Your opinion: Is TEUR 370 financing feasible?

Hello sw1008,

the first question I have about this: Will there be any equity left after the land purchase? Does the entire 370 TEUR need to be financed?

- we have considered a buffer of about 20,000 EUR as an emergency reserve

If I base it on a flat rate of 1,500 Euro / sqm, you come to a price for the city villa of about 300 TEUR for 200 sqm. So with the planned 370 TEUR, 70 TEUR would remain for incidental costs, etc.

- we have considered the entire construction project, including the soil survey, flooring, outdoor facilities, and included a buffer of about 10T€

If the entire 370 TEUR needs to be financed, you should assume an annuity (interest + repayment) of about 6%. Then you will be done after 25 - 28 years. At 6%, a monthly burden of 1,850 - 1,900 Euro is indicated.

- we had rather calculated with 1300€. since we also wanted to build up some reserves for the car, repairs, etc.

For monthly incidental costs for the house, one usually assumes 2.50 Euro/sqm. That means an additional 500 Euro for 200 sqm.

That means with your income of 3,800 Euro, it could be doable. About 1,400 Euro remain for living expenses. Whether that is enough for you, you have to decide yourselves. Banks often calculate with flat rates. E.g., living expenses 700 Euro for the first person and 200 Euro each for every additional person.

You should exclude your spouse’s (part-time) salary in the calculation, since it is not constantly available due to the additional wish for children. If it comes in, you should use it for special repayments.

Perhaps you should still wait for your lifetime civil servant status – a big plus point at the bank.

How high is the risk of reassignment for you? It is said to occur more often with civil servants (I can remember an officer from my circle of acquaintances who was stationed at 3 different locations in 10 years).

- reassignment risk=0 I work at a federal top authority that was established here and despite the Berlin move I stayed here.

Children cost money – real money. Since you already have two, you surely know that. Accordingly, you can approximate how much two more little ones will burden you. Does your income still fit a 1,900 Euro rate + 500 Euro incidental costs then?

Regarding the space requirement for two more children, I can’t tell you anything. As a rough estimate, I would assume – 2 more children’s rooms of 15 sqm each + children’s bathroom (for all 4).

Consider whether you don’t want to build your city villa with a classic hipped roof but with a saddle roof that can be expanded. Then, when the time comes, you can make an extension and create additional living space. The appearance might be somewhat unusual, but with a view to future planning, it might be more practical.

- the idea of the roof extension is a good one… maybe this way the footprint could be reduced a bit.

That’s it from me for now. Surely others have something to add.

Regards
f-pNo

So just roughly, it is always said that for every €100,000 there is a rate of €500, for you that would already be almost €2,000. €1,800 for 6 people will probably be tight. Please don't forget, small children are definitely much cheaper than teenagers.

Smaller ones are of course also cheaper, but for 6 people 160m² are definitely necessary if there is no basement

we had rather calculated with €1300. because we still wanted to build up some reserves for the car, repairs, etc.