Lewrny
2017-01-26 08:06:44
- #1
Hello everyone,
we (me 29/she 30/child 2) are considering whether it is possible for us to build a house.
Our current income:
3200 (me full-time 2300 / her 18 hours 900)
I get an average annual salary increase of 3%, and my wife does too (over the last ~5 years). Additionally, when the child is older, my wife will also work more again, but that is still a long way off, although definitely before a possible end of the fixed interest rate period.
In addition, we have Christmas/holiday bonuses/special payments annually of about ~1500-2000. However, I would not include these in the calculation but keep them "extra" for vacation/saving/other.
Current monthly expenses:
- Warm rent: 1000
- Mobile phone: 45
- Sky: 40
- Insurances: 280
- Internet: 30
- GEZ (broadcasting fee): 19
- Electricity: 40
- Public transport/fuel: 140
- Other expenses (food/child/hobbies/leisure/money for living): 800
Rounded up, that is 2400 expenses. These are not fictitious values but we actually track them precisely, and they come out every month within +- 50-100 euros.
Currently, we save 800 euros per month in a daily allowance account. But about ~200 euros of that should be deducted as they are reserved for a new car someday or maintenance costs of the current one.
Planned costs:
- Plot (including all incidental costs): 82,000
- House (have various offers, whether prefab house/solid house — on average all come to about 270,000 euros (130-140 sqm, turnkey including all incidental costs with garage KFW40 - 55))
- additionally planned costs: kitchen 10,000, outdoor facilities 10,000, other furnishings ~5,000)
This would total just under 380,000.
Equity currently available is 45,000 euros.
TL;DR:
What monthly installment would be feasible in your opinion?
If I take our current warm rent of 1000 + 600 (800 - 200 for car), we would have 1600 available with which monthly installment + monthly ancillary costs must be covered. The "planned" repayment period should not be more than 35 years due to age, of course.
We aimed for a loan repayment of ~1000-1100 monthly. The rest would then be for ancillary costs/saving.
We have already been to 3 local banks and a rough financing plan was made, and all said it is realistic and affordable (for ~35 years at fixed interest rate. Of course, that probably won't stay the same, but possible increases could be absorbed by salary increases, I think). But those are of course banks and somehow I don't trust them.
So is that realistic? What financing amount do you consider realistic? Or should we wait a few more years? But I definitely don't want to wait more than 5 years.
we (me 29/she 30/child 2) are considering whether it is possible for us to build a house.
Our current income:
3200 (me full-time 2300 / her 18 hours 900)
I get an average annual salary increase of 3%, and my wife does too (over the last ~5 years). Additionally, when the child is older, my wife will also work more again, but that is still a long way off, although definitely before a possible end of the fixed interest rate period.
In addition, we have Christmas/holiday bonuses/special payments annually of about ~1500-2000. However, I would not include these in the calculation but keep them "extra" for vacation/saving/other.
Current monthly expenses:
- Warm rent: 1000
- Mobile phone: 45
- Sky: 40
- Insurances: 280
- Internet: 30
- GEZ (broadcasting fee): 19
- Electricity: 40
- Public transport/fuel: 140
- Other expenses (food/child/hobbies/leisure/money for living): 800
Rounded up, that is 2400 expenses. These are not fictitious values but we actually track them precisely, and they come out every month within +- 50-100 euros.
Currently, we save 800 euros per month in a daily allowance account. But about ~200 euros of that should be deducted as they are reserved for a new car someday or maintenance costs of the current one.
Planned costs:
- Plot (including all incidental costs): 82,000
- House (have various offers, whether prefab house/solid house — on average all come to about 270,000 euros (130-140 sqm, turnkey including all incidental costs with garage KFW40 - 55))
- additionally planned costs: kitchen 10,000, outdoor facilities 10,000, other furnishings ~5,000)
This would total just under 380,000.
Equity currently available is 45,000 euros.
TL;DR:
What monthly installment would be feasible in your opinion?
If I take our current warm rent of 1000 + 600 (800 - 200 for car), we would have 1600 available with which monthly installment + monthly ancillary costs must be covered. The "planned" repayment period should not be more than 35 years due to age, of course.
We aimed for a loan repayment of ~1000-1100 monthly. The rest would then be for ancillary costs/saving.
We have already been to 3 local banks and a rough financing plan was made, and all said it is realistic and affordable (for ~35 years at fixed interest rate. Of course, that probably won't stay the same, but possible increases could be absorbed by salary increases, I think). But those are of course banks and somehow I don't trust them.
So is that realistic? What financing amount do you consider realistic? Or should we wait a few more years? But I definitely don't want to wait more than 5 years.