House construction / house purchase planned, evaluation of financing plan

2021-01-10 16:34:50

But then the pension is probably "only" based on the base salary, right? Either way, the income should be fine as long as the bank cooperates. Based on experience, just covering the ancillary costs already makes a difference for the conditions, so you should look to be able to contribute around 50K yourself. That would be possible in about 1.5 years.

Yep, that's why it would of course be advantageous to have the property paid off by the time of retirement. As of now, one retires with A9 + allowance, plus a 15% surcharge since you obviously earn significantly more during your service.
However, it is planned to upgrade the profession to the higher service level, which of course also brings a higher pension.

Thanks to all of you in advance for the numerous answers :)

2021-01-10 16:39:15

I assume anyway that there won’t be anything with the house this year....

The year has only just begun. Based on experience, offers that are at least halfway decent or better are only available on the open market for a few days. So the chance of finding something is definitely still there, and moving in usually happens within 2-3 months. Even better is if you find something that doesn’t make it onto the internet, then there is less competition ;)
Building yourself (or having it built) is something different, as you can easily count on 1.5 years from the plot approval to moving in if things go quickly

2021-01-10 16:44:30

The year has just started. Based on experience, offers that are halfway decent or better only stay on the open market for a few days. So the chance of finding something is definitely still there, and moving in usually happens within 2-3 months. Even better is if you find something somewhere that doesn't make it onto the internet, then the competition is smaller ;) Building (having it built) is something else, where you can easily calculate 1.5 years from plot approval to moving in if it goes fast

Before Christmas, there was a semi-detached house in the neighboring town, built in '89, for €340,000. It disappeared from the internet after a few hours... Otherwise, there is practically nothing available under €400,000 - and if there is, only with massive modernization backlog. Hence my idea of a new build terraced house, which in total shouldn't be more expensive.

We had already considered possibly moving into a house to rent, but currently there aren't even any houses for rent in the area....

2021-01-10 16:55:17

Be careful if a new building is supposed to be cheaper than an existing property with renovation backlog. There is a great risk that a few important items are still missing. Obvious ones are kitchen, garden, expert (no provider calculates this in), possibly garden shed, garage. Plus, of course, the already mentioned floor coverings and painters, then the legal things like property transfer tax (on the entire house --> 15-20 TE), notary, etc.
380TE with a plot of say 200sqm*250€ = 50TE and cheap 30TE ancillary building costs (since the developer can work more efficiently) leave about 300 TE for the house itself. That is possible but not generous; at 2500€/sqm that results in a house with 120sqm. Offers for 280TE including plot are likely bait offers.

It is also important to read the construction description carefully. It is already mandatory to count the sockets and usually upgrade them. And even with developers you find formulations like "Sanitary installation from water meter", i.e. the builder is responsible for the utility connection, or drainage of the roof up to the top edge of the floor slab, meaning you have to pay extra for the connection to the sewer or take care of it yourself. In the end, this adds up significantly as well.

2021-01-11 07:05:02

I suspect anyway that this year there won't be anything with the house....

Yes, a terraced (end) house or a semi-detached house would be enough for us. 4 rooms, 110-130 sqm, small garden, 1 - 2 garages. There are quite a few providers that offer something in that size range (I don't think I am allowed to link, but Deutsche Reihenhaus or Vista are good examples).

And as for the job, unfortunately it is not a professorship ;)

I am a bailiff, which means a basic salary of A8 or A9, but there are some special features and privileges. You have to organize your office operations at your own expense and therefore have to take care of an office outside the district court. Basically a civil servant on a self-employed basis. In addition, you have to pay the office rent yourself, every stamp, every sheet of paper, etc. must be paid out of "your own pocket." However, for each assignment you receive a certain share of expenses. This is more than enough to cover the monthly "operating costs." Additionally, you receive a kind of enforcement fee, which must be fully taxed. That comes to about €2,000 net per month. Together with my base salary of about €2,500 (A8 level 5) you get the salary mentioned above. Since in the public service not the performance principle but the responsibility principle applies, I definitely get the assignments and thus have no entrepreneurial risk.

Hello,

first of all, this income and savings rate should be sustainably verifiable. Currently these are more plans that you have.

With the high real estate prices around Cologne, you won't get anywhere with your base salary and that of your wife/partner. Through the leverage of the €2,000 net, it looks different. However, that is also "around €2,000 net." So do you have €3,000 gross or how does that come about? This increase is almost as much as the base salary.

Oh yes, don't forget to save :)

Plans are always good, but the current plan is very much based on expected values and not sustainable values

2021-01-11 13:56:04

One more thing about financing. 100% with that salary and being a civil servant is accepted by any bank, with only small interest rate surcharges. At 110% it becomes more difficult and the surcharges become larger. Perhaps an immediately paid-out home savings contract, consumer loan, or relatives might be worthwhile to at least cover the incidental costs. But those who have saved nothing surely had a reason for it. However, those or similar reasons will always exist in the future as to why one has to spend money.

Similar topics
13.10.2020	Renovate a used house or build a new one	13
22.11.2013	Costs of inheritance, demolition, new construction	15
16.05.2014	What makes a new building expensive?	20
08.01.2015	How is the amount of the land charge determined in the case of a new construction?	14
16.03.2015	Is financing new construction realistic?	12
28.02.2016	Buy a house, renovate or build new?	41
05.07.2017	House sale - New construction - Bank plays along - Risk?	14
02.08.2017	New construction planning - where do I start?	24
24.11.2017	Consultation and opinions on the property	32
23.03.2018	House from the 1930s. Renovate or rebuild?	25
23.10.2018	New construction after triplet birth. Looking forward to your ideas.	50
11.10.2018	House planning done, land purchased - Really build?	14
24.06.2019	How to afford building a house and buying land today?	212
07.01.2020	Dear existing property with renovation or new construction	37
01.02.2020	Paying "rent" to the partner... how?	135
11.02.2020	New construction, selling, renting? Idea generation	23
29.05.2020	New construction with existing debt - feasibility question	44
17.02.2023	Procedure for constructing a new single-family house on an existing plot	179
31.01.2023	Plot with existing old building, new construction not possible	11
25.02.2025	Renovation or new construction? House purchase with a huge plot!	13

House construction / house purchase planned, evaluation of financing plan

MarkoW.

WilderSueden

MarkoW.

WilderSueden

HilfeHilfe

Grundaus