When families are looking for a home, money is often a problem. After all, construction financing must be linked to certain securities. But with children in tow, life can be quite turbulent. It's even worse when it comes to young families. Often the parents have only been working for a short time and do not have a permanent employment contract. Who is now interested in real estate, faces many obstacles. In this guide, we provide tips on how a family can save money and benefit from good conditions.
What options are there for construction financing?
The dream of many families – their own house
Our state is interested in the end effect that many families find a home. Ideally through construction financing. In order to be able to give young people a helping hand, there are subsidies available. You receive these if you want to buy, renovate or modernize a property. The first contact at this point should be the federal state. Prerequisite for it is however that you live yourselves in the house, which you build or renovate. They receive favorable interest rates on loans, expenditure assistance or building cost subsidies. Federal and state governments often even provide a guarantee. Communities make favorable building plots available to young families. People who live in poorer circumstances also benefit.
If you are in unreasonable circumstances, for example, in lower saxony you can get a loan for 35.000 euros, which is interest-free for the first ten years. Of course, you must also meet certain requirements. The housing promotion law is decisive here. The annual income plays an important role. Single-person households may not earn more than 12.000 euros. Two-person households no more than 18.000. Each additional member of the family household raises the limit by 4.100. Each child provides an increase of 500 euros.
- Federal and state governments have targeted programs
- Construction financing is thus considerably facilitated
- However, they must meet certain requirements (find out more about this)
What other advantages do children bring with them when financing a house??
There are many other ways in which you can seek better and sustainable financing. For example, there is a state child bonus for construction financing. However, we would like to point out right away that it depends on the place of residence. For this, a visit to the website baufoerderer.En to recommend. The database "money from the mayor" is also interesting. Here is an overview of which federal states and municipalities offer attractive programs for families.
How the promotion looks, is different. For the most part, these are favorable loans. However, there are also cities that provide direct funding. They receive for example on a property several thousand euro discount. How high the remission is, depends thereby on the number of the children. It is also interesting that some churches offer favorable loans for families. In addition thus leasehold properties can be acquired.
Are there other alternatives?
We have told you so far about government and church subsidies. But what about private institutions, such as credit institutions or insurance companies? Do not make yourselves here too large hopes. Some institutions see children as an obstacle in the career path, which in turn leads to a credit risk. Therefore, it can also be explained why young families hardly receive better conditions from a bank when financing a construction project. Nevertheless, do not give up hope. Some banks have certainly recognized that these are customers who have a little more capital in the medium-term future. For this we recommend a comparison on the internet. Percent data, costs and other concerns can be compared thus uncomplicatedly and fast.