10-Year Cost Comparison

The calculation below is based on a 75 m² apartment with a purchase price of EUR 200,000 and a right-of-occupancy payment of EUR 30,000. Monthly rent is EUR 1,250 and monthly maintenance charges are EUR 750. The assumptions used in the estimate are an inflation rate of 2%, an ASO index of 3%, and a loan interest rate of 3%.

 

Option                                        Real Net Cost (10 years)

Rental housing                             EUR 135,000
ASO with own capital                 EUR 77,589
ASO financed with a loan          EUR 74,868

ASO Financing Comparison – Own Capital vs. Loan

The calculations in this report are adjusted for inflation using a recommended method in which recurring cash flows (such as maintenance charges and loan repayments) are discounted to the midpoint of the period. This provides a more accurate and comparable cost estimate in today’s money.

1. ASO with Own Capital

  • ASO payment: EUR 30,000 (paid from personal savings)
  • Refund after 10 years (3% index return): EUR 40,317
  • Real value of the refund (discounted at 2% inflation): EUR 33,927
  • Real return: EUR 3,927
  • Maintenance charges: EUR 750/month → EUR 90,000 nominally
  • Discounted maintenance charges (to midpoint): EUR 81,516

→ Real net cost: EUR 81,516 – EUR 3,927 = **EUR 77,589**

 

2. ASO Financed with a Loan

  • ASO payment: financed with a loan (EUR 30,000)
  • Interest rate: 3% → monthly payment approx. EUR 284
  • Total loan payments: EUR 34,080
  • Real value of loan payments (discounted at 2% inflation): EUR 27,279
  • ASO refund (nominal): EUR 40,317
  • Real value of the refund: EUR 33,927
  • Discounted maintenance charges: EUR 81,516

→ Real net cost: EUR 81,516 + EUR 27,279 – EUR 33,927 = **EUR 74,868**

 

Explanation of Terms
Discounted value refers to the true value of money received in the future expressed in today’s terms (background: purchasing power decreases over time).
Real value shows how much a future euro is worth today.
ASO index is a calculated percentage based on the development of the construction cost index in an actual project during the years 2018–2024.

Conclusion

Both ASO options are clearly more affordable than rental housing (EUR 135,000 nominal cost over 10 years). When adjusted for inflation, loan-financed ASO housing results in a slightly lower total cost than ASO financed with own capital. This is because inflation reduces the real value of loan repayments more effectively, while personal capital is more exposed to the loss of purchasing power.

Final Note

If EUR 30,000 is kept in a savings account with an interest rate of 0.5%, its real value after 10 years would be EUR 25,869 (assuming 2% inflation).