Information to evaluate building financing offer

  • Erstellt am 2016-12-27 22:00:10

toxicmolotof

2016-12-27 22:00:10
  • #1
Dear thread starters,

I have now been a member of this forum for just over three years and repeatedly read questions like:
"Is the offer good?" or "Is the financing feasible?"

Of course, you can simply answer yes or no to such questions, sometimes just maybe... but often essential information is forgotten to even begin to engage with the question. Therefore, you will find here a kind of form which should be filled out as completely and as well as possible. This makes it easier for those answering.

Always keep in mind: This is not about exposing you, interrogating you, or discrediting you in any way. Also, no decimal places or shoe sizes are needed.

The following questions are written in the plural and for house building for better readability and naturally apply analogously to singles and other building or purchasing projects.

General information about you:

    [*]Who are you?
    [*]How old are you?
    [*]Are there children?
    [*]Are children planned?
    [*]What do you do for a living?
    [*]Are you employed, self-employed, retired, housewife, househusband, etc.?
    [*]How many hours do you work?

Income and asset situation:

    [*]What income do you have (gross/net)?
    [*]How much child benefit is received?
    [*]Other transfer payments such as parental allowance, sickness benefit, etc.?
    [*]How much equity do you have?
    [*]How much of that equity do you want to invest in the house project?

Expense situation:
Expenses already included in other items can of course be omitted. This list is not exhaustive and can be extended or summarized arbitrarily. Please make sure to state all costs monthly, even if they only occur annually!

Housing costs:

    [*]Current cold rent
    [*]Current warm rent
    [*]Electricity
    [*]Gas
    [*]Water, sewage, waste collection fees, street cleaning
    [*]Telephone, internet, mobile phone

Mobility costs:

    [*]Monthly ticket for bus and train (also for the children!)
    [*]Car loan (or savings rate for a new car)
    [*]Insurance
    [*]Taxes
    [*]Fuel
    [*]Repairs
    [*]Other
    [*]Is there a second car, motorcycle, scooter? Please state all points again!

Insurance costs:

    [*]Private health insurance (also supplemental health insurance, daily sickness allowance, etc.)
    [*]Liability insurance (also for animals)
    [*]Capital or term life insurance
    [*]Pension insurance (also Riester, Rürup, etc.)
    [*]Disability insurance
    [*]Accident insurance
    [*]Household insurance
    [*]Legal protection insurance
    [*]Other insurances (such as travel insurance, funeral insurance)

Living expenses:

    [*]Food
    [*]Restaurant costs
    [*]Care/drugstore
    [*]Pets (food, vet, medication, stable costs)
    [*]Medications
    [*]Clothing
    [*]Furniture
    [*]Daycare/school fees (and meal money)
    [*]Tutoring
    [*]School supplies and books
    [*]Club fees/gym
    [*]Babysitter
    [*]Toys
    [*]Cleaning
    [*]TV/video/audio/CDs/DVDs
    [*]Tickets (football, cinema, concerts, etc.)
    [*]Donations
    [*]Other

Savings contributions:

    [*]Vacation
    [*]House
    [*]Retirement provision
    [*]Hobbies/gifts
    [*]Other

Other expenses:

    [*]Maintenance payments?
    [*]Loans?
    [*]Other?
    [*]Was something forgotten? Then please specify here at the latest!

Income and expense totals:

    [*]Total income
    [*]Total expenses
    [*]Balance
    [*]Of which total cold rent and dispensable savings contributions (e.g. savings rate for house)

General information about the property:

    [*]How large is the plot?
    [*]What are its dimensions?
    [*]What is the standard land value?
    [*]New build, old building (year built), house type?
    [*]Garages?
    [*]How large is the house? (living area / usable area)
    [*]What is the market value of the land and house after completion?

Construction or purchase costs:

    [*]Land costs
    [*]Development costs
    [*]Acquisition ancillary costs (notary, court, property transfer tax, realtor)
    [*]Construction or purchase costs (including architect, structural engineer)
    [*]Renovation and/or refurbishment costs
    [*]Additional building costs (e.g. house connections, soil surveyor, construction power, etc.)
    [*]Outdoor facilities/terrace, paths, garden design, fences, etc.
    [*]Financing costs (e.g. fees or commitment interest)
    [*]Total costs

Other costs:

    [*]Kitchen costs
    [*]Furniture, lamps, decoration
    [*]Other "non-acquisition, acquisition ancillary, construction or additional building costs"

Cost summary:

    [*]Total costs
    [*]Deductible equity
    [*]Financing amount

Necessary loan information:
(for multiple components, please provide information for all components, for multiple variants please clearly separate them):

    [*]Loan amount
    [*]Type of loan (e.g. annuity loan, bullet loan, etc.)
    [*]Interest rate (p.a. nominal, otherwise effective)
    [*]Fixed interest period
    [*]Remaining debt at the end of the fixed interest period
    [*]Fictitious total term until full repayment
    [*]Initial repayment rate
    [*]Monthly rate
    [*]Are special repayments possible? (Please state the amount)
    [*]Is repayment rate change possible? (Please specify conditions such as number, repayment rate range)
    [*]For preliminary, interim or bridging loans with building savings contracts, please provide details of the building savings contract (contract amount, credit interest rate, minimum savings rate, minimum savings target, planned saving rate, Riester premiums, expected allocation date, later loan rate, loan interest rate, etc.)


Those who have made it this far have already created a very good framework so that a reasonable evaluation can be made with few or no follow-up questions. However, if there are still follow-up questions, it could be because despite all the creativity I put into the summary, something is missing or perhaps does not fit together. However, please do not expect anyone here to take a calculator in hand and check your numbers for consistency. Very few want to do this and many are online with their phones, where you can't just add numbers quickly.

I wish you lots of fun and that you achieve your goal with your planning!
 

kbt09

2016-12-27 23:22:50
  • #2
... Super.

Anyone who has managed this and summed their income/expenses in the respective areas and can organize their planned project data accordingly should have learned quite a bit just from that.
 

Payday

2016-12-28 08:33:53
  • #3
nice compilation. however, it is probably not necessary to write down every single amount here, but rather to determine the expenses yourself and provide a summary. the list is great, since everyone is responsible for the accuracy anyway, but each individual has the chance to work through this list and not the big hidden "to forget"
 

kbt09

2016-12-28 09:03:36
  • #4
... that's exactly how it should be done. However, the detailed list from Toxi provides the security of not forgetting any expense. If you manage to stick to the categories, you quickly have follow-up points when an area turns out unusually low or high.
 

kbt09

2016-12-28 10:05:31
  • #5
An attempt at an example answer for the income/expense situation:
The information on construction costs etc. is definitely required and also helps to check again if all data is available.

General information about you:

    [*]26/28 years old
    [*]2 children planned in about 3 years
    [*]employed engineer 40 hrs / employed HR 40 hrs

Income and asset situation:

    [*]gross 3400 / net 2000 he
    [*]gross 3500 / net 2050 she
    [*]45,000 equity of which 25,000 should go into the house, the rest remains an iron reserve

Expense situation:
Housing costs:


    [*]750 cold rent
    [*]980 warm rent
    [*]50 electricity
    [*]80 telephone, internet, mobile phone

Mobility costs: = 440 € with 1 car and 1 public transport pass

internal for calculation, but not posted, ready for questions

    [*]90 monthly ticket
    [*]110 savings rate for new car or car loan
    [*]50 insurance
    [*]30 taxes
    [*]110 fuel
    [*]50 repairs

Insurance costs: 223 €
internal for calculation, but not posted, ready for questions

    [*]30 private health insurance (also supplementary health insurance, daily sickness allowance etc.)
    [*]20 liability insurance (also pets)
    [*]20 capital or term life insurance
    [*]-- pension insurance (also Riester, Rürup, etc...)
    [*]100 occupational disability insurance
    [*]20 accident insurance
    [*]13 household insurance
    [*]10 legal insurance
    [*]10 other insurances (such as travel insurance, funeral insurance)

Living expenses: 740 €
internal for calculation, but not posted, ready for questions

    [*]250 groceries
    [*]120 restaurant costs
    [*]40 personal care/drugstore
    [*]50 pets (food, vet, medication, stable costs)
    [*]10 medication
    [*]50 clothing
    [*]50 furniture
    [*]-- daycare/school fees (and meal money)
    [*]-- tutoring
    [*]-- school supplies and books
    [*]30 club fees/gym
    [*]-- babysitter
    [*]-- toys
    [*]10 cleaning
    [*]30 TV/video/audio/CDs/DVDs
    [*]50 tickets (football, cinema, concerts etc.)
    [*]20 donations
    [*]30 miscellaneous

Savings: 750€
internal for calculation, but not posted, ready for questions

    [*]150 vacation
    [*]300 house
    [*]100 retirement provision
    [*]100 hobbies/gifts
    [*]100 miscellaneous

Other expenses: 150 €

    [*]150 student loans

Income and expense totals:

    [*]Total income = 4050 €
    [*]Total expenses = 3415 €
    [*]Balance = 635 €
    [*]Of which sum of cold rent and dispensable savings = 300+750€ = 1050 €

----------------------------------------------------------------------------------
What could then be posted:
General information about you:


    [*]26/28 years old
    [*]2 children planned in about 3 years
    [*]employed engineer 40 hrs / employed HR 40 hrs

Income and asset situation:

    [*]gross 3400 / net 2000 he
    [*]gross 3500 / net 2050 she
    [*]45,000 equity of which 25,000 should go into the house, the rest remains an iron reserve

Expense situation:
Housing costs:


    [*]750 cold rent
    [*]980 warm rent
    [*]50 electricity
    [*]80 telephone, internet, mobile phone

Mobility costs: = 440 € with 1 car and 1 public transport pass
Insurance costs: 223 €
Living expenses: 740 €
Savings: 750€ of which 300€ house
Other expenses: 150 € student loans
Income and expense totals:


    [*]Total income = 4050 €
    [*]Total expenses = 3415 €
    [*]Balance = 635 €
    [*]Sum cold rent and dispensable savings = 300+750€ = 1050 €

And then of course the construction project details.
---------------------------------------------------------------------------------

With vague information you won’t get far. This forum is supposed to offer serious help, or at least wants to. And yes, probably 80% or more will not take it seriously, feel “exposed” or something similar. For the remaining maybe 20% this list will be very helpful. And, as shown, you don’t have to post every expense item here, but at least list internally, add up and consider it.
 

toxicmolotof

2016-12-28 11:44:16
  • #6
Exactly, it's not about listing every single item, but about not forgetting anything. There is a reason why it is detailed. There are so many holes where here 5 euros, there 10 euros seep away. Those who are honest with themselves are also honest with the bank. And banks love honest people.

In conclusion, I did not write above without reason: Expenses that are already included in other items can of course be omitted. This list is not final and can be expanded arbitrarily, but also summarized.
 

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