Building a house without equity?

I have to agree with Steffen, I see no room for a home of your own, whether a new build or a purchase. My recommendation would be: remain tenants. It is cheaper and saves you a lot of stress. In your situation, a new build would become an extreme burden, also psychologically. For us, the transition from tenant to new build owner, which we are currently going through, is also associated with a lot of stress, I can assure you of that.

I agree with you. However, I would qualify that there is *currently* no room. But you can definitely work on the situation and create room in the next 5-10 years.

Sorry..I expressed myself wrong...meant "income (without equity)"...with a lot of equity, of course the equity can also be significantly less. But without any equity, the income really should be very very high & secure. 6..7..8k net!

Nope. There are plenty in my circle of friends who make their 6-7k every month without getting any closer to owning a home in the next 2-3 years. Often, such things come with a corresponding lifestyle, and the demands are quite different.

What matters is only what remains sustainably in the end.

@ ...so the plots would be developed. From now on, developing would take about 1.5 years. Which is not so bad, after all, you don't want to rush something like that.

As mentioned before, the m² would cost 89-92€. That would put you between 50,000-60,000 for 500-600m². I wouldn't want more area than that either.

Of course, the question is also what is omitted: realtor

Regards

What confuses me: you are calculating with wasted gross rent, but you have to consider that you can only use the net rent for comparison, since you also have additional costs in ownership.

Why do you have no equity if you have €2650 available for living?

Best regards in short

Can't you buy the inexpensive plot of land now and build later? If you build cheaply (small and simple fittings), you might just get by with 300,000 euros including incidental construction costs and the plot. However, then the complete outdoor area and everything else you need like garden tools and furniture would be missing. Isn't it possible for you to buy a used house for significantly less than 300,000 euros? That might then be a bit bigger with a basement and finished outdoor area.

Best regards
Sabine

In any case, I thank everyone for the discussion!

Of course, I’m not going to run out now and buy something out of compulsion.

After the first calculations, I can only agree with the objections here. There are many small details that add up. Obviously.

I see the problem more in a different place... of course, one can try to save brutally in the next 10 years. But I doubt that a family of five can save much. When I see everything you need for the children. With three children, it certainly doesn’t get any less. And to put family planning because of a house in 10-15 years (possibly) in the background seems somehow wrong to me.

We can definitely save. But how much? What are 20,000€ that you scrape together compared to the entire loan? It’s also not like my wife earns as well as I do.

Nevertheless, I have already created an effective financial plan regarding this. Now it will be implemented!

I would advise against financing such an amount with that income without equity.