Is it possible to own a penthouse condominium?

  • Erstellt am 2019-05-20 18:02:16

bungabungalow

2019-05-20 18:02:16
  • #1
Hello dear ones,

after reading quietly for a long time, I wanted to ask you for your help / assessment.

As the name suggests, we originally planned to build a bungalow in the future. But now we have received a great offer for a newly built condominium.

It should cost €349,000, approx. 130 sqm living space (partly including roof terrace).
I would describe the standard as upscale. 3 rooms, 2 full bathrooms in a three-party house. The offer includes 2 parking spaces as well as a basement room.
Energy standard is only energy saving ordinance, so no KfW (except 124) possible.
The apartment is offered move-in ready including floors and walls, a 2-month-old kitchen is present and included. Furniture is also available, partly double, and at most 9 months old.

Now about us:
Currently 2 apartments, cold rent just under €1000.
Salary A late 20s: €3300 net monthly, plus Christmas bonus, annual bonuses additionally approx. €5000 net which should not be included; but these should be considered for special repayments.
Person A has private health insurance with €600. Employed at a large insurance company (no sales, the salary is fixed). Leasing car €350 monthly.

Person B mid-20s in public service, 1st experience level €1950 net, 13 salaries, plus allowances not included.
No debts.

Both are permanently employed and an increase is secured through the collective agreements. Children are definitely out of the question.

Equity: That’s difficult, only €15k available immediately without problems. Larger vacations around the world and moves (2 in 9 months) have taken their toll.

Broker 5.95% and real estate transfer tax 6.5% NRW + notary would have to be paid.

What are the chances of financing? Appointments with the house bank and intermediaries are pending.
We are aware that an installment loan would also be necessary, a higher burden up to a maximum of €1750 per month would be okay for us. Maintenance fees are not yet known, broker assumes €250.

Thank you very much in advance!
 

ghost

2019-05-20 18:25:10
  • #2
To make it short: I think it is one size too big for your current situation. 110% with a high monthly burden. Either a cheaper property or building up equity.
 

danixf

2019-05-20 20:53:34
  • #3
Financially feasible. You’re not at the end of the line with your salary. However, your repayment will remain roughly the same for the next 15 years. The rent certainly will not.
Are on a similar level. Took out 380,000. But had 25k equity + 25k not declared. Now paying ~1250€ + reserves + additional costs. So overall we generously calculate with 1750€.
That would be quite similar for you with the additional costs. Is the house already finished? Otherwise, you can easily add roughly another 10k for other bathroom fixtures or similar.

Without special repayments, you would pay off the place in 25-30 years. The question is whether it’s worth it because you might not want to deal with stairs, etc.
So in the end, I would say the rate is around 1250€ + electricity, water, gas?, internet, insurance, etc. Reserves are surely included in the maintenance fee. Possibly other additional costs like water... Just ask. But financially, it would be 100% doable.
Check NRW development bank. The development banks are usually subordinated in the land register. That means other banks consider the development bank’s money almost like equity capital and you get correspondingly better conditions because the risk for the main bank is lower.
 

bungabungalow

2019-05-20 21:12:19
  • #4
Thank you very much for the responses. The property is practically finished. An elevator is available, thus theoretically usable until the bitter end. The property is completely finished at this price. Depending on how long the whole thing drags on, a higher equity share is possible. The annual bonuses add up to 10-15k. Since these are not contractually agreed upon (although always paid by the employer to the employees), I would probably, as would the banks, not want to include them. Special repayment is therefore desired and planned.

We just never had the right incentive to save. Seeing the world was initially more important. Person B has only been in the profession since the end of last year, so there was previously no possibility to build up significant assets.

As for the house money, as mentioned, there is not much to say yet; the community is supposed to handle this on its own without an external management taking it over. Gas is not necessary; an air heat pump is installed.

Additionally, it might be relevant that Person B is setting up a home office, possibly to be taken into account for tax purposes.
 

hampshire

2019-05-20 21:59:08
  • #5
Sounds doable, further moves are becoming less likely and vacations will probably be a bit cheaper in the near future.
 

bungabungalow

2019-05-20 22:01:53
  • #6
Thank you. Yes, we are aware of that... but if you currently have no garden and no balcony, you tend to flee more often. A roof terrace with a southern orientation is definitely more pleasant.
 

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