Hello everyone,
we have received an offer for a semi-detached house.
Here are the key data:
Plot: approx. 400sqm
House: approx. 125sqm
Price: 360,000
Location: Essen area
Included in the price:
[*]House EfW55 (turnkey including wall and floor work (including labor and materials))
[*]Plot
[*]Balcony and garage
[*]Property transfer tax and notary fees
[*]Additional construction costs
[*]House foundation
First my question:
Is the price realistic? Too expensive or should I expect more costs?
For the construction financing, a financial advisor was recommended to us, who is free of charge for us and would accompany us during the project.
He advised us (m30+ w31) not to use our Wohnriester for the financing.
The offer:
Interest fixed for 10 years:
Loan amount 300,000
Nominal / effective interest rate: 1.48% / 1.52%
3 components: 2x KfW 50,000 / 100,000 and an annuity loan of 150,000
Monthly rate approx. 1,000€
Calculated total term approx. 30 years
Interest fixed for 10-20 years:
same amount and same components:
Component / Loan / Nominal / Eff. interest / Fixed interest period
KFW #1 / 50,000€ / 1.4% / 1.41% / 10 years
KFW #2 / 100,000€ / 2.25% / 2.27% / 20 years
Annuity loan / 150,000 / 2.1% / 2.16% / 15 years
Blended interest: 2.03% / 2.07%
Monthly rate 1,015€
Calc. term: approx. 35 years
________________________
The offer from Wohn-Riester:
Components:
2x Wohnriester 100,000 and 50,000
KFW #1 50,000
KFW #2 100,000
Monthly rate 1,250€
Term approx. 25-30 years
For the KFW components it should be analogous to the above offer.
With Wohnriester there is a 10-year fixed interest of 1.7% and after the 10 years, a secured interest rate of 2% for another 13 years.
___________________
The question is which offer is better?
Is the financial advisor’s statement correct that Wohn-Riester is not suitable for repayment of the property?
Or is it more that the financial advisor earns if he mediates us to a bank?
But I think a Wohnriester advisor also earned from the contract conclusion.
So who can you trust?
Thanks in advance!!!
Best regards