Norwegerhaus
2015-03-17 16:56:04
- #1
Hello,
I’m still new here, so please don’t be mad if I ask stupid questions :-)
My partner and I want to build a wooden house, or have it built. My partner is a craftsman and is therefore taking care of the construction. I am handling organization and financing – but without prior knowledge. I have read up a bit and also obtained some offers. Since, to be honest, I don’t fully understand financing, I would like to hear a few other opinions. Of course, I have gotten advice from brokers and banks, but they are ultimately sellers... So conditions and offer (which in my opinion is the best):
House cost €164,000 (fixed price, finished, but without walls and floors)
Plot purchase price €22,000
Additional costs €25,000
Walls/floors €9,000
Total €220,000 (reserves included)
Equity €100,000
Repayment possible around €800,-
(Current rent €890,-)
Offer
€50,000 KfW, 1.0% because KfW 70, 10 years fixed interest, rate €240.88, residual debt after 10 years approx. €27,500
€70,000 from the bank, effective interest 1.5%, 10 years fixed interest, rate €553.58 residual debt after 10 years €9,653.58 special repayment 5% p.a.
Is anything missing?
Oh yes, I am permanently employed in the public sector, my partner is self-employed.
We plan to have the loan repaid at the main bank through special repayments after 10 years.
Specifically, I am currently considering a longer fixed interest period, increasing the repayment of the KfW loan in the process. The interest would probably increase significantly then. Does that make sense?
Is the interest rate (mixed rate at 1.29%) in the present offer really as good as I think?
Would other options be conceivable/sensible with our situation?
Sorry for so much text. Thanks to anyone who reads this far and maybe even has useful suggestions ;D
I’m still new here, so please don’t be mad if I ask stupid questions :-)
My partner and I want to build a wooden house, or have it built. My partner is a craftsman and is therefore taking care of the construction. I am handling organization and financing – but without prior knowledge. I have read up a bit and also obtained some offers. Since, to be honest, I don’t fully understand financing, I would like to hear a few other opinions. Of course, I have gotten advice from brokers and banks, but they are ultimately sellers... So conditions and offer (which in my opinion is the best):
House cost €164,000 (fixed price, finished, but without walls and floors)
Plot purchase price €22,000
Additional costs €25,000
Walls/floors €9,000
Total €220,000 (reserves included)
Equity €100,000
Repayment possible around €800,-
(Current rent €890,-)
Offer
€50,000 KfW, 1.0% because KfW 70, 10 years fixed interest, rate €240.88, residual debt after 10 years approx. €27,500
€70,000 from the bank, effective interest 1.5%, 10 years fixed interest, rate €553.58 residual debt after 10 years €9,653.58 special repayment 5% p.a.
Is anything missing?
Oh yes, I am permanently employed in the public sector, my partner is self-employed.
We plan to have the loan repaid at the main bank through special repayments after 10 years.
Specifically, I am currently considering a longer fixed interest period, increasing the repayment of the KfW loan in the process. The interest would probably increase significantly then. Does that make sense?
Is the interest rate (mixed rate at 1.29%) in the present offer really as good as I think?
Would other options be conceivable/sensible with our situation?
Sorry for so much text. Thanks to anyone who reads this far and maybe even has useful suggestions ;D