What house I can afford?

Low building interest rates tempt you to buy real estate. But owning a home is more expensive than many suspect. The FAS has researched who can still make their dream come true. An invoice.

For most of them it will remain a dream: a house on Sylt, one of the most expensive spots in Germany.

Dhe dream lives on: at least two thirds, sometimes even 80 percent depending on the survey, want to live in their own property – despite the sharp rise in purchase prices. In fact, only around half of Germans do this. But buying it seems attractive at the moment, given building interest rates, which have almost reached the record lows of autumn 2016. The motto: Better to put 1500 euros in the building loan for your own apartment than pay 1500 euros in rent and thus make the landlord happy instead of himself.

But the calculation is not that simple. If you are considering buying a property, you have to calculate more honestly. Because, of course, a property is not financed with a building loan alone, which the prospective home buyers tend to withhold at first. In addition, there is at least a quarter to a third of the purchase price that you have to pay yourself without credit. Because the banks do not want to finance the real estate in full and, depending on the creditworthiness, require at least ten to 20 percent of the buyer’s own money. In addition, there are the one-off ancillary purchase costs for real estate transfer tax, broker, and notary and land registry fees, which, depending on the federal state, make up another 15 percent. So if you want to buy a house for 400,000 euros, you have to contribute at least 100,000 euros yourself. You have to have it first.