Selling a house and renovating another, which way is right?

  • Erstellt am 2018-08-01 19:29:53

floschi

2018-08-01 20:01:05
  • #1
Ok, I will do that, thanks.

I just googled Interhyp, Dr. Klein also came up in the results, I think I'll contact both.

The LBS advisor was definitely interested but LBS has absolutely no bridging loans in their portfolio, only long-term stuff, after all it is a building society.
 

HilfeHilfe

2018-08-01 20:04:57
  • #2
Hello I don’t understand that. Sale price minus 40k loan. And then you also write 30k annuity loan present. Basically you have a time and space problem and the risk of achieving the appraiser’s price. When the interest rate starts to put pressure one does all sorts of nonsense. For example, selling below value. Is the new house in the family so dilapidated that it has to be renovated immediately? Or can you 1 look for a job 2 move in without renovation 3 sell the house 4 take stock 5 start renovating from the proceeds? Topic inheritance and gift. Are there no siblings who have to be paid out in the event of the parents’ premature death? Sorry annoying topic just want to point it out
 

floschi

2018-08-01 20:06:35
  • #3
Forgotten

With the variable loan, I would have a double burden again, which I am a bit afraid of if the house sale takes longer.

There probably won't be a bank that will give 105,000 € for a land charge entry for the "new" house and keep my monthly burden at 700 € for it, right?

Then you could immediately repay the 40,000 euros at the LBS and could start the renovation and have a bit more peace of mind without double burden.

I think it will be difficult to find a bank that lends you 105,000 € for a maximum of 12 months.
 

HilfeHilfe

2018-08-01 20:11:21
  • #4

It won’t work and as I said, don’t put yourself under the pressure. Did you read my posting? Is a renovation urgently needed?
 

floschi

2018-08-01 20:13:33
  • #5


I am an only child and my father inherited everything from grandma and grandpa last year when they passed away.

Without renovation it won’t work, the rooms are too small for 4 people, three walls have to be knocked down and dry screed needs to be laid throughout the house, one bathroom renovated and a bathroom on the first floor completely rebuilt. Dad and I can do everything ourselves but it takes time since I can only go up on weekends.

Grandma and grandpa were just two people and we are four.

There are six months between finding a job and starting the job and I want to use that time for the conversion. Unfortunately, this is the case in the public sector with long notice periods.

And I don’t want to put my family through living on a construction site with four people.
 

HilfeHilfe

2018-08-01 20:17:23
  • #6
I would strongly reconsider ... the money printing can be many times higher .. what you need is an interest-only loan where the loan amount increases by the accrued interest ... too specific
 

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