Scome
2014-06-30 12:23:23
- #1
Hello everyone,
we (both 36, 3 children 1/3/5) are planning to build a single-family house in Upper Bavaria (why is it just so damn expensive here...).
The plot with about 600 sqm would cost 235,000 + 5% notary and tax (without realtor) + about 20K incidental costs (connections + connection to biothermal/district heating) = 267,000 EUR
The house should have a full basement, with 5 rooms and about 170 sqm living space, a double garage would also be nice.
For this I am planning about 400,000 EUR (south of Munich). Is that realistic?
Together everything costs about 667,000 EUR.
Only 145,000 EUR equity is available (just bought a new family car for 35K before the option was on the table...) + 25,000 EUR in the building savings contract (Riester, not yet eligible for allocation). Possibly we would get another 50,000 financed from the family.
So let's just say loan amount = 500,000 EUR
My wife is currently not working but could work part-time again after about 3 years when the children are either in kindergarten or school and would then bring home about 1,300 net.
I work full-time and currently earn 4,300 net / month + child benefit 558.
So we currently have 4,858 available.
Minus savings rate for building savings contract, rent (cold 1200) leaves a savings rate of about 1,200 (if I calculate all our costs over the year).
Is it realistic that I can carry the loan amount alone and still live well?
How do you assess this, what are your experiences / tips / opinions?
Regarding financing:
would you include KfW and also the building savings contract right away?
Problem: the building savings contract is actually not so cheap because of about 3% effective annual interest rate after allocation and about 2.6% until allocation.
If I borrow 500K at the Commerzbank (for 15 years), it costs about 1,900 per month (at about 2.5%) interest rate. But I would have to continue servicing the building savings contract.
Can you take out a loan at Commerzbank or another bank and still use the building savings contract at Schwäbisch Hall (because of the land charge entry)?
Do I have to know exactly now what is coming, since house building is earliest in 2015? That is, can you increase the loan? So that the loan for the house building does not become secondary and then only available at worse conditions...
Questions upon questions...
I would be very happy about helpful comments!
Regards
Tom
we (both 36, 3 children 1/3/5) are planning to build a single-family house in Upper Bavaria (why is it just so damn expensive here...).
The plot with about 600 sqm would cost 235,000 + 5% notary and tax (without realtor) + about 20K incidental costs (connections + connection to biothermal/district heating) = 267,000 EUR
The house should have a full basement, with 5 rooms and about 170 sqm living space, a double garage would also be nice.
For this I am planning about 400,000 EUR (south of Munich). Is that realistic?
Together everything costs about 667,000 EUR.
Only 145,000 EUR equity is available (just bought a new family car for 35K before the option was on the table...) + 25,000 EUR in the building savings contract (Riester, not yet eligible for allocation). Possibly we would get another 50,000 financed from the family.
So let's just say loan amount = 500,000 EUR
My wife is currently not working but could work part-time again after about 3 years when the children are either in kindergarten or school and would then bring home about 1,300 net.
I work full-time and currently earn 4,300 net / month + child benefit 558.
So we currently have 4,858 available.
Minus savings rate for building savings contract, rent (cold 1200) leaves a savings rate of about 1,200 (if I calculate all our costs over the year).
Is it realistic that I can carry the loan amount alone and still live well?
How do you assess this, what are your experiences / tips / opinions?
Regarding financing:
would you include KfW and also the building savings contract right away?
Problem: the building savings contract is actually not so cheap because of about 3% effective annual interest rate after allocation and about 2.6% until allocation.
If I borrow 500K at the Commerzbank (for 15 years), it costs about 1,900 per month (at about 2.5%) interest rate. But I would have to continue servicing the building savings contract.
Can you take out a loan at Commerzbank or another bank and still use the building savings contract at Schwäbisch Hall (because of the land charge entry)?
Do I have to know exactly now what is coming, since house building is earliest in 2015? That is, can you increase the loan? So that the loan for the house building does not become secondary and then only available at worse conditions...
Questions upon questions...
I would be very happy about helpful comments!
Regards
Tom