Property as equity? Living costs with children?

  • Erstellt am 2016-04-05 13:55:42
L

Luna200

2016-04-05 13:55:42
  • #1
Hello dear forum community!

I have been quietly reading here for a while and have already received many useful tips - now I would like to post my specific case here to maybe gather a few more experiences. My boyfriend and I have bought a plot of land and would soon like to tackle the adventure of building a house. In May, we have some appointments with builders and the bank, for which I am currently preparing.

Our situation:
Income
Me, 23, permanently employed: 1650 net (plus shift allowances, but I do not want to count on those)
Him, 30, permanently employed: 1900 net

Private retirement provision (for both), life insurance, and disability insurance (for me) are already deducted from the net income because they are company contributions.

Equity
Plot of land: 65k (bought in 2016, building obligation within five years)
Liquid funds: about 20k

Planning
We want children and plan to have them within the next two years, which is why I can only count on a part-time salary for a longer phase of the financing.
Currently, we pay 580 euros rent warm, but the apartment would be too small with a child. With a bigger apartment, we would probably take a significant step up because the current one was an absolute lucky find and we live quite cheaply.

House
More detailed discussions are still pending, but first offers place us for the house at about 270-300k + incidental building costs. We are aiming for about 140 sqm + basement.

My questions:
- Will the bank actually consider the full value of the plot of land? Or are only the funds we have liquid considered to assess whether it will be a full financing? In the latter case, we would probably need to save a bit more before we can start.

- I am currently finding it difficult to determine the possible monthly burden once we have a child. Do you have approximate figures on how much living costs have increased for you? Of course, this is always a subjective matter, but I am grateful for any experience.

Thank you very much in advance and best regards!
 
H

Häuslebau3r

2016-04-05 14:25:15
  • #2
Hi Luna,

of course, as a layperson I can’t answer all your questions, but I want to address a few points (since I am currently in a similar situation).

Have you ever made a household budget? That is, current income compared to current expenses? Often called a household ledger both in the forum and online. All points should be included very precisely there (which I initially did not do).

In the second step, you can then calculate that with your salary during parental leave, as well as child benefit. Possibly also consider the tax classes with different salaries. It should be as realistic a calculation as possible and, as is generally known, rather underestimated than overestimated.

Maybe some of this will help you:


There are certainly other threads and posts in the forum on this topic.

Regarding the additional child costs, I could only assume "estimated costs". But exact details, as you already suspect, no one here can tell you because it also depends heavily on the region. I have experienced that even in the forum opinions differ greatly ;)

Concerning land and equity, according to my current knowledge, the land (land value) is fully included as equity in the financing. As far as I know, in the past even "actual" personal contributions were included, which apparently no longer applies.

Your price assumption for the house including the basement. According to my first/current information and inquiries, I would say that with a pure house price of about €270k-300k, I don’t know whether a basement is 100% financeable within this price. There are also different statements here, but currently a basement can probably be estimated at around €50k-70k, depending on the design. This point is still open for me and will be included or excluded depending on further planning and project costs.

Surely other users here will be able to give you more detailed information on some points.

Best regards, Andreas
 
S

Steffen80

2016-04-05 15:00:43
  • #3


Forget the child benefit. That is needed for the child. As soon as the child goes to daycare, monthly expenses will increase significantly again. In addition, there are considerable expenses for initial equipment. Your base with land plus equity is quite good. However, due to the relatively modest family income and the desire to have children, I would save a bit more equity. Otherwise, it could get quite tight. I would also think carefully about the basement. It is very expensive. 140 sqm sounds very reasonable and should fit. Without a basement and with a bit more equity... then the situation doesn't look bad :)

Definitely keep a household budget book and observe for at least one year what really remains. When I started many years ago, I had a monthly "aha" effect :)
 
H

Häuslebau3r

2016-04-05 16:21:18
  • #4


In my opinion, if one wants to create a forecast and aim for a relatively realistic calculation, all of this should be included in a calculation example. Child benefit income, daycare expenses, etc. etc.

Calculating with child benefit as a buffer (if that was the intention) is of course nonsense ;)

Best regards, Andi
 
Y

ypg

2016-04-05 16:26:59
  • #5
Is the property paid for?
 
H

Häuslebau3r

2016-04-05 16:31:48
  • #6


As I read above Yvonne or rather understood yes ;)



, something that just came to my mind, or that I haven’t been able to read out yet. Is another purchase planned (e.g. a car) or even a wedding :) that also doesn’t come cheap. I speak from my own plans, which still must or should be considered. ^^

Best regards Andreas
 

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