ᐅ Young couple / Husband is a civil servant: Is building a house realistic and affordable?
Created on: 3 Mar 2009 10:50
K
kamax
Hello,
My husband (33) and I (24) share the common dream of owning our own home. We originally planned to wait until I finished my studies, but for various reasons, we would now like to realize our dream sooner.
As mentioned, I am not earning an income yet (I expect to start around the end of 2010). My husband is a teacher (civil servant), and we have a son. After all deductions (including two home savings contracts), we have about 1600 euros per month left from a total monthly income of around 3500 euros.
Our dream house would cost 188,500 euros, excluding the cost of the land.
Perhaps some with experience can advise whether our plan is feasible now with a stable income.
Best regards,
kamax
My husband (33) and I (24) share the common dream of owning our own home. We originally planned to wait until I finished my studies, but for various reasons, we would now like to realize our dream sooner.
As mentioned, I am not earning an income yet (I expect to start around the end of 2010). My husband is a teacher (civil servant), and we have a son. After all deductions (including two home savings contracts), we have about 1600 euros per month left from a total monthly income of around 3500 euros.
Our dream house would cost 188,500 euros, excluding the cost of the land.
Perhaps some with experience can advise whether our plan is feasible now with a stable income.
Best regards,
kamax
Hi,
We don’t have much equity available, about 20,000–25,000 euros including the home savings contracts.
The 188,500 euros for the house already include painting and wallpapering work as well as the flooring. The plot of land would cost around 37,000 euros, according to the inquiry I made today.
What other costs should we expect, and approximately how much? Property transfer tax, land registry fees, surveying costs, anything else? Or how much should we generally budget for expenses beyond the house and the land?
My husband has a lifetime civil servant position, so that income is secure as mentioned.
We also want to set some money aside, of course. But for now, it’s mainly about the 1–2 years of “bridging” when financing a house on a single income.
kamax
We don’t have much equity available, about 20,000–25,000 euros including the home savings contracts.
The 188,500 euros for the house already include painting and wallpapering work as well as the flooring. The plot of land would cost around 37,000 euros, according to the inquiry I made today.
What other costs should we expect, and approximately how much? Property transfer tax, land registry fees, surveying costs, anything else? Or how much should we generally budget for expenses beyond the house and the land?
My husband has a lifetime civil servant position, so that income is secure as mentioned.
We also want to set some money aside, of course. But for now, it’s mainly about the 1–2 years of “bridging” when financing a house on a single income.
kamax
kamax schrieb:
hi,
there isn’t much equity available. about 20,000–25,000 euros including the building savings contracts.
the 188,500 euros for the house already include painting, wallpapering, and flooring. the plot of land would cost around 37,000 euros, as I found out today.
what other costs should we expect, and approximately how much? property transfer tax, land registry fees, surveying costs, what else? and how much should we plan for expenses beyond the house and the plot?
my husband is a civil servant with a lifetime appointment, so this income is secure as mentioned.
of course, we want to save some money aside, but for now it’s mainly about the 1–2 year “bridge” period when the house is financed with one salary.
kamax Hi, you can expect additional costs such as property transfer tax and land registry fees to be about 5% of the construction sum. The largest portion of this is the property transfer tax at 3.5%.
by Ganurin
Hello,
if it’s just about bridging the gap, then agree with the bank on a repayment-free period of one year. During this time, you only pay the interest and no repayment, which saves you quite a bit initially. This would be exactly the period you need until the second salary starts contributing.
by Barbar
if it’s just about bridging the gap, then agree with the bank on a repayment-free period of one year. During this time, you only pay the interest and no repayment, which saves you quite a bit initially. This would be exactly the period you need until the second salary starts contributing.
by Barbar
Barbar schrieb:
Hello,
if it’s just about bridging the gap, arrange a repayment-free period of one year with the bank. During that time, you only pay the interest and no principal, which will save you quite a bit at the beginning, and that would be exactly the time you need until the second income is included.
by BarbarHello Barbar,
I can’t imagine that this really helps much, since the portion going toward principal repayment is already very small at the start.
Balser