Weekend house affordable?

  • Erstellt am 2012-08-19 01:31:17

sveba

2012-08-19 01:31:17
  • #1
Hello everyone,
briefly about the situation: My wife, my daughter, and I live rent-free in my parents-in-law's second house. We have invested almost 25,000 euros in renovations, and in addition, I have paid nearly 20,000 euros for further education. The current equity is 25,000 euros, so rather low. However, we have no debts, etc.
Since I currently commute 230 km daily, I am looking for something closer to work and additionally a place where I can relax with my family. The property we have viewed is located in a weekend area with 90% permanent residents in a wonderfully quiet location. The plot is 560 sqm, living space 90 sqm. The total cost should be 99,000 euros. I would live there year-round, and my wife and daughter would stay there 4 days a week.
I want to use 10,000 euros in equity plus incidental costs and finance the rest with 3% repayment. That would result in an installment of about 550 euros. Income is about 3,000 net. Is there a bank that would finance this? We will meet with the seller soon and would like to take a step further, towards purchase completion.
 

Midnight

2012-08-20 17:20:03
  • #2
I recommend that you obtain comparisons on various portals. There is certainly a bank that offers such financing. We also took out a loan with, for us, perfect conditions.
 

GeorgPuetz

2012-08-21 07:51:56
  • #3
For weekend houses / holiday homes, most lenders will refuse financing. Although these properties are sometimes very valuable and renting them out generates significantly higher income than regular residential rentals. The lenders expect a high equity share. Most likely, local banks that can assess the location and quality of the properties will provide financing.
 

sveba

2012-08-21 20:39:05
  • #4
Thanks in advance! I have inquired with an agent, I will report how it goes.
 

Midnight

2012-08-22 20:59:43
  • #5
Yes, that would be great ... I would also be interested
 

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