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
We checked again: equity of at least 35,000 euros (approximately $38,000) would definitely be available, possibly a bit more.
Over the weekend, we visited three home construction companies, and this evening a consultant from a fourth company will come to see us.
Now the question is whether to go for a solid (massive) build or a prefabricated house. We are leaning more toward the latter. The construction time also plays an important role.
@marzipan
So 1500 euros (approximately $1,630) would be too much for us. We still want to save a bit for emergencies or other expenses. We were thinking of around 1100 euros (approximately $1,190).
Over the weekend, we visited three home construction companies, and this evening a consultant from a fourth company will come to see us.
Now the question is whether to go for a solid (massive) build or a prefabricated house. We are leaning more toward the latter. The construction time also plays an important role.
@marzipan
So 1500 euros (approximately $1,630) would be too much for us. We still want to save a bit for emergencies or other expenses. We were thinking of around 1100 euros (approximately $1,190).
Sure, this is purely a calculation exercise. But we are still at the beginning. First, we want to see what the total costs would be, and then we will go to the bank. We are also receiving an offer regarding financing on Tuesday.
However, you also want to maintain a good quality of life, and if we have two incomes, the situation looks completely different.
Are the main house banks generally better in terms of interest rates, or should one consider approaching a specialized lender?
However, you also want to maintain a good quality of life, and if we have two incomes, the situation looks completely different.
Are the main house banks generally better in terms of interest rates, or should one consider approaching a specialized lender?