House purchase 229,000 Lower Saxony - Assessment

General information about the property:

[*]How large is the plot? [*]What are its dimensions? [*]What is the standard land value? [*]New building, old building (year built), house type? [*]Garages? [*]How big is the house? (living area / usable area)

Hello, we plan to purchase a single-family house from 1989, 133m² kitchen from 2010, fully basemented, 1 built garage, otherwise everything is in the condition from 1989. It is located on a plot of 830 sqm. In the area 35 km away from Bremen, a plot would cost about €60,000. Purchase costs:

[*]Incidental acquisition costs (notary, court, property transfer tax, broker) €31,000 [*]Construction or purchase costs (incl. architect, structural engineer) €229,000 [*]Renovation and/or modernization costs -> €20,000 [*]Total costs €280,000

Apart from the purchase price, we would take out an additional €20,000 for modernization (heating, bathroom). Minus the incidental acquisition costs, a loan of €249,000 would be necessary. General information about you:

[*]Who are you? [*]How old are you?

Male 28 and female 31

[*]Are there children? Are children planned?

Currently no children planned, 1 child in the next 2-3 years

[*]What do you do for a living? [*]Are you employed, self-employed, retired, homemaker, househusband, etc.? [*]How many hours do you work? Currently both full-time [*]What income do you have (gross/net)?

Male employed in public service 3.6k gross 2.1k net permanent contract, female employed 1500 net planning: male continue full-time female possibly only €450 due to marriage tax class total net then €2800 as worst case

[*]How much equity do you have? If you take every euro currently available €46,000

[*]How much equity do you want to invest in the house project? €30,000 or the incidental acquisition costs

Living costs:

[*]Current cold rent -> €590 [*]Current warm rent -> €740 [*]Electricity -> advance payment €101 [*]Gas, water, sewage, garbage fees, street cleaning -> are included in the warm rent with €150 [*]Telephone, internet, mobile phone for both of us together Internet €40, mobile phone each €10, total €60

Mobility costs:

[*]Monthly ticket for bus and train (also for children!) none! [*]Car loan (or savings rate for a new car) we have 2 cars from 2009 and 2012, paid cash, used

From the property there would be a commute of 30 km to work, we could possibly carpool. I estimate €250

[*]Repairs= reserve save €40 per car each makes €80

[*]Miscellaneous= fitness or Freeletics flat rate €30 together

Insurance costs:

[*]Insurance car insurance each €30x2= €60 pension €60 and €60 = €120 legal protection €15 income protection insurance each €40= €80 accident insurance €15 private liability €7 + €7 = total €350 [*]Taxes [*]Fuel

Living expenses:

[*]Groceries -> together €380 [*]Restaurant costs -> possibly once a month €40 [*]Care/drugstore -> €50 [*]Pets (food, vet, medication, stable costs) none [*]Medications [*]Clothing each about €100 per month €200 [*]Furniture [*]Club fees/gym monthly I take as flat rate €30 currently €7 for Freeletics

[*]Vacation about €500 per year [*]Retirement provision each €60 [*]Hobbies/gifts no hobbies that cost money [*]Miscellaneous

I come to fixed costs for living of about €1250 generously calculated, realistically it should be €100 less. Cost summary:

[*]Total costs €229,000 purchase price, €31,000 incidental costs, €20,000 [*]deductible equity - €31,000 [*]Financing amount = €249,000

Furthermore, we are considering whether to plan less for modernization and borrow the money for this from relatives/parents. What do you think of the project, does it fit like this? In the first inquiries we were at a monthly rate of €990 with interest rate hedging for 30 years. Apart from the €50,000 partial loan for KFW. I am grateful for questions and answers.

Only renovation fits, one should keep an eye on it

.. do you think that can be said so generally?

In

In the first inquiries we were at a monthly rate of €990 with interest rate hedging for 30 years. Apart from the €50,000 partial loan for KFW.

30 years .. what is the repayment rate supposed to be? And how is the KFW loan supposed to be repaid?

Have your living expenses really been calculated? It seems very low to me.

.. do you think that can be said so generally?

With

30 years .. what is the repayment rate supposed to be? And how is the KFW loan supposed to be paid off then?

it was about the feasibility and not how long you have to repay. If they want 30 years. why not?

Well ... but if depending on the repayment there are still debts left after 30 years and the KFW loan hasn't even been considered at all, then you can't just say "fits". .. maybe you should explain what exactly is meant by the statement about the KFW loan.