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Liquidity
Real estate purchase: How much credit can I afford?
Real estate financing should be set up securely. Because it takes a long time to pay off the loan. © Christin Klose/dpa-tmn
Stuttgart (dpa/tmn) – In view of rising rents, some people think that they could rather invest the money in a home of their own. This would be a good retirement plan at the same time.
Before the search for the dream house should be sounded out however absolutely the financial possibilities. Is the money enough to finance a building loan? How can you determine which loan amount can be financed with your own income and savings??
"The previous rent is an important part of the financing, but alone will not be enough", says Niels Nauhauser of the consumer advice center Baden-Wurttemberg. The warm rent is often taken as a benchmark. Available is however actually only the clearly smaller cold rent. The reason: Operating costs, which are included in the warm rent, are also incurred in the new house.
Clear cost breakdown brings clarity
The first step in determining your own monthly liquidity is to compare your income and expenses. On one side is the net income, any capital gains and other income such as child support.
On the expense side, there are the living costs plus expenses for insurance, reserves for purchases or vacations. "Income minus expenses – that’s the monthly liquidity", explains Niels Nauhauser. The consumption habits are different, so the rate must be determined individually.
Do not forget the savings rate
Max Herbst of FMH Finanzberatung advises planning around 35 percent of the family’s monthly net income for financing. "And exclusively the net income should be taken, but not the disposable income. The calculation does not include child benefit, overtime and 13 hours of income. Monthly salary."
An important component for a real estate financing is the monthly surplus. To find out the possible amount of your loan installment, you should look at what you have saved continuously. "The amount that is effectively left at the end of the year plus the cold rent, provides a mathematical indication of the maximum possible loan installment per year.", says Nauhauser.
The banks look already also after it, how much the customer saves monthly, knows Max Autumn. "If the customer has regularly put 500 euros a month aside over the last three years, they may well consider this a contribution to secure installment financing. They assume that this will also be possible in the future."
Calculators help with determination
But saving alone is not enough. Without equity, the purchase of a property is hardly possible today. Those who contribute a larger sum to real estate financing have to take out less credit. So all inheritances, gifts and other income should be taken into account. "At least the purchase additional expenses should be covered thereby ?, says Max Herbst.
How high the credit turns out in the end, can be determined for example with the free of charge of the donation goods test or from the. This allows users to realistically estimate the maximum purchase price for the property they can afford with their income and savings. Different scenarios can be played out, for example, how different credit periods will affect the debt.
It makes sense to repay as quickly as possible, especially now when interest rates are still low, according to Stiftung Warentest. Loans with very low monthly installments often have very long terms. In such periods, the risk that interest rates will rise increases.
It is better to remain flexible
If only little is redeemed, the debt mountain diminishes only very slowly. "Who wanted to calculate with the former usual one percent redemption, would have to plan a financing time of about 65 to 70 years."
It is important to plan for a certain flexibility, advises the consumer center Baden-Wuerttemberg. Finally, living conditions can change, for example, when children arrive or nursing cases arise in the family. "Financing should be based on life and not life on financing", also emphasizes Max autumn. Better to repay a little less at times, but improve the children’s education in return, is his advice. "With most banks and insurance companies, the repayment installments can be adjusted to the various circumstances during the term of the loan."
Thomas Hammer: "Financing my property, Consumer advice center NRW 2021, 978-3-86336-122-8, 16.90 euros