ᐅ Dreaming of a House: Realistic Goal or Just Wishful Thinking?
Created on: 9 Oct 2019 00:58
T
Trinity2019
Good evening,
I have been considering for some time now fulfilling my dream of owning a home. However, there are some factors that make me doubt how realistic this really is, or how much I could afford to spend, if at all.
Here are the basic conditions:
I am 40, single, and plan to cover the entire financing on my own, both now and in the future.
No children, equity of 100,000, income currently around 4,200, with a very likely increase of 15% over the next 3 years.
My additional expenses are very low, as my employer fully covers my car and mobile phone. What is important to me is a nice garden; the house can be smaller, since I will be living alone. I could save quite a bit on the interior finishing.
So, I would appreciate your opinion and assessment... should I really go for it, or would it be better to hold off?
Best regards
I have been considering for some time now fulfilling my dream of owning a home. However, there are some factors that make me doubt how realistic this really is, or how much I could afford to spend, if at all.
Here are the basic conditions:
I am 40, single, and plan to cover the entire financing on my own, both now and in the future.
No children, equity of 100,000, income currently around 4,200, with a very likely increase of 15% over the next 3 years.
My additional expenses are very low, as my employer fully covers my car and mobile phone. What is important to me is a nice garden; the house can be smaller, since I will be living alone. I could save quite a bit on the interior finishing.
So, I would appreciate your opinion and assessment... should I really go for it, or would it be better to hold off?
Best regards
rick2018 schrieb:
If life circumstances change drastically, you can also sell the property if it no longer suits your needs.Due to the high purchase-related costs, people usually don’t change properties as frequently as they change underwear.
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nordanney9 Oct 2019 11:29guckuck2 schrieb:
Due to the high purchase-related costs, people don't change properties as frequently as they change underwear.I am now 46 and looking for my fifth place – so far, twice condominiums, a semi-detached house, and a detached single-family home. And yes, when life circumstances change, you simply buy a new house or apartment. Why not?T
Trinity20199 Oct 2019 12:33Hello everyone,
Wow, so many replies already. Thanks for that!
Here are a few more details:
I live right in Düsseldorf, and buying a property here is obviously unrealistic—unless you’re willing to spend 400,000 for a shoebox with a mustard-colored bathroom. Since a garden is important to me, that’s out of the question anyway, as such properties are far beyond my financial means. So, I’m looking within a 40km (25 miles) radius around Düsseldorf.
The chance of having more children is practically zero (I’m 40 and female). The house should be around 120m2 (1,290 sq ft), which should comfortably accommodate two people.
Ideal would be:
Plot: 500m2 (5,380 sq ft) or more
House: Bauhaus style
Preferably KfW 40 standard
Garage
And now I’m moving into my ideal world: I’m budgeting 25,000 for a pool in the garden.
What I want to spend is exactly my question—what is realistic? Is 400,000 feasible, or is a house meeting my description generally not realistic at that price?
I have already consulted with prefab house providers and banks. Their feedback varied from “that fits perfectly” to “it’s very tight, you shouldn’t go below 500,000”...
As for whether it makes sense or not for a single person to own a house, that can be debated for a long time. I simply refuse to pay that much for real estate inside the city and then buy an apartment outside... Even there, you have to deal with neighbors, expect renovation costs, and gardens are rather rare. So maybe it’s better to have a house? Right?
Wow, so many replies already. Thanks for that!
Here are a few more details:
I live right in Düsseldorf, and buying a property here is obviously unrealistic—unless you’re willing to spend 400,000 for a shoebox with a mustard-colored bathroom. Since a garden is important to me, that’s out of the question anyway, as such properties are far beyond my financial means. So, I’m looking within a 40km (25 miles) radius around Düsseldorf.
The chance of having more children is practically zero (I’m 40 and female). The house should be around 120m2 (1,290 sq ft), which should comfortably accommodate two people.
Ideal would be:
Plot: 500m2 (5,380 sq ft) or more
House: Bauhaus style
Preferably KfW 40 standard
Garage
And now I’m moving into my ideal world: I’m budgeting 25,000 for a pool in the garden.
What I want to spend is exactly my question—what is realistic? Is 400,000 feasible, or is a house meeting my description generally not realistic at that price?
I have already consulted with prefab house providers and banks. Their feedback varied from “that fits perfectly” to “it’s very tight, you shouldn’t go below 500,000”...
As for whether it makes sense or not for a single person to own a house, that can be debated for a long time. I simply refuse to pay that much for real estate inside the city and then buy an apartment outside... Even there, you have to deal with neighbors, expect renovation costs, and gardens are rather rare. So maybe it’s better to have a house? Right?
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