No equity / existing consumer loans / financing possible?

Hello,

no, unfortunately the loans cannot be completely paid off with it... besides, our building society advisor strongly advised against it because some fees would be due.

The "gute Stück" costs tuto kompletti turnkey with garage 182,000 EUR.

Best regards

plus hidden costs

Visited a new-build condominium (show apartment). 140 m² nice area... exactly ideal for us.
According to the latest standards - geothermal heat pump, solar, super insulated, etc....

=> Only 88 sqm living space? Then I would rather buy a condominium

That was exactly the plan, if I understood correctly.

But I also assume that additional purchase costs will be added (1.5% notary, 3.5-6.5% property transfer tax, up to 7.14% broker fees, etc.)

Sorry my mistake. First READ PROPERLY then write ..

But open and honest. Forget it for now and save more or repay your loans.

Opportunities to buy a condominium will come again and again but your financial situation simply does not fit. You will always find some bank that finances it. But you will not be happy with it .. With 2% repayment (so below that is currently not understandable to me!) you are already at about 1,000 EUR repayment per month for the needed approx. 200 TEUR ..

A lot has already been written, now some facts. For analysis first, I do construction financing myself and work for a bank that only co-finances additional costs with management approval. So rather not.

There are many banks that finance additional costs (acquisition ancillary costs). There are also enough banks that "sneak in" private loans into the construction financing. This is not desired.

Existing loan installments generally do not interfere, IF the creditworthiness is sufficient.

From your net income, a self-retention (minimum retention) is deducted, this varies but is definitely at least 700 EUR for the first person and another 200 EUR for each additional person in the household. Operating costs are often calculated as a flat rate, realistically about 3 EUR /m². Then maintenance obligations, kindergarten, loans, etc. are accounted for. If there is still a positive household budget at the end, construction financing is generally possible.

By the way, the balance of the savings contracts is indeed considered equity capital. Also, building societies can grant smaller loans "blank," that is, only based on creditworthiness and not on collateral. This can improve the equity contribution at the bank. Also important here: Does the installment still fit? The building society loan must also be repaid, and this is quite high relative to a bank loan.

The financing seems possible at first glance, but you have to take a closer look.

The most important thing is that you consider what could go "wrong." That could be:

1. Unemployment SOLUTION: unemployment benefits and/or insurance against unemployment
2. Occupational disability SOLUTION: insurance against occupational disability
3. Pregnancy SOLUTION: the financing must be affordable with one income; if married, you can also change the tax classes to get more net income.
4. Separation SOLUTION: the financing runs only through one borrower
5. Interest rate adjustment risk after 10 years SOLUTION: agree on a long fixed interest period (20 to 30 years)

Most financings fail because of divorce and unemployment. It's best to overestimate costs and underestimate income; if the financing still works, just go ahead.

If you want a guarantee, buy a toaster.