Just as a plan requires the actual construction of a building, so a financing plan is necessary to ensure the smooth flow of money. It is not very helpful to estimate roughly how much property the acquirer can afford. In the end, then, more or less often a gap appears. If you want to avoid this unpleasant situation, prepare a detailed calculation in advance.
Houses that have been upholstered for a year or more but are unfinished or have no finished exterior are proof that the owners made a mistake when planning the construction. A necessary refinancing to close the gap is often financially unbearable. The acquisition of an existing property carries fewer risks, but lurking here, too, pitfalls.
Before prospective real estate owners look for a suitable property, it is important to create the financing plan. At the beginning is the Kassensturz, which own resources are available. Include own funds
- cash assets
- savings contracts
- related loans
- Capital or unit-linked life and annuity insurance (exception: state-subsidized)
- Company loans
It would, however, be risky to invest all of the cash in real estate purchases. An iron reserve should always be kept in the hindquarters.
Life and pension insurance does not have to be bought back. However, they can be assigned as collateral in order to increase the later mortgage lending rate. Although employer loans are loans, they are added to equity by the bank.
Now that the amount of equity is defined, the price that the future home may cost should be determined.
The formula is relatively simple: solid financing is based on an equity share of 20 percent of the purchase price plus incidental acquisition costs. And here lurks the next crux.
The acquisition costs
The incidental costs are often forgotten or set too low. The two largest positions are the property transfer tax and, if a broker has been turned on, the brokerage commission.
Before you go into detail about the respective additional labor costs, you have at this point the opportunity to calculate your individual incidental costs that are due on your property purchase: