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Hello everyone,
I am having some thoughts on what my next step for housing should be. I am renting an 1-bed apartment for 370 euros for the past 6 years and would like to go to the next step.
I have available a 750 square meter plot that I can build a 250 square meter house on but it will cost me around 300,000+ euros to build. I can put a downpayment of 50,000 euros and get a loan of 250,000 for 35 years at around 900 eur monthly payment (paying 125,000 euros as interest in the meantime!).
Or I could buy a 2 bed apartment for around 135,000eur. Put a downpayment of 50,000 euros and get a loan of 85,000 with a monthly repayment of 900 euros which I can pay back in 9 years.
In 9 years after paying the loan, I will start building the house but I will rent out the 2-bed apartment for 650-700 eur per month and use that money for my house loan repayment. How does that sound?
I am 30 years old and probably getting married in the next 2-3 years as well. All of the above can be done either contributing only myself of can be split with my partner.
I am having some thoughts on what my next step for housing should be. I am renting an 1-bed apartment for 370 euros for the past 6 years and would like to go to the next step.
I have available a 750 square meter plot that I can build a 250 square meter house on but it will cost me around 300,000+ euros to build. I can put a downpayment of 50,000 euros and get a loan of 250,000 for 35 years at around 900 eur monthly payment (paying 125,000 euros as interest in the meantime!).
Or I could buy a 2 bed apartment for around 135,000eur. Put a downpayment of 50,000 euros and get a loan of 85,000 with a monthly repayment of 900 euros which I can pay back in 9 years.
In 9 years after paying the loan, I will start building the house but I will rent out the 2-bed apartment for 650-700 eur per month and use that money for my house loan repayment. How does that sound?
I am 30 years old and probably getting married in the next 2-3 years as well. All of the above can be done either contributing only myself of can be split with my partner.
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