ONeill
2016-06-17 13:38:16
- #1
The topic of the kitchen cannot be concluded. The financing situation is more interesting after all.
OK OK I see, the kitchen thing is going to be a longer story
Can't the kitchen topic be closed? The financing situation is more interesting.
Of course, I don't know your kitchen either, but saying I don't see a difference is precisely why it's impossible.
As I said, there are hoods alone costing several thousand euros, the cheapest dishwasher from Miele starts at over 1100.- on Idealo, ...
A higher oven is normal nowadays, right?
A question: do you have a drawer directly under the cooktop or just a panel? As far as I know, most can only be fitted with a panel because of the heat development. With our Miele you can also install a drawer...
Kitchen planning is a lot of detailed work, which we noticed through many visits. What looks the same at first glance can actually be very different in the end. Whether you go into each store four times and try to play them against each other is a matter of taste. I also didn’t want to be treated that way. That’s why I get a few offers and with the one where the price-performance ratio is right, I try to get something extra out, which usually works as well. Maybe I say then I’ll think it over and try two weeks later to get something else out but that’s it.
purchase in a new development area in the Cologne surroundings.
About us:
m38 and w36, currently together approx. €8,200 net (5000+3200) monthly, minus approx. €250 private health insurance
He is a civil servant, she is permanently employed
(no children yet (1-2 planned))
approx. €110,000 equity
currently approx. €1,700 cold rent, which will fall away when buying the house
2 nearly new cars available
no further obligations
Property:
Detached single-family house, almost 160m2 on a 350sqm building plot
Solidly built house with cellar, meets KFW55
Built by a locally established developer.
Completion planned for the end of 2017.
Price: €600,000 incl. incidental purchase costs.
The purchase price includes the house completely ready to move in (incl. floors, walls, bathrooms, garage, garden landscaping). Overall equipment level classified as "upscale."
In addition, the following come:
- Kitchen (planned approx. €15,000 - realistic?)
- Possible extras in addition to the selection (planned €15-20,000)
Total costs therefore approx. €630-640,000
A financing with a fixed interest rate over 20 years with a low initial repayment (2%) is planned, but with special repayment options. In addition, the use of KFW program 153 (100,000€ / 20 years) and possibly 124 (50,000€/ xx years) would be included.
To remain financially flexible, a monthly burden of not significantly over €2,000 is desired.
Questions about this:
- How much of the equity should be used - and for what best?
- Are the KFW programs recommendable?
- Are there any other interesting programs that would be useful in our situation?
- Is the planned rate realistic, or will it come out more expensive?
- Is the total burden reasonable or is there a risk of overburdening ourselves in the long term?
Regarding financing: We have now received in my opinion a good offer.
This includes KFW153 and KFW 124. The remaining sum then fixed for 20 years at 2.1%. Alternatively, another variant with a building savings contract (Bausparvertrag) calculated, which should begin after 10 initial years. Would this be, for example, recommendable as a follow-up to the KFW loans?
Regarding the "full-blooded civil servant":
I like to hear that first because it does not exactly indicate a planned over-indebtedness
And even though it is of course very likely that our income will continue to rise in the future, I also take into account that
- There may not always be 2 full salaries available => parental leave
- We do not intend to restrict ourselves regarding the house in our lifestyle. I see building instead of renting rather from an economic point of view or as part of retirement provision. Going on vacation, eating out or buying a new car should still be possible.
- Paying off the loan is not all - you also have to remember that maintenance and renovation work will be due again at the latest by then. You should also be able to save something for that.
House/plot size: concerns arose here... I think we would rather approach this modestly as well. Showing off to neighbors and acquaintances is unnecessary. And with 160sqm + cellar, do 3 to max 4 people really have a lack of space?
On the contrary, I get dizzy from some financing ideas you can sometimes read (also in this forum). Forced auctions are almost pre-programmed there...
Thanks for the comments!
Now a few words about your financing ideas.
I already wrote above that I see it as uncritical. I can’t remember ever having written such a statement about a planned financing (with over 1,200 posts ).
A rate of 2,000 euros is also easy to handle with an income of 5,000. Even if your wife would not earn a single cent.
Have the option included that you can change the repayment rate (this is often already standard). In the first years, I then recommend a higher repayment rate (e.g. 3 or 3.5%). This way you are above the 2,000 per month, but you get off the mountain of debt faster at a time when you are absolutely liquid. When the children come, you can then reduce it to 2%. If necessary, it can be raised again later (when your wife is working again).
So you know what number we are talking about here: I assume a financing of 500,000. Subtract the two KfW loans from that – remaining 350,000. A higher repayment of 1.5% is 430 euros per month. With other financings, I would see such an increase critically (also for myself), but with 8,200 euros per month, that is 5% of net.
Small note on KfW 124: With this loan – if you plan it – a special repayment is not possible. Except for a complete special repayment with prepayment penalty. On the other hand: Then you just make the special repayment on the other loans . You can have the bank give you an alternative offer for the KfW 124 just for fun.
Check the subsidy options – e.g. heat pump. Maybe someone else can give you advice here – possibly also specifically related to NRW.
What to use the equity for? Normally I would say: For the purchase of the land. But since this is probably bought together with the house (from the developer?), this is probably excluded. Therefore, I can only give you the tip: Reserve part of your equity for "unforeseen expenses." They always come sooner or later. Whether with the sample selection or because you plan something differently again or because circumstances change. This way you can react flexibly and don’t have to, for example, request 1,000 euros from the bank. You should also state this to the bank from the beginning, as they actually like to see that the builder first invests his own equity.
I recommend you this thread here
By the way – until the start of construction, you will still be able to save a few coins.
You will only have to restrict yourselves regarding eating out when the children are there (unless you have nice parents/grandparents nearby). We have hardly ever gone out for nice meals in the last 4 years. Max. to the Chinese restaurant that has a large indoor fish tank so the kids had something to keep them busy. However – can a buffet actually be called "eating out nicely"?
Well – otherwise I wish you a relaxed build.