We are planning a single-family house - are our financing considerations correct?

  • Erstellt am 2020-12-23 23:15:48

launy10

2020-12-23 23:15:48
  • #1
Hello!

After several months of silently reading along, I am reaching out with our plan for a single-family house. We (29+29) plan to buy a plot of land next year (all-in 140k€) and then start planning/building (2022?). Rough estimate: 160sqm living space with air-to-water heat pump or pellet, basement (50sqm living space, rest utility basement), double garage, terrace, possibly photovoltaics or at least photovoltaics preparation. For the house, we are budgeting a maximum of 560k€, including kitchen and "basic furniture," so that we total around 700k€.

We have been labeling our income/expenses for years, net equity 1: 3400€ (13th salary extra), net equity 2: 1400€ (13th salary extra). Expenses are 2400€ including warm rent of 650€. We currently save 2400€ per month. Equity is available, 300k€ (100k€ self-saved, 200k€ through the sale of a self-founded company).

That means we would need to finance 400k€. We have been following the rate versus prepayment discussion for a while. With the current interest rates, we would prefer to finance with a smaller rate (1250€) over 30 years to have more flexibility. Above all, with moving into the house, two children are planned as soon as possible, meaning they will be financially dependent on us for at least 2/3 of the financing period. Besides, we have been saving since childhood and do not want to enslave ourselves for the next 20 years just because of a property, "only to be able to live again afterward" — who knows how much time you have... After parental leave, net equity 2 will be part-time. Despite the smaller rate, we are consistent enough for prepayment and want to do extra repayments every year so that we are done after a maximum of 30 years.

We look forward to your assessment: Do we have any major blunder somewhere? Would you approach it differently?

We wish you a reflective Christmas season!

Regards Lukas
 

ypg

2020-12-23 23:28:14
  • #2
You have 210 sqm of living space plus 30 sqm of basement space, plus a double garage, then photovoltaics ... I am at 500,000.
Plus outdoor facilities and incidental building costs, I am at a minimum of 560,000.
I would calculate 600,000 including kitchen and such, saves additional financing.
 

11ant

2020-12-24 01:08:19
  • #3
I understand it more as 160 sqm, of which 50 are in the living basement.
 

ypg

2020-12-24 01:28:59
  • #4
It does not matter for the price disclosure where the developed living space is!
 

11ant

2020-12-24 01:33:06
  • #5
Yes, but 160 including 50 or 160 plus 50 does make a significant difference.
 

ypg

2020-12-24 01:48:53
  • #6
:rolleyes: Yes, but your way of thinking is not comprehensible, because then per floor (except basement) there would be about 55/60 sqm living space and the basement would be larger than the other floors, namely over 80.
 

Similar topics
03.04.2012Buying a house without equity?29
30.04.2012No equity, good income, financing feasible?22
03.01.2014How much land and house can we afford?25
19.03.2014Cost for a new single-family house, 2 full floors, without basement18
27.10.2014Fixed interest rate financing without equity?20
09.04.2015Sacrifice the basement for 20m² more living space?15
22.07.2015Is it possible to build a house with little equity?16
02.02.2016It doesn't work without equity - experience!109
31.08.2016Estimate of construction costs for a single-family house with double garage and hipped roof51
19.08.2017Construction costs in BW for a single-family house with a 200m2 basement and double garage38
05.10.2017Cost of a single-family house 180m2 with basement and double garage14
30.07.2019130 sqm L-shaped bungalow including double garage35
13.10.2019Floor plan design single-family house with basement and double garage on 540 sqm26
18.01.2020Inject equity or finance completely?20
05.07.2020Floor plan single-family house approx. 200 sqm double garage basement32
01.07.2020Calculation for a single-family house with 175m² living area, basement, and double garage79
26.06.2022Financing feasible in the current situation? Single-family house 140 m² including basement23
07.06.2023Finance the property now or continue saving equity?28
21.04.2024Cost estimation per square meter of living area for a hillside house with basement and garage87
08.06.2025L-Bank Z-20 limited residential area with basement39

Oben