Navigating Property Purchases: Steps to Follow Now
The Muster family, who recently purchased an apartment in Nuremberg last year, find themselves at a crossroads regarding their property. The apartment, currently self-occupied, has a mortgage with a remaining term of 19 years and an interest rate of 1.3 percent, with monthly repayments of approximately 2,300 euros.
In a twist of events, Mr. Muster, a 40-year-old IT consultant in the sales department, has recently changed jobs, boosting his basic salary to 200,000 euros. Despite this increase, the potential early repayment penalty upon selling the apartment is a significant 5,000 euros, as the mortgage was obtained from MusterBank.
Mrs. Muster, on the other hand, is expected to secure employment after the move, with an estimated gross income of around 24,000 euros. A concrete job offer has been presented to her, but the exact details of the family's plans for the property are yet to be disclosed.
It's worth noting that any potential performance-based bonus payments for Mr. Muster are currently unestimable and will not be considered in further discussions. The family is carefully weighing their options, seeking the best course of action for their financial future.
As the Muster family navigates this decision, they face an interesting dilemma: the potential benefits of selling the apartment to capitalise on the recent increase in Mr. Muster's salary, versus the cost of the early repayment penalty and the security of a long-term mortgage. Their choice will undoubtedly impact their financial stability for years to come.
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