For many people, having their own house is the fulfillment of a great dream. However, buying a house must be carefully considered, especially from a financial point of view, because there is no question that such an investment is one of the largest in life for most. You should therefore know in advance how much equity is required to buy a property and how many home loan options are present.
The available financial resources are certainly decisive for whether you can even afford your own house. The equity plays in the acquisition of a property is a very very important role , because the higher it is, the lower the subsequent burden falls by a mortgage. Depending on the amount of equity, it can be calculated how high the interest on the home loan will be and how much the installments will have to be paid.
It is important that you not only take into account the costs of the purchase, but also not disregard additional costs for the notary, tax office real estate transfer tax and any brokerage fees and these are always due, except for brokerage costs. As a rule of thumb, approx. 10% of the property value should be calculated here. You must also expect additional costs for permits from authorities, for example in the event of structural changes . Additional costs can quickly arise here, which you should definitely include in your considerations.
Take into account running ancillary costs
In addition, there are of course running costs for the operation of a house or apartment , such as for garbage disposal , heating , electricity , the chimney sweep and various insurance policies that protect the property and its residents against various risks. Of course, you also bear these costs for a rental property, but the amount can vary.In the repayment phase in particular, these running costs are often not included in the calculation and can quickly become a financial trap for people who have calculated their house purchase very tightly.
Favorable funding opportunities save money
Once you have set up all the costs that will be incurred, you can usually see very quickly how much money you will need in the end to be able to buy the house. Do not forget, however, that additional expenses can still be expected after the purchase, such as new furniture or accessories for interior design. It can make sense to look for other options in addition to the home loan.