I have below question. With yoiur experience what will you choose if you have below need
- Need to lower monthly cost
- Need a big house (4 room min).
- Have very limited saving
bostadsrätt vs ägande?
- What is the best for long term investment?
That question is impossible to answer unless you provide us with a Time Machine.
Where do you live or want to live? What’s the availability of houses and apartments there? How are they comparing in price? If you don’t have a permanent job and cannot pay 15% up front in cash, you will be severely limited in your options.
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How limited are we talking?
You’ll need at least 15% of the value of the house. And with todays prices (depending on location) it seems like this will be your primary limiting factor.
Time Machine and I wish I have one.
Wanted to live Järfälla, uppland Bro, Solluntuna.
Looking for 4 room Radhus.
Have permanent job and good family income ( 110k before tax) but surprisingly no saving (only 50k). I know over time I could save 250k ( in one year from now) but that is all I can within one year and plan is to have own house from July aug 2024
Right now have very limited saving ( only 50k ) and I was looking for. 4million Radhus
Alrighty. If you only can save 20k per month I’d say you need to cut your expenditures before you sign any contracts on a new home. Or if such a move would be a money saver, then you need to convince the bank it’s the best for both parts.
The 15% cash can be borrowed, but to a (much) higher rate than regular home loan.
1 gillning
First of all it seems to be quite low savings (20kSEK per month) when considering your income. I think your priority should be saving more at this point.
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A follow up question
I know SBAB bank offer max 10% out of 15% as personal loan. Which means still I need to pay 5% from me. ( 85 % bottom loan and 10% top loan and 5% own finance)
But do you know if any way 8 can ask for 15% top loan?
This object for example would cost you 28 500 per month before the tax reduction (4 300 per month). And it requires that you pay 200 000 in cash, the rest can be borrowed.
Other banks could perhaps agree to lend 100% of the cost, but I wouldn’t hold my breath for that to happen. And their calculation is based on typical expenditures for a household and 7% (or higher!) rate on the loan. If you know up front it’s too much for you, there is no way the bank would even want to discuss it with you I’m afraid.
https://www.hemnet.se/bostad/radhus-5rum-karrdal-sollentuna-kommun-lomvagen-263-19899485#kalkyler
1 gillning
Thanks @Jacke78 appreciate your time.
You’ll need to come up with 600k for the 15% then.
May I ask why you haven’t been able to save more than 50k considering your relatively high income?
Is there a specific reason for you looking to buy something by next summer? Why not wait a bit longer until you have some more money saved?
Have you checked the loan calculators at the banks to see approximately how much money you can loan? That should give you an indication on what loans the banks would be willing to grant you. There you can also try out some different numbers to see how much bigger savings and/or loans will affect the loan you can get.
As for your original question usually bostadsrätter are a bit cheaper so maybe that’s what you’ll have to aim for considering your financial situation.
1 gillning
Hi
110 k is current joint income and this is last 2 months. Earlier I was only person working in my family. My personal income also comes with high tax ( 82k before and net income is 51k
Considering only person working until last months, I also had some personal loan which I was kao paying back with a car loan. So even I had high income I was ended up paying a lot for personal loan, car loan and other household expenses and left not much for saving
The reason I was looking to move next summer is because of school. Don’t like current school and place where we live
Have you paid of the other loans?
Have you considered renting in those areas instead until you can afford to buy something?
You will face a major house expense…
I would get rid of the Car loan by selling the car if it is expensive. There is absolutely no NEED for an expensive car to get from A to B. absolutely none. Nice sure but need = NO
Excess cost is often several 1000SEK per month like clockwork
I paid 30.000 SEK 8 years ago for a LEXUS/Toyota full size family car and it still runs prefect with no major repairs at 220000 Km so far with no end in sight. Depreciation close to none, Insurance <2000 SEK per year.
Say a Toyota AVENSIS or simmilar. Very reliable. And you can get it serviced for much less at an independant workshop and normal standard parts like tires and brakes are cheap and last a long time.
ALSO: Be careful with old spec “radhus” they can use over 30.000 Kwh per year if they are old seventies spec stil (some are stil!). Our 130 square meter not updated one used 31.000 Kwh for the four of us in year 2000. A massive cost if you now may pay 2,5 SEK per Kwh average which (may happen).
Updated with new windows, insulated attic, All floor heating i bathroom etc OFF! No tumble drying and A good air to air heatpump and some dicipline you can get to about 20.000 kwh for a family of 4. Reducing much more needs serious investments and often a major project. is doable but payoff may take a while.
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@Mikael8 I really appreciate your reply and thanks a lot for taking time.
I bought this car totally brand new in 2017 and just 25000 left. I am 100% with you and rest who took their time to comments. I will fininish this loan first by the end of this year.