HilfeHilfe
2016-06-01 09:52:40
- #1
The house will have 6 residential units, but I am only allowed to build 2.5 stories, which is why the 4*100 = 400 sqm and then 2 apartments are divided into a total of 120 sqm. (We are still not quite sure about the two attic apartments whether they will be the same size or if one will be smaller and my brother should move in there...) So I come to 520 sqm * 2000 euros = 1.04 million euros. The architect calculated with cubic meters (qm3) and we come to a volume (is that how you write it? :) ) of 2600 m3 and at 300 euros/m3 we are at 780,000 euros net + VAT, ancillary construction costs and architect services = 1.112 million.
The commission for the building savings contract also caught my eye. However, I am more bothered by the fact that I have a loan running for 15 years on which I do not repay anything and the absolute amount of interest does not change. Yes, I have interest rate security for the corresponding amount over the entire 30 years with the whole construct and I can make special repayments of any amount at any time. But that is only interesting to me if the house already yields more than is necessary for the repayment (calculated over 30 years) or if I could add my own money. But neither seems to be the case. In other words: I will also need my money for my own home and won’t just have 20k left over to put into this house and the rental income will, after taxes and a small safety margin, pretty much cover the loans.
At first, I thought that all loans would only be serviced with interest and 1% repayment and then the money would be parked temporarily and the actual repayment would then be made through annual special repayments. Thus, for example, I would first repay the expensive bank loan and then the KfW loan and I would also still have some liquid money myself if in doubt, especially if something unforeseen happens. The idea was nice but unfortunately not feasible, because, unbeknownst to me, the KfW installments are based on the term and are not freely adjustable. And it looks to me as if the concept with the building savings contract is also not possible, since it only becomes allocatable when the corresponding money is in it. So if I rather put money into a KfW loan than the building savings contract (so that the KfW loan can be repaid and I have more liquid capital), then the allocation maturity is postponed and I have to continue paying interest on the entire 500k. Yes, I know that ultimately it is a zero-sum game. But I would prefer to have a larger margin of error and rather miss a special repayment or make it lower sometimes, instead of standing with one foot in personal bankruptcy.
Maybe two more figures: The rental income would be 8 euros/sqm and thus 4280 euros (including parking space rent). But the loan installments would be 3945 euros together. If I estimate this correctly, about 50 euros per month remain after taxes... That is a bit tight if suddenly an apartment is vacant for X weeks/months.
Well, the problem of provisions for rental loss AND renovations etc. is faced by every investor. In the first years, certainly nothing will occur, from the 10th year onwards you can expect renovations. You should be able to afford that. With a 1.2 million project, you surely have thought in advance about how financing and follow-up costs fit together? It is nice to talk about old-age provision, but it is very risky here.
What profession do you practice? Is there a net surplus here? V+V (income and expenses) are taxed together after all.