Financing property purchase and modernization

2019-06-25 20:50:16

How much do you believe you can use the funds flexibly? How do you define flexible in this context?

By that I meant my money that I do not use for the purchase, so that I can use it at any time as I want, because I can access it directly.

2019-06-25 21:07:01

My goodness... just decide what you want instead of comparing interest rates!

With a sum of 50,000€, even a 2% interest rate still results in double-digit monthly costs. That really makes no difference at all. Even a consumer loan with 3.x% or so could be cheaper than the KfW loan, since no land charge registration is required. Do you have such a low income that you're afraid you can't afford all this?

Either you figure out how much you want to renovate, or you buy directly with a 50k consumer loan so you don’t have to be tied to a bank. You then pay it off when you want to do a total financing.

2019-06-25 22:22:25

My goodness... just decide what you want instead of comparing interest rates!

With a sum of 50,000€, even a 2% interest rate still results in double-digit monthly costs. That really doesn't make any difference. Even a consumer loan with 3.x% or so could be cheaper than the KfW loan, since no land charge registration is necessary. Do you have such a low income that you are afraid you won't be able to afford all this?

Either you figure out how much you want to renovate, or you buy directly with a 50k consumer loan so you don't tie yourself to a bank. You then repay it when you want to do a full financing.

I don’t understand all of this either.

2019-06-25 22:29:48

Thank you very much for your contributions. The note about the Grundschuldeintrag is of course correct. I was only trying to find the cheapest option, as I do not like to pay more than necessary and I am not yet very familiar with the whole topic. However, since this whole thing is obviously too trivial for you, I will not bother you with it any further.

2019-06-26 07:46:45

The cheapest option of what exactly again?

There were good tips on the standard procedure included.

Good luck with your project.

2019-06-26 09:12:40

I was only concerned with determining the cheapest option,

1a. Finance everything together (purchase + renovation)
1b. Buy the house with equity and then set up financing
2. Buy the house partly with equity and only after the purchase start the renovation including financing for the renovation
3. Approach house purchase and renovation with a loan and partial equity and keep equity back for the renovation

This way you have the options in the financially cheapest order. Any questions?

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Financing property purchase and modernization

shadowman

Tassimat

Noelmaxim

shadowman

Tassimat

nordanney