We are both 25 years old and earn a total of 3800€ net without my Christmas and holiday bonuses. Our expenses are quite limited because we still live with my parents in the renovated attic and only have to pay a small "contribution" of 200€.
After insurance, car, shopping, saving, and vacation — which we can afford at least twice a year — we have about 1000€ left per month, although we know that if we build a house, we will have to restrict ourselves regarding vacations.
Hi,
when I look at your income and expenses, you are currently living quite well.
Subtracting the contribution, including fixed costs like insurance and car, about 2,600 euros are spent each month.
This is NOT a criticism — just a different life plan so far.
Since you will have to significantly restrict yourselves when building a house/as homeowners, I recommend that you take this step now.
Financial restrictions are difficult — especially if you have previously "lived well." It takes a certain adjustment period to get your finances under control. That’s why you should start early enough. Also, start keeping a household budget from now on, where you record ALL expenses (including the bread roll around the corner).
Positive side effect — if it works, you can save even more.
500 euros per month for a 100,000 loan has already been mentioned. That means the 1,000 euros per month correspond to 200,000 euros (if you both earn full salaries).
In my opinion, you will need more than 200,000 euros for your project.
Demolition costs, construction costs, ancillary costs, and don’t forget — you still have no furnishings for the house (kitchen, furniture, etc.). That will take a good amount of money.
Desire for children and the associated loss of income have already been mentioned. Take this seriously — not only the loss of income but also the significantly increasing costs that come with children.
So — enough of the warning finger raised.