Experiences buying a house without equity?

  • Erstellt am 2024-04-30 17:38:20

Mühlentraum

2024-05-01 08:49:26
  • #1
Thank you for the answer! We started working full-time in 2019. Until 2020, we paid off our student debts (€12k) and in 2021 we moved (kitchen/furniture €6k). In 2022, we bought a car (€7k). Our daughter was born in 2022, I was on parental leave for 12 months, my husband for 9 months, of which 7 months were unpaid; that “cost” us about €18k. I hope this gives you an idea of where our money has gone so far. Otherwise, we don’t have any expensive hobbies, except maybe slightly higher grocery expenses… We are currently saving between €1,000 and €1,500 monthly – move-in is scheduled for the end of 2025, and from the savings by then we plan to pay for the kitchen/furniture. Our furniture/kitchen is still fairly new (see above) and we plan to take most of it with us at first.
 

CC35BS38

2024-05-01 09:01:52
  • #2
I am not very familiar with the hereditary lease topic, but I would consider it for new construction.
 

Mühlentraum

2024-05-01 09:14:51
  • #3


In fact, there is no real alternative in our situation. In the same building area, an almost identical house is being built without a leasehold plot, for just under 120k more. With our unfavorable conditions, the monthly payment looks completely different: 3000€ per month just for the house installment is definitely completely beyond any possibilities. (Our financial advisor had already checked that, which is why I was also "offered" the 3000€ installment…)
 

Ubibubi

2024-05-01 10:39:04
  • #4
I think you can afford it overall. The net income is high and stable, and with the [kfw 300] you currently have a one-time advantage, and the total rate is manageable in your case. Until the end of 2025, you can also save up additional equity for extra furniture & kitchen.

The only thing I still notice is that you don't have a risk buffer as equity in case something unexpected happens. Could you count on support in an emergency, e.g., from your parents?

Side question: Doesn't the [kfw 300] have a 20-year fixed interest period? According to the website, yes.
 

Mühlentraum

2024-05-01 10:44:47
  • #5
Our parents have no assets they could give us, but we could borrow 10-20k for unforeseen events.

The 20-year term then has a correspondingly significantly higher interest rate...
 

nordanney

2024-05-01 11:52:32
  • #6

If you pay an interest premium of almost 2.5%, then yes.
 

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