Too old to buy a house?

Hello

following situation: I am 48, my wife 44, we want to buy property (total price 318 TEUR incl [Makler/Steuer/Notar], equity 30 TEUR). We earn well (about 5500/month), the bank offered us financing at 2.25% for 10 years plus 2x [Wohnriester] which then takes over the remaining financing after the term at today's conditions (well, something like that anyway). But the main question is whether such a thing still pays off at our age. Without special repayments we will only be done in 25 years (installment 1200 EUR/month), both parents still have property, but whether and how much that will be is nobody's guess... what do you think??

In principle, you should structure the financing so that you are paid off before retirement. That would mean you would have to repay more, which would increase the rate. But I wouldn't see that as a problem with your salary. Or consistently make Sondertilgungen. Then you could also be done in 15 years.

yes, we can prepay 75 TEUR without costs in the first step, but that would not be enough....

Quality of life is worth it at any age! We have arranged the financing with us (also old.... Haha) in such a way that the company pension or other insurances, which then become available, mostly cover the large remaining amount after 10 years. Somehow your retirement provisions must have flowed somewhere with the good salary, if only 30,000 is available as equity.... ;) Quick response on the go :)

YES the retirement provision is good, at least we hope so... but still without repayments at my retirement 850 EUR and at my wife's retirement 450 EUR installments would remain... but the idea with the company pensions is good. I will check if that is possible

You can have the company pension paid out in a lump sum. This can then be used to pay off the remaining amount. Since you don’t really know how long you will benefit from the pension anyway, you have the paid-off property as retirement provision. With us, my husband will retire in 9 years, so our loan was set for a term of only 10 years.

Quick reply on the go :)