Feedback on financing requested (purchase price 222,000)

Costs:
- 450 credit for condominium
- 250 private reserves for condominium
- 700 current rent all inclusive (will no longer apply when moving into the house)
- 200 for internet, mobile phone, pay-TV, other small expenses
- 100 private insurance
- 800 vehicle tax / insurance
- 300 fuel / train ticket / travel expenses
= 2800 euros costs / month

Do you pay 12*800€ vehicle insurance? I would consider switching then. If you pay 1/12 of the 800€, that is more realistic. 1200 € per year for private insurance is also estimated high, but that could be accurate.

How much can you save monthly at the moment? Is the car financed or already paid off? When will a replacement purchase be necessary? Such questions will come up for you.

super, thanks for the hint. That is of course not true. Both cars are less than 2 years old and fully paid; no financing and/or credit. The 800 euros are of course per year, so we simply make it 100/month. With the second income, we can currently definitely save 1,000 / month, but it is still quite new since B has only been working for 2 months and before that we lived only from A’s income with corresponding additional costs for language school, additional costs for ABH and similar.

So I am at monthly fixed costs of about 2100 euros instead of 2800!

@ DNL: Those are the kind of answers I was hoping for and not those that miss the point.

Where is the thinking error? Where are current additional costs to be expected that are not covered by equity? Please break it down if you define it so concretely.

The fact from my point of view is: 10,000 reserves for floors and walls are available 8,000 reserves for kitchen are currently being built up and will be available at the move-in date 187,000 external capital is needed, I cover the remaining 35,000 ceiling through - existing - equity

There is still the move for 1,000 euros, 150 euros for the door lock including key and from me 500 euros for the garden gate. Let’s add another 350 euros for small things like address changes, mailbox or family name sign and house number. That makes 2,000 euros, I can also manage that, we do not need to philosophize about it now.

It is clear that additional costs for a few extra pieces of furniture will arise, but that probably does not belong in the financing or evaluation of income/expenses in house construction. Also, a complete finishing of all rooms etc. would be possible afterwards if it really became financially tight.

So which significant additional costs are missing from your point of view?

Once again: I have asked concrete questions on the topic of financing and income/expenses and not on the topic of construction, location, scope, technical description or anything else. If I say that the house is turnkey (with listed exceptions) then it is so and must not be questioned and therefore also does not have to be answered to open up sidetracks. It simply does not belong to the topic.

As for the rest of your post: LOL. I do not beat my chest, but consider it extremely unprofessional of moderators to publicly make fun off-topic about the way a case description is done. If they have nothing to say on the topic of financing and costs, they should simply leave it alone. All topic-related questions or feedback have been answered by me—as far as I have not overlooked anything—and I try to present this transparently and also broken down (also so as not to lie to myself). Whether the house is now built in OWL, Kleve, Cologne or in the Ruhr area is completely irrelevant when it comes to the financial situation and/or its evaluation.

According to my plan at home, I have broken down the following costs on a monthly basis:
Apartment A (condominium):
Loan -480.00 €
Reserves -250.00 € (voluntary for me, no homeowner association)
Property tax -40.00 €
Rental income 500.00 €
= -270 €

Apartment B:
Rent -575.00 €
Electricity -60.00 €
Parking -60.00 €
= -695 €

Other:
GEZ -20.00 €
Sky -40.00 €
UnityMedia -20.00 €
Mobile phone 1 -25.00 €
Mobile phone 2 -20.00 €
Private insurance -50.00 €
= -185 €

Car / Train:
Car tax 1 -15.00 €
Car insurance 1 -35.00 €
Car tax 2 -10.00 €
Car insurance 2 -30.00 €
Gasoline -200.00 €
Train ticket -80.00 €
= -370 €

Household:
Groceries / household -600.00 €

Total: -2,120 €

This is all calculated generously and realistically amounts more to the above-mentioned 2,100 / month. On the other hand, there is a _fixed_ income of 3,200 plus the income from B, currently 1,200 euros.

For the construction, the following are added or eliminated:
-695 for the rental apartment (Apartment B) (will be eliminated)
+400 additional costs for house including electricity, insurance, water, etc.
+1,100 loan for house
= 805 euros additional costs

According to this calculation, I am still in the black overall if only the income from A is considered (3,200 - 2,120 - 805 = 275). In addition, there is the income from B, which can at least partially be counted (probationary period). Nevertheless, the current situation is such that the takeover is highly likely (according to team leader and colleagues).

Regarding this topic, I am grateful for any assistance or comments; the subject of construction costs or the region does not need further discussion.

During B's probation period, not one euro of the salary is credited, and then the foreign status of person B still needs to be clarified. And for the bank's risk assessment, the property and the location must be considered. In my opinion, this is where the greatest uncertainty lies.

The calculation for apartment A is incorrect, because where is the taxation of rental income and the resulting tax burden from V+V?

2640 euros in taxes for 2 cars? 16-cylinder tank car?

The household budget of 600 euros is quite tight but can work. Keep in mind that besides groceries, clothing, furniture, cinema, vacation, and similar expenses are also included if there is no separate category for such things.

This is getting too stupid for me. I'm out for now.

It is stated that B's income is not included in the financing. This has been taken into account and has already been agreed with the bank. The same applies to the foreign status - which is actually completely irrelevant since I, as a German, would be liable in case of emergency, even if B “flees” and is not reachable abroad. This statement comes from Interhyp, a regional Sparkasse, and the Sparda-Bank.

Of course, I was mistaken about the taxes; these are the annual values. Accordingly, I have about 200 euros more "buffer" in the financing, it has been corrected. I have a much more detailed table with quarterly and annual costs at home; here for the portal, I made a copy & paste error for anonymization purposes.

Taxation of rental income is indeed necessary but is covered by maintenance work. Therefore, this corresponds in the tax return to the respective costs (which are paid from reserves) for the maintenance of the condominium. Just read it, then you do not have to point out such issues as a "problem."

Household means household, i.e., groceries or household technology. This is sufficient; furniture and leisure are not included here. However, I admit that the definition of this point is somewhat different for everyone.

In addition to the reserves for the condominium, you should also factor in reserves for the property you are about to purchase. Even if it is brand new for now, renovations/repairs will eventually be necessary here as well. Although I doubt that the taxation of rental income really covers the maintenance work, to be honest, I don't know much about it. For the car, you should also keep the depreciation and the correspondingly necessary replacement car sometime in mind (even if that should only be in many, many years). If you do not include furniture/leisure ... in the household budget, where is the money supposed to come from? What happens in the event of rental default with the condominium? Regarding your answers, I can only say that those who give curt answers should not be surprised if no one wants to helpfully offer advice anymore at some point. You should pay a little more attention to the tips and concerns of the experienced users and those who have been working for years or decades in the construction industry ( ) or banking industry ( ) and at least consider this matter, because they have far more experience and know where pitfalls can lie than we laypeople.