skusfr
2015-09-12 23:16:11
- #1
Hello,
I have already read up in various forums and also consulted multiple times (Hausbank, Finanzberaterin, ....), but I am still very uncertain about how best to manage the project.
We are about 37 years old (my wife with child) and plan to buy an existing property. The house was built in 1979 and is to cost €270,000. The additional costs amount to about €25,000. With some minor renovations (Sicherheitskredit?!), we come to a total price of €300,000.
About our income.
Equity: €100,000 (firmly planned and freely available) Equity 2: €20,000 (intended for involuntary repairs and possibly a car if something should happen)
Income 1: approx. €2,700 net Income 2: approx. €1,400 net Additionally, child benefit and maintenance would come, which we both do not include.
We currently pay €1,025 rent cold.
My/our plan is currently to take out a loan for 10 years at an interest rate of 1.59% and a repayment rate of 3%. That means about €940 monthly in numbers. Our plan is to make an annual special repayment of min. 5%.
Since we currently still save about €800 monthly with our rent, a higher repayment would theoretically also be possible.
And here exactly our problem starts. Is that advisable or should one rather commit to a smaller repayment?
Or do you say stop right away and go for 15 years or 20 years! (Whereas my plan A is to be done in max. 15 years)
I would really be happy to hear your honest opinions.
Many kind regards
Stefan
I have already read up in various forums and also consulted multiple times (Hausbank, Finanzberaterin, ....), but I am still very uncertain about how best to manage the project.
We are about 37 years old (my wife with child) and plan to buy an existing property. The house was built in 1979 and is to cost €270,000. The additional costs amount to about €25,000. With some minor renovations (Sicherheitskredit?!), we come to a total price of €300,000.
About our income.
Equity: €100,000 (firmly planned and freely available) Equity 2: €20,000 (intended for involuntary repairs and possibly a car if something should happen)
Income 1: approx. €2,700 net Income 2: approx. €1,400 net Additionally, child benefit and maintenance would come, which we both do not include.
We currently pay €1,025 rent cold.
My/our plan is currently to take out a loan for 10 years at an interest rate of 1.59% and a repayment rate of 3%. That means about €940 monthly in numbers. Our plan is to make an annual special repayment of min. 5%.
Since we currently still save about €800 monthly with our rent, a higher repayment would theoretically also be possible.
And here exactly our problem starts. Is that advisable or should one rather commit to a smaller repayment?
Or do you say stop right away and go for 15 years or 20 years! (Whereas my plan A is to be done in max. 15 years)
I would really be happy to hear your honest opinions.
Many kind regards
Stefan