burningkrome

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About burningkrome

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  • Location Germany
  • Nationality usa
  • Gender Male
  • Year of birth 1968
  • Interests Biotechnology/Bioengineering
    Fencing
    Photography
    SCUBA
  1. Life insurance required for home loan

    @karin_brenig Really great post! Thanks again!  
  2. Life insurance required for home loan

    @karin_brenig @john g.   Thanks for all the input. Two additional questions...   1. Are you familiar with Restschuldversicherung. How does this differ from other insurance plans, specifically as to how it relates to mortgages. My wife and I, being older, do have concerns about qualifying for life insurance.    2. One question that I have been unable to really clarify is; is the insurance required for a mortgage loan, or only strongly recommended. If it is not always required, how do I clarify if it is optional. If we choose not to get life insurance, will our mortgage payments increase?     Much of this is confusing, because it seems a bit - to be honest - discriminatory. My wife and I are unquestioningly able to afford the payments (of both the mortgage and even expensive life insurance.) However, since the bank ultimately holds the lien on the house - requiring life insurance seems unneeded to protect the bank. It protects US, of course. But by what logic do they require it, when they certainly endure little to no additional risk should one of us die and the other be unable to afford the house. It feels like a "filtering obstacle" (similar to requiring the loan to be paid off before retiring.) Something to simply disqualify people who are older or disabled.  
  3. Life insurance required for home loan

    I can't seem to edit the post, so some additional questions here: What types of life insurance can be used to secure a loan? If the contract is for 20 years, what happens at the end of the contract I.e. Is the life insurance cancelled and all premiums lost? Is there a payout? Can it be extended? Will the premium change if extended? Can a life insurance contract be for greater than the loan term, if the insurance is taken to secure the loan? Which types of life insurance can be used to secure the loan (Kapitallebensversicherung,  Riskolebensversicherung, something else?) Can the insurance be cancelled by the insurance company (for example, due to health changes, age, etc.)?   AND some VERY important questions: How easy is it to change your life insurance after the loan is taken out? What happens to your loan if you cancel your life insurance, or have it cancelled against your will? 
  4. Life insurance required for home loan

    We're in the process of securing a home loan. I'm working with a loan adviser (who finds the banks and organizes the loan application.) Both of the loan options she has arranged require life insurance for the outstanding portion of the loan, to be carried for the entire term of the loan.    Is this common? Is it legally required, or just a requirement from these two banks? Under what circumstances is this required, or can it be waived? Is it possible to find out which banks do, and do not require this?  
  5. Hello All,    We're considering buying a house, but the heating/oil-tank room has a devastating oil smell that fills the entire downstairs.    I have seen the following thread here, and understand that normally oil tanks should not smell... https://www.toytowngermany.com/forum/topic/142626-are-strong-odors-from-oil-heating-normal/   However, I wonder if this is a temporary situation from the oil being turned on after a summer off. Is it common/possible that this is just because the heating has been idle for months? Or is there an issue with the system that needs ot be resolved.    Thanks!  
  6. Different levels of monument protection?

    We're looking into buying a monument protected fachwerkhous. The Makler tells us the house is only monument protected for the façade, and not for the interior. I'd like to research this a bit more - to better understand what can, and cannot be done without permissions based on different levels of monument protection.    Can someone point me towards the right terms, and perhaps some websites detailing the differences legally?
  7. As I understand it the IVD suggests a budget of €4 per square meter per month for the maintenance of a house. Are Fachwerkhauses significantly more expensive to maintain, presuming there is no need for major renovations. Lets assume the house is old (built in the 1800's) but has been fully renovated in the last 20 years. 
  8. We're looking into buying a home which has a "hausegeld" monthly fee listed. This is not a condominium or apartment, but a free-standing single family home. I understand the concept of hausgeld with an apartment, or privately owned condominium - but not entirely sure how it applies to a single family dwelling.    Most importantly, are these fees usually associated with the German equivalent of a "Homeowner's association" - and, if so, what powers do the HOA have here in Germany. I ask, because I've owned homes in the U.S. with HOAs, and some of them get quite tyrannical. I'd like to search for information about the HOA and it's conditions and obligations (or management/board of the hausgeld-paid services) for the village ... but I don't know the terms for which I should be searching.    Thanks!
  9. How long to wait after making an offer on a house?

    I single family house in Rhineland-Palatinate. If they were trying to create a bidding war, would they not contact us quickly with a counter offer, or at least with a "do better?" Or would they hold their tongue until they got a bunch of other offers? 
  10. My wife and I are new to buying a home in Germany, but are familiar with the process in the U.S. We have made an offer on a home, but have not yet heard a response. In the U.S. I would expect to hear an acceptance, refusal, or (at least) a counter offer within the first week. I do know things here in Germany don't move quite as fast as the U.S.    How long is a reasonable time to hear back on an offer in Germany, and how should we interpret delays in hearing back?  
  11. Thanks for the reply. I agree fully with doing my own homework. I've gotten an idea of the price-per-meter-sq for the living space from https://www.homeday.de/de/preisatlas. I've also looked up the land value per sq meter from Jan 2020 (latest I could find.)    What other options are there for getting an idea of the house/land value. Can you recommend sites or things to google for?
  12. Thanks for the response.    Out of curiosity, if the seller did not inform us of a problem - what can we do about it?    I have specifically asked about much of this, and gotten positive answers. But if we buy the house, and find problems that remained undisclosed (but legally should have been disclosed) what recourse does this leave us? Do we have to sue them for the cost of fixing the issue? Is the house sale void? What is realistically possible?
  13. We are looking at a specific house available for sale. If the seller or seller's agent has a Verkehrswert, are the obligated to give us a copy upon our request? if not, what are the odds of them giving us a copy?
  14. Thanks for that advice. Maybe oyu can answer another question. I've noticed many tile roofs in Germany don't have "felt" (a waterproof base layer put down under the tiles.) I know this is common, because putting felt in is a newer approach.    Are there any issues with a roof not having felt? Does this mean the roof needs to be redone?
  15. As many at Toytown now know, my wife and I are looking at houses. I'm familiar with house construction in the U.S. (although I am NOT a construction worker of civil engineer) however, an "ancient" house in the U.S. is anything built before 1950  We are looking at a beautiful house, which was "fully refurbished" in 2011  - however, was originally built in 1759! We've toured the house and - at least what can be seen - looks to be in great shape.    In 2011 "all water, sewage, heating and Power lines as well as the windows were renewed" according to the expose. The roof is a Gable roof, redone "in the 1990s", using ceramic tiles (as is common here in Germany.) The house itself is a truss design (Bauart Fachwerk) with brick and wood beams.     We will, of course, be getting an inspection done, but I'm curious about a few things... 1. What should I be sure the inspector looks at, regarding a house this age? 2. If the roof was "re-done" in the 1990s (30 years ago now) how soon will it need to be "redone again?" (I.e. what is the lifespan of a roof of this type?) 3. Are there any issues with the wooden beam construction I should be wary of? 4. What are the "gotchyas" when buying a house this old? I.e. unexpected surprises/expenses?