Hello dear people
I’ve already read a lot of posts here but haven’t really found anything yet because my case is quite special.
I had a house signed over to me by my grandmother, she is now 97 years old and lives in the home.
The house is debt-free and, according to the bank, has an approximate value of 160,000 euros.
Since I am not actually the heir and the actual heirs have given up everything because they already have a house and want it to stay in the family, I will now bear the home costs in return for the house as soon as your assets have been used up.
These are currently 1000 euros per month.
Additional equity of around 20,000 euros is available, this money is intended for the home.
Unfortunately, the house is not ready to move in immediately and a lot needs to be done.
The plan now is to renovate/renovate the ground floor so that it can be lived in. There are already offers for this, but in terms of costs I would come to around 50,000 euros. For the most part, a lot could be done on your own; carpenters, plumbers and electricians are part of the family. With a 50,000 euro loan or the deduction from it, + home costs, I come to costs of around 1350 euros +/- per month. That is the limit of what I can pay in terms of pure removal costs.
At first I thought I would take out a loan of 150,000 euros, decorate the house and also pay for the home with the money. But that won’t work, the bank wants to see that the money goes into the house and not into the home.
If dear grandma is no longer there, we should move on to Step 2 and renovate the rest of the house, new roof + upper floor renovation + exterior facade. Now my idea was to take out a larger loan to pay off the first one and then finance the rest when the 1000 euros for the home were lost.
Does it all make sense?
Does anyone have another and better suggestion?
Unfortunately, I can’t think of any other idea of how else to do it.
MfG Sebi
2024-01-07 01:04:54
#Modernization #credit #home #costs #Finanztip #Forum
