Mike11!
2020-05-19 17:41:35
- #1
Hello, we are facing the decision to build a house and how we want to finance it. For that, we would like to get your advice.
We are planning the demolition of our house and a new build on a slope with a granny flat.
The plot belongs to us and only the new build would need to be financed. Also, your opinion on whether the whole project fits within the framework would be appreciated.
General information about you:
Income and asset situation:
Expense situation:
Expenses that are already included in other positions can of course be left out. This list is not exhaustive and can be expanded or summarized as desired. Please make sure to indicate all costs monthly, even if they only occur annually!
Housing costs:
Mobility costs:
Insurance costs:
Living costs:
Total costs of 4150€ including loan payment plus additional incidental costs arising in the house.
General information about the property:
Construction or purchase costs:
Other costs:
Kitchen and furniture through equity
Cost summary:
We have now discussed several financing options and have a favorite. It would be a composition of an annuity loan for 15 years combined with the additional saving of a home savings contract. This will redeem the loan after 15 years in order to minimize the interest rate risk. Many people do not think much of such a "home savings account." Therefore, your opinion on our financing variant would be appreciated.
15 years annuity loan:
Fixed nominal interest rate: 0.92%
Effective annual interest rate: 0.94%
Monthly rate: 1093€
Repayment: 2%
Loan amount: 450,000€
Fixed interest rate period 15 years
Max. special repayment: 5%
Expected residual debt: 304,645€
Additionally:
BHW Building Society
305,000€ home savings sum
Total duration 29 years
Saving period 15 years with credit interest of 0.10% and a monthly savings rate of 538€
Home savings balance of 94,000€ at the end of the saving phase
Contract fee: 3080 €
Start of the repayment phase: 1.06.2035
Loan term 14 years
Loan amount: 214,000 with fixed nominal interest rate of 2.35% and effective annual interest rate of 2.53%
Monthly rate of 1500 €
We have compared all financing options and these costs are the lowest.
Total interest costs approx. 89,000 €
We look forward to your tips and opinions
We are planning the demolition of our house and a new build on a slope with a granny flat.
The plot belongs to us and only the new build would need to be financed. Also, your opinion on whether the whole project fits within the framework would be appreciated.
General information about you:
[*]We are both 26 years old.
[*]No children
[*]Planning to have a child in about 4 years
[*]We are a merchant in e-commerce and a civil servant
Income and asset situation:
[*]Net income together is 4850 euros
[*]Additionally, we have 400 euros extra income due to the granny flat in the basement
[*]Equity would be the plot
Expense situation:
Expenses that are already included in other positions can of course be left out. This list is not exhaustive and can be expanded or summarized as desired. Please make sure to indicate all costs monthly, even if they only occur annually!
Housing costs:
[*]600 cold rent
[*]800 warm rent
[*]100 euros additional for internet, Sky etc.
Mobility costs:
[*]Car financing 350 € monthly
[*]100 € insurance monthly
[*]100 € tax annually
[*]150 € fuel
Insurance costs:
[*]500€ private health insurance with supplementary insurance
[*]Another 100 € additional insurances
Living costs:
[*]500 € for food and drinks
[*]100€ for restaurant visits
[*]100€ for drugstore
[*]100€ for clothing
[*]Leisure activities 150€ monthly
[*]1 year remaining loan repayment of 200 euros
Total costs of 4150€ including loan payment plus additional incidental costs arising in the house.
General information about the property:
[*]Plot size is 930 sqm
[*]House will be 10.86m x 10.3m
[*]Plot value approx. 130,000 €
[*]New build
[*]150 sqm living area plus 60 sqm granny flat
Construction or purchase costs:
[*]380,000 € construction or purchase costs (including architect, structural engineer)
[*]50,000€ additional construction costs (e.g. utility connections, soil surveyor, construction power etc.)
[*]20,000€ outdoor facilities/terrace, paths, garden design, fences etc.
Other costs:
Kitchen and furniture through equity
Cost summary:
[*]450,000€ financing amount
We have now discussed several financing options and have a favorite. It would be a composition of an annuity loan for 15 years combined with the additional saving of a home savings contract. This will redeem the loan after 15 years in order to minimize the interest rate risk. Many people do not think much of such a "home savings account." Therefore, your opinion on our financing variant would be appreciated.
15 years annuity loan:
Fixed nominal interest rate: 0.92%
Effective annual interest rate: 0.94%
Monthly rate: 1093€
Repayment: 2%
Loan amount: 450,000€
Fixed interest rate period 15 years
Max. special repayment: 5%
Expected residual debt: 304,645€
Additionally:
BHW Building Society
305,000€ home savings sum
Total duration 29 years
Saving period 15 years with credit interest of 0.10% and a monthly savings rate of 538€
Home savings balance of 94,000€ at the end of the saving phase
Contract fee: 3080 €
Start of the repayment phase: 1.06.2035
Loan term 14 years
Loan amount: 214,000 with fixed nominal interest rate of 2.35% and effective annual interest rate of 2.53%
Monthly rate of 1500 €
We have compared all financing options and these costs are the lowest.
Total interest costs approx. 89,000 €
We look forward to your tips and opinions