R0Li84
2015-10-30 15:34:29
- #1
I would like to take advantage of the low interest rates to purchase a plot of land soon and build a house within the next 2-3 years. Regarding this, I am currently calculating what I can afford and would appreciate if you could say a few words about whether it all sounds reasonable or if I might have overlooked something.
My finances are as follows:
approximately €50,000 equity (me)
approximately €150,000 residential capital (owned apartment, which is to be sold as soon as the house is finished)
A plot of land here in the area costs approximately €60,000 - €90,000 including incidental acquisition costs (depending on location and size) – I already have a few in close consideration. For a house of about 150 - 160m² including a basement, I would estimate €300,000 (is that about right?). Then I calculate some "reserves" and would be at about €400,000 as the total price for my project.
My financing plan currently looks as follows:
I would like to finance with a 15-year fixed interest rate – currently I am calculating with an interest rate of 1.5 - 2.0%. The repayment rate would probably be about €1,000 monthly, and I would like to arrange special repayments. Without special repayments, I would have a remaining debt of just over €50,000 at the end of the term – this can easily be refinanced or possibly paid off early through special repayments. (I currently earn about €3,100 net with tax class 1 and 13 monthly salaries with my main job, and I am also self-employed on the side, expecting about €250 - €450 net additional monthly income – but I cannot rely on this firmly.)
This is currently what I can calculate and plan with. However, I suspect that my parents will additionally support me in the form of a "non-binding loan" – so they lend or give me money, but I voluntarily pay back part of it or support them financially as needed. Ideally, I assume that I will not have to take out a loan for the land and only need to finance the house (minus €150,000 from the sale of my condominium). Therefore, about €150,000 would need to be financed – according to my calculations, this could be paid off in 15 years with a maximum of 2.0% interest and without special repayments.
(I deliberately leave my girlfriend completely out of the calculation – she earns about €1,650 net monthly and also has equity. However, I would use that, if at all, for the interior fittings.)
My finances are as follows:
approximately €50,000 equity (me)
approximately €150,000 residential capital (owned apartment, which is to be sold as soon as the house is finished)
A plot of land here in the area costs approximately €60,000 - €90,000 including incidental acquisition costs (depending on location and size) – I already have a few in close consideration. For a house of about 150 - 160m² including a basement, I would estimate €300,000 (is that about right?). Then I calculate some "reserves" and would be at about €400,000 as the total price for my project.
My financing plan currently looks as follows:
I would like to finance with a 15-year fixed interest rate – currently I am calculating with an interest rate of 1.5 - 2.0%. The repayment rate would probably be about €1,000 monthly, and I would like to arrange special repayments. Without special repayments, I would have a remaining debt of just over €50,000 at the end of the term – this can easily be refinanced or possibly paid off early through special repayments. (I currently earn about €3,100 net with tax class 1 and 13 monthly salaries with my main job, and I am also self-employed on the side, expecting about €250 - €450 net additional monthly income – but I cannot rely on this firmly.)
This is currently what I can calculate and plan with. However, I suspect that my parents will additionally support me in the form of a "non-binding loan" – so they lend or give me money, but I voluntarily pay back part of it or support them financially as needed. Ideally, I assume that I will not have to take out a loan for the land and only need to finance the house (minus €150,000 from the sale of my condominium). Therefore, about €150,000 would need to be financed – according to my calculations, this could be paid off in 15 years with a maximum of 2.0% interest and without special repayments.
(I deliberately leave my girlfriend completely out of the calculation – she earns about €1,650 net monthly and also has equity. However, I would use that, if at all, for the interior fittings.)