Hello,
We are a soon-to-be family of four (29, 27, 2, and expected in August 2015) and since a new residential development is currently planned in our village, we are wondering whether to take the step now or save for a few more years...
At the moment, we pay 550€ cold rent and save 700€ monthly in a savings account.
My husband is the sole earner as I am currently on parental leave and our second child is on the way. His salary is expected to increase well over the next few years since he has only four years of professional experience after university.
So far, we have been able to save 35,000€.
The building plot would cost around 80,000€ (including additional fees).
We plan to build about 150m2 (1,615 sq ft) with a basement and a double garage. What kind of costs should we expect?
Because of a two-year building obligation, we can’t first pay off the plot calmly; we would need to arrange the full financing now and start construction next year.
What do you think about this?
We are a soon-to-be family of four (29, 27, 2, and expected in August 2015) and since a new residential development is currently planned in our village, we are wondering whether to take the step now or save for a few more years...
At the moment, we pay 550€ cold rent and save 700€ monthly in a savings account.
My husband is the sole earner as I am currently on parental leave and our second child is on the way. His salary is expected to increase well over the next few years since he has only four years of professional experience after university.
So far, we have been able to save 35,000€.
The building plot would cost around 80,000€ (including additional fees).
We plan to build about 150m2 (1,615 sq ft) with a basement and a double garage. What kind of costs should we expect?
Because of a two-year building obligation, we can’t first pay off the plot calmly; we would need to arrange the full financing now and start construction next year.
What do you think about this?
Bauherren2014 schrieb:
Sorry, read this too late. If the post is seen, read, and answered independently, that is also fine.
EveundGerd schrieb:
Good evening Lissy,
what year of your apprenticeship are you in? What profession are you training for? Is there a guarantee of permanent employment after completing your training?
How secure is your partner’s job?
1500.00 € net is not very much.
What exactly are you envisioning? Since you already have bank appointments, saving up for the next few years is probably off the table?
A bit more background information is needed from your side.
Best regards, EveGood evening.
I am moving into my second year of apprenticeship. I’m training to become an automotive sales clerk and have been (or at least I was assured) offered permanent employment. I can also get that in writing.
My partner’s job is very secure; he has already worked at this company for 10 years and completed his training there as well.
We could save for one or two years, but due to the current stress we are under here (living in a multigenerational house is simply not recommended! *laugh*), we would prefer to “move out as soon as possible” – of course, this can’t happen overnight or even within the next few months.
What do you mean exactly by “envisioning”? Regarding the technical aspects of the house?
We have printed out a few plans. Since we want and are able to do much of the work ourselves, we are satisfied with just the shell of the house, so to speak.
ypg schrieb:
If the post is seen, read, and answered independently, that’s also okay Oh, sorry.
I’m new here and thought I’d just join in briefly.
Bauherren2014 schrieb:
If you earn enough, you can get a loan even as a sole earner. Parental allowance is generally not recognized by banks as income since it stops completely after one or two years.
That won’t be enough to buy a move-in ready house, let alone to build a new one. Think about it yourself. You are an apprentice—your apprenticeship salary is probably low, isn’t subject to wage garnishment, and ends after your training. What if you’re not retained and don’t find a new job right away? Or if jobs are scarce in the region where you currently live? Child benefits and maintenance payments for you or your child (if you have one)? If it’s for you, those will also end in a few years at the latest. BAB (vocational training allowance) also stops. So, in total, only your husband’s income remains. And that is not enough.
And why do you have no equity if you don’t pay rent and have more than €3,000 per month (about $3,300) available?
No equity is a problem—at least the additional costs should be covered by your own funds.
I’m sorry, but I think that’s how it will be.
Just a quick side note:
How old are you? You sound quite young to me.
If that’s the case—this is not meant as an attack—but: why not first see what life brings? What your job (both yours and your husband’s/partner’s) brings? Do you want to commit so firmly in terms of location, career, and finances already? First see how you manage financially and save some equity. The more, the better. Also watch how your income develops. In a few years, after you have finished your training and have a permanent job, and maybe your partner earns a bit more too, things might look very different.
And why does it have to be your own house at such a young age, just as you’re starting out?We have no equity because we “spent it all.”
But the current situation no longer allows us to live together.
We are in our early 30s.
Unfortunately, things change in life. I want my own home and no one interfering in my life anymore.
We are both professionally and geographically settled. My boyfriend has lived here since he was born; I moved here, and we want to stay in this little village.
tbb76 schrieb:
In this situation, you should look for something affordable and used. Then you can renovate it gradually. Or arrange something with your in-laws to build up equity... You should start saving immediately anyway, also to see if you have the discipline for the monthly payments.I wanted to keep that option open, but my boyfriend disagrees – he works in construction himself and sees this every day. His words: “Don’t come to me with such rubbish; either it’s new and up to good standards (energy efficiency, etc.) or not at all…”