kaufenzudritt
2020-08-27 15:14:57
- #1
Good day!
We are currently just about to purchase a property. Due to the size of the property, we initially planned to rent out part of it as a granny flat. Unfortunately, the upper and lower parts are not soundproofed, and renting it out is practically only possible to someone who is hard of hearing, without investing significantly more money than we currently have. Since we are not financially dependent on subletting urgently, the plan was to maybe offer it initially only as a holiday apartment and either retrofit it later or not. It would basically be a bonus to save a little extra money for future improvements, etc. However, we have already managed to include reserves in the monthly budget. Since the property is rather at the upper limit of our budget, the financial advisor included the potential subletting in the calculations, but it always sounded as if it didn’t really matter whether and when someone would actually move in, and it wouldn’t be monitored either. Generally, banks always calculate significantly higher living expenses than we actually have, since we live rather frugally overall. However, the loan contract now contains a clause AFTER disbursement stating that we must have a minimum net cold rent in the lease agreement. Since the disbursement is not affected and this is not due immediately after moving in, we are now wondering if this could still be a problem. Theoretically, we could just find someone who signs the lease agreement for us if that is all the bank cares about. As long as we can always pay our installments without any problems, this should at least not become an issue. I assume it would become a problem if we actually cannot pay our installments and then the fact that we have no subtenant could lead to an immediate termination of the contract.
Does anyone have experience with this? Are we worrying unnecessarily or should we rather look for another loan where this is not a clause?
We are currently just about to purchase a property. Due to the size of the property, we initially planned to rent out part of it as a granny flat. Unfortunately, the upper and lower parts are not soundproofed, and renting it out is practically only possible to someone who is hard of hearing, without investing significantly more money than we currently have. Since we are not financially dependent on subletting urgently, the plan was to maybe offer it initially only as a holiday apartment and either retrofit it later or not. It would basically be a bonus to save a little extra money for future improvements, etc. However, we have already managed to include reserves in the monthly budget. Since the property is rather at the upper limit of our budget, the financial advisor included the potential subletting in the calculations, but it always sounded as if it didn’t really matter whether and when someone would actually move in, and it wouldn’t be monitored either. Generally, banks always calculate significantly higher living expenses than we actually have, since we live rather frugally overall. However, the loan contract now contains a clause AFTER disbursement stating that we must have a minimum net cold rent in the lease agreement. Since the disbursement is not affected and this is not due immediately after moving in, we are now wondering if this could still be a problem. Theoretically, we could just find someone who signs the lease agreement for us if that is all the bank cares about. As long as we can always pay our installments without any problems, this should at least not become an issue. I assume it would become a problem if we actually cannot pay our installments and then the fact that we have no subtenant could lead to an immediate termination of the contract.
Does anyone have experience with this? Are we worrying unnecessarily or should we rather look for another loan where this is not a clause?