Budget calculator – this is what your property may cost
The budget calculator gives you an overview of what you can spend on your house or apartment. You enter the appropriate amounts and information about the desired repayment and see how high the loan for your construction financing may be. However, there are a few things to keep in mind when determining the amounts to be deducted.
Here's how to fill out the budget calculator
In the budget calculator, you enter your equity, as well as the desired amount of the initial repayment, the target interest rate and the fixed-interest period.
You enter the amount that you have available each month. What sounds simple at first requires some thought.
Equity – not up to the limit!
The equity you specify should actually be available to you when you buy your property. Fixed amounts cannot be used here. It's also important to keep reserves that you can use to make upgrades, for example. Most people have not yet found a specific property when they calculate their budget.
Accordingly, they may not yet know what modernizations are coming up. The same is true if you are interested in a particular house, but have not yet inspected it carefully and with professional help. Just always keep in mind that buying real estate will almost always be more expensive than you originally thought.
Ancillary purchase costs are also relatively high: these costs can easily account for 13 percent of the purchase total. Composed of the land registry and notary fees, which are 1.5 to 2 percent of the purchase amount, the land transfer tax, which ranges from 3.5 to 6.5 percent, and, if applicable, the broker's commission of 3 to 7 percent.
The amount you have available each month
Actually, this sum seems easy to calculate: you take the amount you earn each month (from salary, wages, rental income, lease o. A.), subtract your fixed costs from this and get the maximum rate for your construction financing – or? This consideration falls a bit short. Keep in mind that construction financing will be with you for a long time. Your life will change during this time, but the installment will be transferred to the bank month after month – under all circumstances.
So when you make your assumptions, consider any changes that may occur over time. Is your family planning complete? Do you need to buy a second car at some point?? Have you considered the insurance sums, which are only paid once a year and therefore tend to be forgotten?? What about vacation planning – they probably don't want to give it up in favor of repayment, or?
Accordingly, in order to determine the monthly amount available, you must not only deduct your fixed costs, but also include future costs as accurately as possible. Only with a realistic assessment of all expenses can the budget calculator provide you with a result that puts your real estate financing on a secure footing, while at the same time you do not have to accept any major restrictions in your everyday life.
You choose the federal state in which your property is to be located. For further refinement, enter your zip code. The type of use can also play a role. The more information you enter, the more accurately the budget calculator can tell you what the purchase price of the property may be.