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So young and already owner
So young and already owner

Video: So young and already owner

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Video: 20210528 Wang Yibo • So Young So Flowering Official MV 2023, February
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A suitable rental apartment was not in sight. So a brave young professional decided to build a house. A residential Riester building society savings contract forms the basis of your real estate financing.

Kati has always been good at arithmetic. And when she wanted to move out of the house at the age of 24, a glance at the rental apartment market was enough and the financial manager was clear: "Instead of paying rent, I better invest in my own property." Plot and build a house!”In a small town in the northwest of the Sauerland, Kati found a cheap piece of land on a lease and took it. Then she rolled over house catalogs. She immediately liked the red log cabin in the Swedish style.

Die Eigentümer
Die Eigentümer

Owner Kati with husband Dominik in front of their house in a rural community in the north-west of the Sauerland.

Photo: Sabine Bungert

Who is financing the construction?

The patented Blondschopf took care of the interior, reducing the capital requirement to 155, 000 euros. Her permanent employment with an insurance company also allowed her to finance this sum. Nevertheless, there were obstacles: equity was scarce. Many banks initially gave her an oral promise. "But when they found out my age, she refused my loan application, " Kati recalls. But the young woman did not give up. Your Sparkasse consultant finally found a suitable solution: real estate financing with a Wohn-Riester building society savings contract.

Die Küche
Die Küche

The owner saved a lot of money with his own contribution. She laid the floors herself and also installed windows and kitchens.

Photo: Sabine Bungert

Residential Riester

The owner therefore concluded a residential Riester building society savings contract for just under EUR 60, 000 and combined this with a pre-financing loan. She received additional capital from two KfW development loans. The building society savings contract ensures the client low interest rates up to the last installment. Kati is reassured: "Nothing can get out of hand." Because property is the best pension scheme, the state also helps: Every year the employee receives EUR 175 as a basic living Riester allowance and deducts deposits from tax. When building a house, the young woman had to improvise more often. With the financing, everything is going according to plan.

Wohn-Riester brings me funding and interest security down to the last installment. Nothing can get out of hand. Kati, client

And after Kati moved into her dream house, she also met her dream man. Together they put the finishing touches to the pretty Swedish house.

Paar im Esszimmer
Paar im Esszimmer

Finally, teamwork: After Kati had built the ground floor alone, she met her husband today. The two of them went upstairs.

Photo: Sabine Bungert

Questions and answers on home ownership

Thanks to state funding, residential Riester shortens the way to your own home. But the product is complex. Here are answers to the most pressing questions.

Is residential Riester worthwhile even without children?

Absolutely. Depending on the income situation, tax relief is considerable. Up to 2, 100 euros, which flow into the residential Riester contract, can be deducted as special expenses in Annex AV. Tax benefits and allowances totaling up to EUR 882 are possible each year. Double earners with two Wohn-Riester contracts are pleased with a plus of a whopping 1, 764 euros (including allowances).

Rotes Blockbohlenhaus
Rotes Blockbohlenhaus

Space in the sun: Kati and Dominik moved the large terrace together on an autumn weekend.

Photo: Sabine Bungert

Don't you have to pay a lot for the full allowances?

No. Those who earn little can skim off all allowances with a small saving. The full subsidy will flow if four percent of the social security income from the previous year is paid in - but including the allowances. Whoever earns 25, 000 euros a year should save 1, 000 euros: that makes 825 euros out of his own pocket and 175 euros for a basic allowance. If the allowances are added by two small children (600 euros), only 225 euros per year have to be paid. A spouse who is not working can secure his full basic allowance with just 60 euros a year. Even for high-earners, the necessary savings for full funding are manageable: Including allowances, there is a maximum of 2, 100 euros per saver per year.

Is there an advantage after you have taxed your Riester balance in retirement?

Yes, almost always. The funded capital and the redemption payments, including the allowances, must be taxed from the start of the payment phase. However, the tax rate in retirement is usually far below that of work. The decisive advantage, however, is that the rent saved in old age is significantly higher than the tax payment.

How useful is Wohn-Riester with low interest rates?

A lot. Wohn-Riester is a government-sponsored interest rate hedge. With a combination of a residential Riester building society savings contract and a loan, historically low interest rates can be recorded - right down to the last loan installment.

Wohn-Riester-Bausparen
Wohn-Riester-Bausparen

Photo: THE HOUSE

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