Honest by expected: How much house can I afford?

A property can be financed more affordable than ever at the moment. But many home buyers underestimate the costs and the expenses for maintenance. Time for an honest statement.

We surface a test: You face a choice every month to pay 1,000 euros to rent for an average apartment or abzustottern 1000 EUR construction loan for a small but cozy house – that belongs to you. What do you choose? Sure, the house, right? Why would you also transfer the landlord for decades the money and do not own a property at the end? That is the standard argument. The other argument for the house: loans for less than two percent interest rate – it will be cheaper never again.

Many currently think and stand at the estate agents snake. In Germany after years of restraint of spending spree has broken out. Secure fast nor their own four walls again sometime before the interest rates rise, is the motto. And elsewhere can be money these days anyway not invest more profitably. Buy is currently more profitable than rent, the Institute of the German Economy in Cologne just in a sensational trial – calculated – on behalf of a real estate company.

Forecast 2017: Next low-interest rates for savers – again higher for home builders

The rude awakening comes pretty quickly for some young homeowners. The biggest problem is not necessarily the sometimes excessively high purchase price here, which is now required in the metropolitan areas. As long as the property is not to be sold at some point again, it does not bother only times when the value falls again in the coming years. The main problem is that some buyers have no reserves or can no longer lift the monthly loads. And not only when the fixed interest period expires in 15 or 20 years and the loan must be extended to probably much higher interest rates. This could be indeed a very long fixed-interest avoided over the entire life of the loan, but will then cost you more interest. No, much earlier, soon after moving in, begin to complain the first.

Co-payment and additional costs of buying a home need the reserves on most

For they have nice counted their dream house. It’s not about the question: 1000 EUR rent or 1000 EUR construction loan, which is better? After all, a house costs a lot more than just the construction loan. “I’m always surprised by how much naivety plan some their home purchase. They waste no thought to wear even next to the loans which have high costs, “said Thomas Hentschel, real estate expert at the Consumer North Rhine-Westphalia.

He is not referring to the proportion of its own mortgage lending, which should be at least 20 percent in the opinion of professionals so that the interest rate and funding risk are not too high. 20 percent with a 400,000-euro house is at least 80,000 euros. Hentschel rather thinks of the extra costs of buying a home. Notary fees, broker commissions, the increasingly rising real estate transfer tax, and a few minor charges beat with ten to 15 percent impact. For a house worth 400,000 euros, so would already be up to 60,000 euros. They should not have to be financed even on a loan.

Most home buyers do it well. But then the reserves and savings are often depleted. This is risky. Because for surprisingly necessary expenditures in everyday experts recommend three to five months’ net salary on a savings account, so quickly again more than 10,000 euros. For this, a car could then, for example, be acquired when it breaks down, or a washing machine or a TV.