Buy a house in six years?

Hello!

Would it be realistic for us (23, 25, are and will remain childless) to buy a small, simple house in about six years? Around €180,000 purchase price (can you actually get something for that?)
As I said, a tiny little house is enough for the two of us. Our expectations are not very high.

Here are our details:
We have €3000 net per month available.
Our rent including utilities costs €800.
For groceries and leisure, we probably only need about €400 per month. If at all...
We need about €250 per month for gas, because of work.
Vacations are always paid from the Christmas bonus, and even then there is usually something left over.

We pay into a building savings contract and also save an additional fixed monthly amount.
If we continue like this, we will have nearly €40,000 of equity available in six years.
That would be about 20% of the purchase price.

Is that enough to get financing?
We want to pay it off in about 25 years, then we would be in our mid-50s.

Maybe also important to mention that I (hopefully not too soon) will inherit my parents’ house.

I just want a rough assessment. After all, even average earners should be able to afford a house, right?
I don’t want to save for years only to be rejected by the bank...

Best regards, Ramona
and many thanks in advance

if you are now paying 800 euros rent and find a house for around 200k - why wait 6 years?

Does it make sense to buy a house completely without equity? We are young, but still. I wouldn't feel very comfortable with that. Maybe I phrased it wrong: we will only have the €40,000 IN six years ;)

Alright, let's do the math:
40,000 € in 6 years. That means you save on average 550 € per month (hopefully vacation, monthly prorated expenses, and special expenses e.g. car etc. are already deducted). In addition to your rent, 1350 € remain. About 300-400 € of that goes towards additional costs for the house and 200 € (as an example) for reserves, so you would theoretically have about 700-800 € left for a rate.
That would certainly make financing a house of that size possible. Financing is also possible without equity, you just have to decide for yourself whether you want to take the risk of financing without equity.
Of course, the question is always what you get for that price. If a lot has to be done to the house, you will need corresponding capital again.
And what you should consider now in case of buying a house: You are really still very young. Do you actually want to commit yourselves so much right now (both to each other as partners and to a fixed location). What about the jobs? Could job changes still be an issue at your age? How does it look for you in your region?
If all that fits and you are sure, then you could also finance currently. Whether you want to do that now, you have to decide. Because you should feel comfortable with it. ;)

Meaning, well. You can't answer that so generally.

Basically, everything that can work without risk, that disturbs your own well-being, makes sense.

Basically, financing with equity is naturally financially cheaper.

You are still young enough. So plenty of time to save equity. So you can inform yourselves long enough. Better this way than buying something head over heels.

Hello,

well, you can definitely work with these statements! Thanks :)

I would describe our relationship as stable; we have been together for almost seven years. Our jobs here are also secure, and we are more or less settled people anyway.

And whether the relationship and the job will still look the same in 20 years... you can never say. Some couples even separate after 50 years. A bit of luck always plays a role ;)

I think we will start by saving in a very traditional way. And if we happen to find a suitable house a bit earlier, we might possibly bring forward the purchase by a few years. Asking the bank non-bindingly usually costs nothing.