ᐅ Brainstorming Ideas for a Potential Move in the Hildesheim Area
Created on: 9 Jul 2021 08:28
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Tom197680
Hello everyone, first a brief background. We want to help a couple of friends and need your advice. He (34) and his wife (30) both work full-time. He commutes to Hannover, and she commutes to Hildesheim. Currently, they both have to travel by car because they are financing a semi-detached house they live in near Wolfsburg. The problem: they don’t want to commute that far in the future and are considering buying a building plot from the municipality located between Hannover and Hildesheim. They plan to build a single-family house on this plot and then rent out the semi-detached house.
Does it make sense to take out a loan for building a single-family house here? Or are there other alternatives?
If you need more details, please let me know.
Does it make sense to take out a loan for building a single-family house here? Or are there other alternatives?
If you need more details, please let me know.
ypg schrieb:
I don’t understand the actual situation you described. Are you talking more about yourself?I feel the same way. I also can’t make sense of his (sorry) gibberish.
The obligatory "question for a friend" is still missing. 😉 Otherwise, everything has already been said: Renting out as an investment is nonsense, and although the debt-to-income ratio is high, the interest rate for the new home could be lower, so I wouldn’t hold on to that too tightly.
No discussion without numbers and more information.
Purchase price, equity, salary, current installment, potential rent, remaining loan term, interest rates, repayments, how much is outstanding or paid off, etc.—everything relevant that you can think of.
But you probably already thought of that? Do your friends not have DSL?
Purchase price, equity, salary, current installment, potential rent, remaining loan term, interest rates, repayments, how much is outstanding or paid off, etc.—everything relevant that you can think of.
But you probably already thought of that? Do your friends not have DSL?
driver55 schrieb:
I feel the same way. I also can’t follow his (sorry) gibberish. Apparently not, judging by the last posts I’ve read. But oh well.
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Tom19768010 Jul 2021 12:29Purchase price for land: 80,000 euros
Purchase price for turnkey house: 300,000 euros
Outdoor facilities: 25,000 euros
Monthly payment for the currently occupied semi-detached house: 1,250 euros
Remaining loan term: 18 years
Outstanding loan balance for the semi-detached house: 298,000 euros
Potential monthly net rent income from the semi-detached house: 1,300 euros
Total net household income per month: 6,200 euros
Monthly expenses: 2,300 euros
These are rough figures to get an overview.
Purchase price for turnkey house: 300,000 euros
Outdoor facilities: 25,000 euros
Monthly payment for the currently occupied semi-detached house: 1,250 euros
Remaining loan term: 18 years
Outstanding loan balance for the semi-detached house: 298,000 euros
Potential monthly net rent income from the semi-detached house: 1,300 euros
Total net household income per month: 6,200 euros
Monthly expenses: 2,300 euros
These are rough figures to get an overview.
Tom197680 schrieb:
These are rough calculations to get an idea. However, this does not answer the questions directed at you.
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