Do I also get a full financing from the bank for buying a house? You should bring some equity if you want to buy a house. Anyone who has a loan in mind now has to analyze his individual financial situation and perspective honestly and accurately. How much credit do I get for what income? How much credit can I afford?
How much credit (house) do you normally receive?
If you want to build a house under exemplary conditions: you need a capital of over 150,000 USD (additional costs for the simplification times omitted). Ideally, you should have 20-40% equity to achieve 60-80% funding. You now need equity capital totaling 100,000 USD. Does the property already owned by the customer qualify as equity that can be claimed in connection with debt financing?
Are these 2 different pairs of shoes and you still need 20-40% equity for the home because the acquired property is considered SECURITY, but not as equity? Throughout the network, you will find 50% of solutions with a single answer (not equity) and 50% of solutions with the other (considered equity).
What only surprises me is the realization that the building is being built on the land to be acquired and that therefore the building and the building are an economic whole. In a forced sale or similar, the object can not be sold separately. Thus, one could speak of a participation in the order of 150,000 USD (house + land), in which 33.33% of the equity (building plot) already owned by the owner and only the “remaining” 66.67% covered by external capital Need to become.
So, what is the capital of financing a home?
How much can I allow myself?
Particularly useful are financial calculators, with which you calculate the available amount of money quickly and easily. Name your monthly income. Note: Always consider the operating costs and any temporary vacancies in the revenues of an existing property. There are not too few costs in every household: you pay for rent, food, leisure, clothing, insurance and, and, and, and, and.
During a monthly survey, things that are due only once a year, such as belonging to a sports club, are left behind. The costs of operation – heat, electricity and water – should be charged at 2.50 USD per square meter.
The difference is the amount of money available to you for house or construction project financing.
Note: Scope will be limited by future lenders such as: For example, banks and housing associations are examined in detail. Note: For the living expenses of parents and toddlers usually flat rates that are based on the consumer price index of the Federal Statistical Office. These own funds are an essential part of the purchase or construction of a house. Experts and consumer advocates advise 20 to 30 percent to cover the expenses with saved funds.
You can enter the amount of your share capital with your monthly free amount in a household calculator, which sets the price limit for the purchase of a property or a new building. Tip: Equity not only includes savings, but also everything that can be converted into capital in the shortest possible time, such as: Stocks, gold values, gold coins or even antelopes.
You can not access stored assets? What no buyer and developer can avoid: The lending and the sales contract incur additional costs, for example the brokerage commission, notary fees, registration fees in the cadastre as well as the land transfer tax. The additional costs are to be deducted from the calculated amount of maximum financing.
Calculation example: With your salary, additional income and rental income you have a monthly result of 3.825 USD. Less ancillary living costs and other fixed costs, you have an amount of 940 USD per calendar month for housing finance available. In addition, you have saved USD 40,000 that you can use for refinancing.
So now you have 245,090 USD available, of which you still deduct 10 percentage points for the additional costs incurred. So you can allow yourself a detached house of 220.581 USD.