Why is it uninteresting? First, 2100 must be paid to the bank. The repayment can only be reduced if the contract allows it. And on top of that come the non-allocable costs.
The whole project is already a massive undertaking and in my opinion a bit too big for you. Get rid of the [Einliegerwohnung] and don’t let the prefab house provider push every upgrade on you, then it might work out. Also, talk to the local construction companies sometimes.
Hello, the current apartment would thus pay for itself alone, you would even make a profit or have an income after taxes. Renting out is, however, a risk.
I would therefore at least remove the condominium from the house, it’s not necessary and you wouldn’t have a stranger in the house.
1 million with 6k net income + 500 rental income (?) is a very, very, very big risk and I would reconsider it. Especially since you are young and possibly want children (?). The income would be even tighter with child(ren).
Yes, as written. For me, this is purely a numbers game... If it pays for itself within 30 years, you’re in, otherwise it’s out. From my point of view, it is interesting because of the KfW issues since these are considered equity and offer me a good interest rate.
Why irrelevant? First, 2100 must be paid to the bank. The repayment can only be reduced if the contract allows it. And on top of that come the non-allocable costs.
So the bank has proposed on its own to adjust the monthly rate accordingly if we want to buy/build another property.
Important info is still missing. When will the apartment be paid off if you reduce the repayment to 1,300 - 1,400 €? And how much can you use as equity? Because with 1 million and 2%+ interest, it will hardly work...
It would be paid off in 25 years then... According to the banker, we can count on about €150K as equity from the apartment.
I understand that you don’t want to sell the apartment after only 5 years. But the price of the property is already enormous. The granny flat would be cut out immediately for me. And as others write, I wouldn’t go to the big prefab builder who leaves his money in Fellbach, but rather see if there is something regional for you. The 650k was with granny flat, so for 210sqm, right?