How is a 400k loan financible without equity? Net equity at €4,500

2020-06-27 23:27:43

I have developed thick skin by now. I thank you for the advice that helps me, and for what annoys me: discard.

And when do you know exactly which advice helps you and which does not? Especially criticism that somehow does apply is usually known to be annoying for oneself. But at the same time often very helpful in the long run. What always surprises me then: the thread title definitely shows 0€ equity. And suddenly tens of thousands just appear. Overlook 20k, also the 20k that steadily come through the savings plan? The question would be a different one at the beginning, wouldn’t it? I always find that so strange in these threads. Or suddenly there is a 20% raise, and it fits.

2020-06-27 23:42:43

20k was always there, even more. But I wanted to first hear opinions on what it's like completely without financing.

Salary increases are regulated by the collective agreement. But no one reads that here anyway.

We save very well and therefore until the house construction we will have even more equity as a buffer.
Thank you very much and good luck to everyone

2020-06-28 02:11:32

20k was always there, even more. But I wanted to hear opinions first on how it is completely without financing.

It didn’t help. Be honest, even with the real bankers. Then it will work out. So, good luck from me too. You can see what you can save in 2 years.

Or suddenly there is a 20% raise, and it fits.

Lol, yeah... I still remember that strange thread well.

2020-06-28 06:06:08

20k were always there, even more. But I wanted to hear opinions first about how it is without any financing at all.

Salary increases are regulated by the collective agreement. But no one here reads that anyway.

We are saving very well, so by the time of the house construction we will have even more equity as a buffer.
Thank you very much and good luck to everyone

More buffer, but that will be eaten up by the construction price index and possibly interest rate increases.

As a tip. If you want to build in 2 years, look for a plot now and buy it. Financing with a variable interest rate. In 2 years it will:
A) not be easier to find a plot
B) not be cheaper to find a plot.

2020-06-28 08:18:38

Despite all the teasing and personal style - does make a valid point. If you plan on a calculative maximum budget with little buffer, there will very likely be situations with sleepless nights.

By the way, Werder also didn't have a season full of fun and, with some luck, ended up in the relegation against HSV - and HSV still managed to stay in the league through the relegation! Your example is not bad in that respect. Would you want to experience a season like Werder's 2019/20 in construction?

Thanks , the thread title already says it all. 400k has fixed itself in people’s heads. It’s completely fine to have a budget, but building according to budget is always a very, very bad advisor.

The bank / the broker won’t care. Then there will simply be an expensive additional financing. Like at the butcher’s "would you like a little more?"

As a builder, I say you shouldn’t make yourself dependent on the lender. Better to build smaller.

2020-06-28 08:22:47

General information about us 32 and 27 years old No children One child planned Strategic purchaser, civil servant Full-time Income and asset situation 4700€ net Income increases for him by 250 net every two years, three times Income for her also increases On parental leave (earliest in three years) 1,500€ for her, after parental leave 1,800€ + child benefit Equity 20K 20K into the project, additionally 20K will be available at the start of construction Will be capped by the Christmas bonus Car taxes 500 monthly 42 Car insurance 1200 monthly 100 Liability insurance 160 monthly 13 Household insurance 100 monthly 8 Total 2000€ Income and expense total Income and expense total without Christmas bonus Total income 4700 Total income 4700 Total expenses 2525 Total expenses 3000 House Land incl. notary etc. 80000 House 290000 Additional construction costs 55000 Equity 20,000 405000 Additional equity 20000 Conversion of rent into repayment + ancillary costs (1500) Remaining 1375 Remaining 1225

Special payments = are always gone Cost of living = becomes more expensive with 3-4 people Income = will rather decrease with children (part-time & private health insurance), here we also do not see 4,700 net anymore Cars = are always leasing, i.e., permanent costs Children = cost money (food, hobbies, vacation, afternoon care) Burden of house = 1,500 € including ancillary costs I consider a rumor Equity = 20k available, rest planned figures

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How is a 400k loan financible without equity? Net equity at €4,500

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