Stomach ache due to these large home financing numbers

  • Erstellt am 2017-06-25 19:31:22

Grym

2017-09-10 16:09:29
  • #1
I would plan for 20% real equity, without fictitious own contribution accounting with fictitious OC price. But that should work out quickly with the savings rate.
 

11 Freunde

2017-09-10 16:15:21
  • #2
That is also a consideration I am making. With the savings rate, we could have around 100,000 equity in a good year.

I also forgot to mention: We want to buy the plot now, but building will only take place in about 1.5 years. We would acquire the plot with the interest-free loan, which is why I expect an additional monthly burden of initially 300-400 euros in loan repayment for the plot. 1.5 years later, we would then have saved an additional approx. 30,000 equity.

What do you say about the price of the plot?

Would the data I mentioned be feasible for a house WITHOUT a basement?
 

Grym

2017-09-10 16:44:17
  • #3
Regional construction costs can probably be best estimated by your father in his situation, and he might also know your preferences (plastic roller shutters manual or electric aluminum venetian blinds?; bathtub 170x75 made of plastic or 200x100 freestanding steel enamel bathtub? Room height 2.45 or 2.90? Photovoltaic system coupled with ground source heat pump and battery, or a gas heating system? Ventilation system? ...).

I don’t think anyone here can judge the cost of the plot from a distance either.

Buy the plot, pay it off completely, do the full planning including building permit and detailed planning/sample selection. Call for tenders and take the result to the bank; if that works out and your father includes all additional costs, then everything should actually be fine. Still plan a buffer!
 

11 Freunde

2017-09-10 16:45:19
  • #4
So let's leave the basement out for now. This topic is very controversial internally anyway. There are probably cheaper solutions for storage options, for example a storage room by the garage.

The fully developed plot would cost us about 180,000 euros including ancillary costs.
For the house with around 190m2, I assume 190x1,800=342,000 euros
Garden 20,000 euros
Garage 25,000 euros
Buffer 10,000 euros
makes 577,000 euros.

If I deduct the available equity capital of 65,000, 502,000 euros remain as the loan amount, of which 100,000 euros are granted interest-free, leaving about 400,000 euros. With an interest rate of around 2 percent, this results in almost 1,500 euros per month for the 400,000 loan over 30 years, and 230 euros for the 100,000 loan. Altogether 1,830 euros and thus about 500 euros more than our previous cold rent, then based on a monthly savings rate of 2,300 euros, 1,800 euros remain, of which another 350 are incidental costs, and you actually end up with 1,400 euros per month as the savings portion.
 

Grym

2017-09-10 16:50:46
  • #5
The monthly installment is surely not a problem. Only whether to rent or buy should be considered. And if the decision to buy has basically already been made, then that's good. Your father will surely be able to estimate the correct construction costs along with his 40 colleagues. And a financing bank will be found. You apparently have a 1,400 EUR monthly buffer? Are there any remaining questions?
 

Alex85

2017-09-10 16:53:50
  • #6
2% on 30 years is unrealistic. With the loan-to-value ratio, rather 2.8.

You will also have to find a bank that recognizes your free services (= undeclared work) at all. Lack of warranty reduces the value of the property
 

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