Hello everyone!
We are also planning to build a house and are now just about to sign the contract.
The construction project is in BW, postal code 72459
It will be a detached single-family house with a basement, garage & carport.
The house price includes all trades (also painters, etc.), our special requests (2 transverse buildings, 1 dormer, large windows, visible wooden beam ceiling, usable attic, air-to-air heat pump with central ventilation and double heat recovery, ...)
Since we are not craftsmen and also have none in the family, the house will be built turnkey.
The house price is €386,500 plus additional construction costs (e.g. permit, structural engineer review, excavation, connections)
We are calculating with a total price of €466,000; the plot of land is already fully paid off.
As equity, we thus have the plot (50,000 €) plus 30,000 € cash and an ongoing building savings contract with 50,000 €
Professionally, my partner and I are both in permanent employment, net income currently 3,500 €/month
For financing, we have now set the amount at 485,000; monthly rate in the first offer is €1,393, which would also be our maximum limit as we had imagined.
Details:
Mixed financing at the house bank
Name, loan amount, nominal interest rate, fixed interest period, effective interest rate, outstanding after fixed interest period, rate
1 retirement loan, €90,000, 2.5%, 25 years, 2.53%, 58,779 €, 262.50 €
2 building savings contract with Riester, €80,000, 1.450%, until the end, 1.52%, --, 313.61 €
3 building savings contract with Riester, €80,000, 1.450%, until the end, 1.52%, --, 313.61 €
4 L-Bank KfW 55, €50,000, 0.750%, 10 years, 0.75%, 35,692 €, 159.92 €
5 bank loan, €110,000, 1.750%, 10 years, 1.76%, 85,975 €, 343.75 €
In 10 years we would have to renegotiate the KfW and bank loans.
In 25 years the remaining amount from 1 (retirement loan) would be renegotiated.
The two building savings contracts would be fixed, hoping that nothing changes.
What do you think of this financing?
Oh dear... Who advised you? Almost half a million with 3,500 net and then without children? Crazy...