Is the financing plan realistic?

Hello,
we/I have calculated that the 12 months of parental leave are fully used at the beginning and then she continues working at 75%. I will calculate with 50% as well. As a teacher, 75% roughly corresponds to the amount of free time, with 50% you would have a lot of time. Regarding daycare, I would get information; a child is planned but not before 2018.
With my partner at 50% and my salary remaining the same without increase, according to my calculation, we would have €830 left for groceries, gasoline, clothing, etc. with today's expenses. Additional housing costs, reserves for the house, loan installment, monthly savings for vacation or car inspection are already deducted beforehand, as well as household contents, etc. Is €830 per month enough for 3 people?

Hello,

Is €830 per month for 3 people sufficient?

When our two children were still small, I had about DM 200.00 on the receipt every week; just for food and cleaning supplies. When I think about the cost of the thousands of diapers, I still feel sick today; so they have to be added to the shopping.

Today we are (again) two, and I have the same amount in euros on the receipt. This is partly because smaller packaging units are more expensive, DM today has to be converted 1:1 into euros anyway, we shop differently than years ago – and partly because we "treat ourselves"; the regained freedom needs to be enjoyed.

Therefore, for you: it depends...

Rhenish greetings

Hello, I wanted to ask whether my financing plan is somewhat appropriate or realistic.

You provide a lot of information, which is very good! Nevertheless, I would recommend structuring things a bit:

A. Capital requirement (a simple table)

[*]Total purchase price developer 370,000 euros [*]Property transfer tax 22,200 euros (assumption 6%, you can correct if necessary) [*]Notary/land registry: 5,550 euros (assumption 1.5% of contract value; should be about right) [*]Other production costs xx xxx euros (I would estimate 5-figures here, unless you are very disciplined) [*]Other incidental costs xxxx euros (fees for the KfW certificate, if necessary, construction period interest, and others) [*]Additional costs after moving in xxxxx euros (furnishing, outdoor facilities) [*]Buffer xxxx euros (unfortunately you still have to allow for a buffer if you want to approach this seriously. If the developer matter is clean, the buffer may be small.)

Total: total capital requirement in euros.

B. Equity capital For you a small table, for everyone else just a number in euros.

C. Now you see the external capital requirement (total A minus number in B). Rule of thumb 5% annuity, e.g. capital requirement 370,000 euros, 5% annuity, makes a monthly installment of about 1,550 euros.

Now you either bury the project or continue. If you continue, I would take care step by step of the numbered points above (what is included with the developer, what is missing. How high are the other costs plus/minus 10%?). You are welcome to ask questions here, start threads ...

I hope this helps! You are already getting helpful answers, but long text contributors are too difficult for me, I always look for concrete questions . With this post I want to help you get an overview of your project before you get tangled up in details.

Hello, first of all thank you!!!!!!!! for a tabular listing, that helps me a lot. But I do not understand the costs for the KfW certificate. The developer has to list in the services "inkl. Kfw 70". Does that now mean that the house complies with KfW 70 and I don’t have to worry about anything or does KfW require proof that the house is KfW 70 even though I am not applying for funding? If I have read correctly here in the forum, the funding for KfW 70 houses will expire at the beginning of 2016 anyway, so it might happen that I won’t apply for funding anymore. On the subject of outdoor facilities, I found that a terrace made of concrete slabs is included in the price, the path to the house and the garbage area are also paved. The car parking space will also be paved. I have now included the property transfer tax in my planning, for notary and land registry fees I come across similar amounts on the internet. I will visit a show house next week and ask lots of critical questions. So what kind of tiles, floor coverings can I choose at €20/sqm material price.

The developer must list "incl. KfW 70" among the services. Does this now mean that the house complies with KfW 70 standards?

Presumably. But obtaining the certification costs money, and I suspect this is not included in the developer contract (just ask). Also read the KfW information sheet, which requires construction supervision (that also costs money). You have to look into this intensively [1] ... (of course, it depends on the funding level, otherwise it would be too easy). Perhaps a regular KfW loan (without energy efficiency) is also suitable. The KfW websites are helpful in this regard. And yes, from 2016 everything is different again ... KfW 70 is no longer a funding level. [1] I have not fully understood this topic, so I will stop here.

One more question about the KfW 70. On the KfW website, it says that a KfW 70 house will no longer be subsidized from 1.4.16. So I have to submit an application there by 31.03.16. If the house is then built later, or if I do not submit an application by 31.03.16, is this construction supervision still required, since I am not applying for money from KfW? The loan 124 Home Ownership Program is then more likely to be relevant, or am I mistaken?