DaSch17
2020-05-31 12:11:06
- #1
I simply do not understand the fundamental discussion about "emergency liquidity." From my point of view, you only buy real estate for personal use 1 to 2 times in your life. So why shouldn’t you consider all available liquidity in the financing plan?
A small example calculation with your numbers:
Cold rent 750 EUR
min. monthly savings 1,500 EUR - 2,000 EUR
Equity 120 TEUR
Assumed purchase price: 360 TEUR
Acquisition incidental costs: 40 TEUR
Kitchen: 25 TEUR
Mortgage lending value: 288 TEUR
Financing amount: 305 TEUR
Loan-to-value ratio: < 120 %
Interest rate: 1.20 % p.a.; fixed for 10 years (remaining debt after interest period ends: 208 TEUR)
Repayment: 3.00 % p.a.
Annuity: 1,067.50 EUR
Means for you freely available income after all costs: 1,182.50 EUR - 1,682.50 EUR
Of that I would then put 500 EUR per month into a company and/or private retirement provision.
The remaining roughly 700 to 1,200 EUR you can save every month again in a daily allowance account and thus have an “emergency fund” of 8.4 - 14.4 TEUR after one year.
So why do you need the "emergency liquidity"? By the way, there are now credit lines at savings banks and banks with a variable interest rate of about 5 % (works like an overdraft), with which you can cover temporary liquidity shortages without problems.
If you continue to save up to 170 TEUR (incl. emergency fund), you have to wait another two to three years... Who knows where the prices for condominiums will be then. In case of doubt, the loan-to-value ratio will be above the one calculated above despite more equity...
So in short: Look around and if you like a condominium and it fits the budget – go for it!
A small example calculation with your numbers:
Cold rent 750 EUR
min. monthly savings 1,500 EUR - 2,000 EUR
Equity 120 TEUR
Assumed purchase price: 360 TEUR
Acquisition incidental costs: 40 TEUR
Kitchen: 25 TEUR
Mortgage lending value: 288 TEUR
Financing amount: 305 TEUR
Loan-to-value ratio: < 120 %
Interest rate: 1.20 % p.a.; fixed for 10 years (remaining debt after interest period ends: 208 TEUR)
Repayment: 3.00 % p.a.
Annuity: 1,067.50 EUR
Means for you freely available income after all costs: 1,182.50 EUR - 1,682.50 EUR
Of that I would then put 500 EUR per month into a company and/or private retirement provision.
The remaining roughly 700 to 1,200 EUR you can save every month again in a daily allowance account and thus have an “emergency fund” of 8.4 - 14.4 TEUR after one year.
So why do you need the "emergency liquidity"? By the way, there are now credit lines at savings banks and banks with a variable interest rate of about 5 % (works like an overdraft), with which you can cover temporary liquidity shortages without problems.
If you continue to save up to 170 TEUR (incl. emergency fund), you have to wait another two to three years... Who knows where the prices for condominiums will be then. In case of doubt, the loan-to-value ratio will be above the one calculated above despite more equity...
So in short: Look around and if you like a condominium and it fits the budget – go for it!