Danton
2009-05-31 18:26:40
- #1
Hello S+F,
although most of your questions have already been addressed in the posts here, I want to try to answer them (briefly). However, I would still ask you to read through the threads and posts here as well.
1. It obviously depends a lot on where you live or want to buy or build. Secondly, it depends on the standard you expect.
A normal single-family house with 120-140m² living space should be possible for the intended amount. It might even be enough for a new build including land, although generally more should be calculated for a new build than for a purchase.
2. You should always get several offers from different banks, including considering [KfW loans]. Many banks prefer to offer their own products/loans, so you should possibly inquire about the options of [KfW loans] yourself. For example, I personally have had very good experiences with Ing-Diba, so definitely include them. Basically, at least 20% equity should already be saved and available.
3. A normal mortgage loan with 1% repayment has a term of about 30 years. A higher repayment rate shortens the term accordingly and significantly reduces the total interest and compound interest to be paid, but the monthly burden increases.
4. Although it doesn’t sound like it has anything to do with house purchase or new build, the most important are private liability insurance and disability insurance. Private liability insurance can protect against private ruin with a relatively small contribution, which can be caused by a small carelessness. Disability insurance secures financial income in case of loss of one’s own working capacity due to accident or illness.
A term life insurance (preferably joint life for both partners) is also important, so that in the event of a case the surviving partner does not have to bear the monthly repayments alone. The financing bank usually wants to see such coverage anyway.
Building insurance, which includes the fire insurance required by banks, should naturally also be taken out. This could save the homeowner significant costs due to various risks, and pipe burst is also included. If it is taken out at the start of construction (for new builds), the fire shell insurance is usually already included free of charge.
For new builds or major renovation work on the purchased house, builder’s liability and construction all-risk insurance are also recommended.
You should actually already have household contents insurance as a tenant, which can then move to the new address.
An independent and reputable insurance broker can best advise which insurances make sense or not.
5. For a house financing, if possible, not both incomes should be fully taken into account.
Many financiers offer additional insurance for unemployment. However, this is in any case the more expensive way.
I hope this already helps a little.
As additional info: always watch the informational broadcasts on public broadcasters (WiSo, Markt im Dritten, PlusMinus, etc. etc.)! Here you can learn a lot of useful information.
although most of your questions have already been addressed in the posts here, I want to try to answer them (briefly). However, I would still ask you to read through the threads and posts here as well.
1. It obviously depends a lot on where you live or want to buy or build. Secondly, it depends on the standard you expect.
A normal single-family house with 120-140m² living space should be possible for the intended amount. It might even be enough for a new build including land, although generally more should be calculated for a new build than for a purchase.
2. You should always get several offers from different banks, including considering [KfW loans]. Many banks prefer to offer their own products/loans, so you should possibly inquire about the options of [KfW loans] yourself. For example, I personally have had very good experiences with Ing-Diba, so definitely include them. Basically, at least 20% equity should already be saved and available.
3. A normal mortgage loan with 1% repayment has a term of about 30 years. A higher repayment rate shortens the term accordingly and significantly reduces the total interest and compound interest to be paid, but the monthly burden increases.
4. Although it doesn’t sound like it has anything to do with house purchase or new build, the most important are private liability insurance and disability insurance. Private liability insurance can protect against private ruin with a relatively small contribution, which can be caused by a small carelessness. Disability insurance secures financial income in case of loss of one’s own working capacity due to accident or illness.
A term life insurance (preferably joint life for both partners) is also important, so that in the event of a case the surviving partner does not have to bear the monthly repayments alone. The financing bank usually wants to see such coverage anyway.
Building insurance, which includes the fire insurance required by banks, should naturally also be taken out. This could save the homeowner significant costs due to various risks, and pipe burst is also included. If it is taken out at the start of construction (for new builds), the fire shell insurance is usually already included free of charge.
For new builds or major renovation work on the purchased house, builder’s liability and construction all-risk insurance are also recommended.
You should actually already have household contents insurance as a tenant, which can then move to the new address.
An independent and reputable insurance broker can best advise which insurances make sense or not.
5. For a house financing, if possible, not both incomes should be fully taken into account.
Many financiers offer additional insurance for unemployment. However, this is in any case the more expensive way.
I hope this already helps a little.
As additional info: always watch the informational broadcasts on public broadcasters (WiSo, Markt im Dritten, PlusMinus, etc. etc.)! Here you can learn a lot of useful information.