Ways to a dream home on a tight budget

This is a very individual decision. Think about what is important to you: for example, flexibility, inflation issues, modernization, neighborhood, location … After all, for most people, buying or building a property is the largest financial investment in their lives. This must be well thought out and prepared. Above all, the financing strategy plays an important role. As a rule of thumb, you should have at least 20 to 30 percent of your own capital saved up.

How can you save for your own four walls??

There is no patent remedy. Overnight or fixed-term deposits, a fund savings plan – it's best to seek advice. It is particularly important to start early so that the property is debt-free before you retire. Experts reckon with an average savings phase of about ten years and a redemption phase of about 15 years. Here there are straight in the today's low-interest phase for you many setting wheels. A suitable form of savings is also a Riester building savings contract. With the subsidy, the state would like to support your old-age provision. In principle, everyone who is compulsorily insured in the statutory pension scheme is entitled to the Riester subsidy, d. h. Employees, but also trainees. The state allowances (basic allowance: 154 euros per year) increase the amount saved. Career starters under the age of 25 receive 200 euros as a one-time payment in the first year. You can deduct payments into your Riester home savings contract as special expenses for tax purposes – up to an upper limit of 2.100 euros per year. Good for families: non-working spouses with their own contract also receive the subsidy. For children born since 2008, you receive an annual allowance of 300 euros. You can conclude such a contract quite simply with us.

Can I also use capital-forming benefits?

If you receive capital-forming benefits (VL) from your employer, you can also use them to save for your own home and put them into a home savings contract. Good to know: If your income is below a certain limit, you also benefit from the employee savings allowance as a bonus on the VL. For unmarried persons the limit is z. B. at 17.900 euros – then you receive up to 43 euros savings allowance (9 percent) per year.

What other cash injections should future homeowners be aware of??

If the real estate purchase is already concrete, you can increase your equity through loans and subsidies. One of the most important lenders is the KfW. Your savings bank will advise you on which of the programs is suitable for you and will apply for the loan or grant directly for you. The Federal Office of Economics and Export Control (BAFA), the federal states, churches and municipalities also lend a helping hand to builders and renovators, whether with grants or interest-free loans (for addresses and further information, see the "Recommended links" box).

Where else can I get financial support?

Some employers offer low-interest loans. Parents or grandparents can also help you with gifts, loans or a mortgage. The "muscle mortgage", i.e. personal contributions during construction or renovation, also saves money.

Advice is easy!

With us, you get solid advice from professionals who take a close look at your personal situation. Construction financing is a matter for specialists – in fact, it is the primary secure foundation that must support you. Calculate with us!

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