House purchase planned at the beginning of 2015 - No equity

  • Erstellt am 2014-04-22 16:13:45

f-pNo

2014-04-23 21:53:40
  • #1


To be honest, I am getting tired of this. You should realize that all those who write here sacrifice their personal free time to help you to the best of their knowledge and conscience with advice and support. If you cannot handle the opinions/criticisms here, then you should not ask. So far, I have always answered neutrally to help you. But after your last post, I feel personally attacked.

I tried to tell you that you should not rush anything in your house search and that you will most likely have to make the painful experience that your wishes and your capital (including the loan) will not match. Emer wrote it correctly earlier. You then have the possibility to either "lower your expectations of the house" or increase your capital.

Your car loan, which you will probably redeem early, will certainly have a positive effect – also on your Schufa status. The loan request of €180,000 is certainly feasible for you (that’s about €900 per month). However, I doubt you will find a house for this amount (including ancillary costs) that will fully meet your structural requirements.

The problem with "friendship loans" is that they can backfire on the friend. I can only say this: independent review bodies – credit department, internal audit, external audit, compliance.

Independent advice is certainly a good way. However, you should keep one point in mind here as well: the advisor (except for a fee-based advisor) only earns money if a transaction is concluded.

In conclusion: there are certainly some people in this forum who are familiar with banking because they have been working in the field for years. At least three of them have posted in this thread alone. And they have nothing to gain by giving you their advice here.

I am out now, otherwise I will only be annoyed that I tried to help.
 

HilfeHilfe

2014-04-24 07:24:29
  • #2
Hello,

are you looking for independent advice? You have it here, but you don’t like it.

Forget getting life advice about finances from bankers. They will always craft a financing plan that suits you, as long as you suit them. Whether you can still pay for the washing machine later or the 4 vacations doesn’t matter to them.

You should be able to manage a household budget and a forecast when children arrive on your own. With that income, you seem to have experience.
 

MCN

2014-04-26 20:12:33
  • #3
Hello,

to come back to the initial post.

With the mentioned data, simply unrealistic, sorry.

It may not be the best experience to be told that the dream of owning a home is not achievable.
But it is still better than having a bad experience with financing and carrying out
your own four walls.

Therefore, I can only recommend to you and your girlfriend to keep saving...
 

Brainpain1974

2014-04-26 21:54:32
  • #4
I'll keep it short and to the point: it always depends on the bank, some do this, some don't. We also had very little equity, 10-12K, and the first two banks rejected us, the third one worked out. Look for an independent financing advisor, not one who works with only one bank, and they will handle it. In our case, only my wife financed because I was rejected due to being self-employed. And she makes just 1800 net. You won't be paying rent anymore and there are two of you, so with 200K you shouldn't worry about not getting it. Besides, you are both still young. At least I think so.
 

Alfonso

2014-06-17 16:04:49
  • #5
I would now also like to say a brief word about this and hope I don’t step on anyone’s toes – on the contrary, I want to advocate for tolerance for people who, at 30 or 40, have little or no equity saved up and could not save any. Not everyone met their girlfriend/wife at 20 and had 10 years to properly save equity in a small apartment. It also has something to do with personal biography. Through distance learning and changing jobs, I simply earn 15,000 euros more per year – and that only for the past 2 years, at which time the relationship with my current girlfriend/soon-to-be wife was still fresh. I think it’s great that you warn when someone has too lofty dreams – perhaps also from your own experiences – but please don’t generally assume that strangers are spendthrifts and didn’t learn otherwise. For example, I have a manageable cost structure precisely because I earned less before, and honestly, I don’t need status symbols – I have a regular compact car that suits me perfectly, and (back then also due to my job) I have already seen half the world – some want, like me maybe, just a small village with a little piece of land for their (future) family. I believe this desire is in all of us and is probably genetically predisposed. That’s why warnings are good (because a house is useless if you have no butter on your bread) but one should still (and I mean this from both sides) always treat each other fairly, because (and this is the most important thing) this is our free time and most probably have stress at work.
 

f-pNo

2014-06-17 23:22:26
  • #6
You are completely right. Actually, I didn’t want to write anything else in this thread, but I don’t want to leave your good post unanswered. If someone asks for advice and criticism, they should also be able to handle it. Of course, they will be pointed to problems that they may not want to hear. If several participants put their finger on the same wound, the OP should at least think about whether this might maybe be true and how they can change something about it. I already wrote back then that I am of the opinion that the OP will get their financing wish fulfilled. However, I am, like others here, convinced that they will not find a house for this amount that meets their expectations. The Frankfurt metropolitan area is one of the most expensive regions in Germany. No one in this forum benefits from putting others down. The people who post here want to give the OP support. If the OP does not want to recognize this, one tries to make it clear to them in other ways. Maybe these hints are sometimes a bit too pressing – could be. But simply because people don’t want the OP to walk into an open trap. The posters sacrifice their free time and brainpower for this. Incidentally, it often concerns getting the OP out of their euphoria and back to more realism. They should take off the rose-colored glasses and assess their situation reasonably. I myself had to hit the emergency brake during the planning phase because I realized at some point that I was talking myself into my dream house and planning with personal contributions that I could never have managed. If I remember your thread correctly, the question came up as to why you had no equity. Your explanation was understandable to me – also because I knew it from my own experience (previously a significantly lower salary even though I had worked > 10 years at the time, moved many times due to work, invested a lot in further education, etc.). For example, we also only decided to build a house after the family planning was completed and we could better estimate the cost factor of children. No one here in the forum can make a decision for you or others. YOU have to take the tips, evaluate them, and hopefully draw the right conclusions. WE may need to learn to accept those conclusions. But then there is again the wish not to let the OP walk into an open trap, which is why people post again. So – now it’s slowly time for the far too short night.
 

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