House realistic with this income and additional costs?

  • Erstellt am 2016-03-21 20:33:45

Rocka66

2016-03-21 20:33:45
  • #1
Good evening dear forum members,

my wife and I are considering building a house. But before we get caught up in anything, I wanted to hear your opinion on whether it is even realistically feasible.

A brief overview of our situation:

I am 36 years old and managing director/partner of an optician business, my wife is 32 years old and currently on parental leave (until August 2017). Our daughter is 7 months old. Our family planning is not yet complete; time will tell more precisely :D. After her parental leave, my wife will work part-time at her old company again.

Our current situation:

My net income: 3900.00€
My wife is employed by me with a mini-job: 300.00€
Parental allowance: 522.00€
Child benefit: 190.00€

Total income: 4912.00€

The parental allowance will end in 08/2017, but then my wife’s part-time income will come in. My 13th month salary is not included.

Our current equity amounts to 45000.00€

Our monthly expenses amount to:

Rent including utilities: 740.00€
Electricity: 115.00€
Insurance (incl. my private health insurance): 676.00€
Groceries (household book over the last 12 months): 600.00€
Birthday presents for family/friends: 75.00€
Vacation: 125.00€
Clothing: 150.00€
Telephone/mobile: 130.00€
Miscellaneous: 300.00€

Total expenses: 2911.00€

Difference income minus expenses: 2000.00€

The plot of land is already available (685 sqm). Gift from my parents. Our car including all costs runs through the company.

We are currently thinking of a solid house of about 130 sqm plus usable basement. Whether garage or carport is not yet decided.

Is a loan of 300k feasible, or is it even possible to realize our house wish at this price? Before we get lost in anything, we just wanted to hear your opinions here. If I have forgotten anything, please just let me know. After all this data, it can happen that I forgot something.

Have a nice evening and Franconian greetings
Rocka66
 

HilfeHilfe

2016-03-22 06:58:46
  • #2
Hello, I think as a shareholder your house bank is the first point of contact. Your wife is employed by you?
 

Rocka66

2016-03-22 08:01:42
  • #3
Good morning HilfeHilfe,

no, my wife is not employed by me. Only with the Minijob.
I already contacted my house bank yesterday, but banks often only tell you what is theoretically feasible and not always what makes sense. That is why I have posted my concern here again.
I just read the email response from my bank advisor, which she sent to me yesterday evening at the business. Since we might want to build KFW 55, the offer currently looks as follows:

100k via Kfw interest component still unknown, based on current status 0.75% p.a.
Annuity with a 15-year term = approx. €600.00 Interest fixed for 10 years

Savings bank loan of 200k including 10% special repayment right p.a. = 1.15% p.a. 10 years interest fixed
Annuity with a term of approx. 20 years = €825.00

Is it at all sensible to build Kfw 55 or better? Because of savings and similar or is it only good for the "green conscience"?

Franconian greetings
Rocka66
 

elVincent

2016-03-22 08:14:26
  • #4
Since you live in Bavaria, in my opinion KfW55 is currently the best option for you. The additional effort is relatively manageable and through the 10,000 Houses Program, if the criteria are met, you will receive an additional €4,500 energy efficiency bonus on top of the KfW repayment grant (5% of the loan amount) (for a 3L house, which you almost automatically achieve with KfW55) and a technology bonus, which is €2,000 for a heat pump, for example, or can be up to €8,000 for a photovoltaic system. In addition, starting in April, KfW will cover half of the construction supervision costs of the required energy consultant.

As an additional bonus, you also get the low interest rates from the KfW loan and lower consumption costs. I think that nicely offsets the manageable additional costs for KfW55.
 

HilfeHilfe

2016-03-22 11:34:50
  • #5
You should also consider offering yourself 15 years at the current interest rate. Also, make inquiries with the usual brokers.
 

Rocka66

2016-03-22 12:41:25
  • #6
@ HilfeHilfe:
I'll still do that. It is also the bank's first offer. I just wanted to feel out here whether a monthly rate of €1400-1500 is reasonably manageable (given our cost/income situation), or if my wife and I are just fooling ourselves. That happens now and then;)

I also wanted to hear if a house with about 130sqm for a total price including all incidental costs of about €325k-335k is feasible.
 

Similar topics
10.12.2009Subsidies for KFW55 and Sole/Water Heat Pump15
10.05.2012Heating costs per year KfW55 - KfW70, building decision heating11
25.01.2014Financing: Restructuring of KfW loan for the condominium18
08.02.2016Cancel the loan and accept a better offer?37
26.07.2016Calculation of equity capital in connection with KfW loan28
11.12.2016Funding programs for our house construction17
31.07.2018For how many years of fixed interest period would you currently finance?57
22.04.2019Real estate loan with high collateral but low ongoing income35
23.03.2020Loan for new construction - feasibility, recommendations11
30.04.2020KfW153 loan immediate repayment - prepayment penalty?24
29.05.2021Enough equity? Will we even get a loan?30
30.11.2020Is estimating KFW55 useful, or is the Energy Saving Ordinance preferable?11
12.03.2021What is the interest rate lock period in construction financing?92
17.04.2021New KfW Building Loan Conditions17
12.04.2021Is the construction project affordable? 570 k€ loan with a 5300 € salary144
06.07.2021KfW loan is expected to become cheaper from 01.07.58
05.12.2022Poor account management at home bank, application at another bank?51
13.01.2023Forward loan, special termination, fixed interest rate, experiences?12
29.04.2023Interest rate fixation 10 vs. 15/20 years14

Oben