House construction for €750,000 with an income

  • Erstellt am 2015-10-20 13:15:06

Von Anstetten

2015-10-20 13:15:06
  • #1
Hello, we are in the process of acquiring a plot of land (Kölner Raum, approx. 530 sqm) and hopefully can start building in January! It is supposed to be a modern Bauhaus style house, about 180/190 sqm with a basement (but initially not finished due to costs). My husband earns about 5000€ net and receives an annual bonus of about 15,000 euros. I am on parental leave and therefore earn nothing, and later I would like to work part-time since we have two small children. We have about 200,000 € in equity (a little more, but we don’t want to spend it all because we would like to keep some as a reserve). The total cost is estimated at about 750,000 €, but we are still afraid of overextending ourselves. Can someone here give me an experience-based estimate of what you think we could pay monthly? We want to finance over 15 years. Is there perhaps someone here in a similar building/income situation? Many thanks!!
 

nordanney

2015-10-20 13:47:58
  • #2
To finance T€ 550 for 15 years costs about
 

merlin83

2015-10-20 13:51:13
  • #3
What does your husband do for work?
 

matte

2015-10-20 14:06:51
  • #4
Do you want a 15-year fixed interest rate or to be done with the matter in 15 years? Not that I know particularly much about it, but in the latter scenario I would be interested to know how that is supposed to work...
 

Von Anstetten

2015-10-20 14:14:23
  • #5
Sorry, I expressed myself incorrectly. 15 years fixed interest rate of course. We have an offer of 2.0%. What I wanted to add is that from the 5000€ net, the costs of 2 cars (incl. insurance) are already deducted. So we do not have these fixed costs at all!
 

Legurit

2015-10-20 14:51:21
  • #6
It depends on how one wants to live.
€2500 / month is certainly recommendable for a €500k loan (that is 6% annuity) - so doable for you.
 

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