last year (previously studying, teacher training, parental leave), our equity is still very low because I was the sole earner for a long time.
We have a household net income of about €6,250 including child benefit (1 child) and currently need about €2,500 per month including rent for the house (€680).
For the project, we have now requested a loan of €230,000. This also includes a budget for renovations.
The additional costs (€14,000) will be covered from our equity.
We have received the following offer:
Amount: €230,000
Monthly installment €800
Fixed interest period 10 years (no longer was possible)
Nominal interest rate 1.09%
Term just under 28 years, so before our retirement. (33 & 35 years old)
We deliberately waived special repayment options because we want to modernize gradually and save at the same time, so that after the fixed interest period about €50,000 can be repaid so that only €100,000 remain. The offer is from the local savings bank.
I consider this a solid concept. But I am an amateur. Is there perhaps any input on this?
I know more equity would be better for the conditions, but the house is to be sold NOW, we save the move and the real estate agent.
Regards.