Buying a house / Building a house realistically?

Hello everyone,

we would like to already gather opinions or experiences.
However, we are only planning to buy or build a house in 3 years.
Until then, we want to continue saving our equity to provide a reasonable basis for financing.

We live in a small village in Cologne / direction Bonn.
Used houses can be found here starting at a price of €350,000, upwards open.
Possibly we would also like to build if it fits with our income and we find a plot here nearby. Unfortunately, it is very difficult to find a plot here. When the time comes, we want to inquire with farmers, etc.
Parents-in-law have good contacts here in the village.

Maybe you can give us your experiences and opinions on our plan.

General information about you:

[*]Who are you? My girlfriend and I
[*]How old are you? 23 and 29.
[*]Are there children? No
[*]Are children planned? Currently no, future yes.
[*]What do you do professionally? She: customer advisor (public sector), I: dispatcher (public sector)
[*]How many hours do you work? She: part-time, I: full-time

Income and asset situation:

[*]What income do you have (gross/net)? She: €1700 net + 13th salary + bonus + vacation pay + LOB, salary increase 5* every 3 years ( / He: €2700 net + 13th salary + vacation pay + LOB, salary increase 2* every 3 years (salaries and one-time payments are collectively agreed)
[*]Net together monthly: €4400 plus see above
[*]How much equity do you have? Currently €20,000 and a building savings contract currently €3000 (duration still 3 years) / monthly €200 + €80 VWL

Expense situation:

Housing costs:

current total rent: €800

[*]Electricity €120
[*]Phone, internet, mobile: €85

Mobility costs:
All details refer to 2 cars. All annual installments for insurance and vehicle tax calculated monthly

[*]Insurance: €84
[*]Taxes: €60
[*]Fuel: €250

Insurance costs:

[*]Liability insurance (also pets): €8
[*]Capital or risk life insurance: /
[*]Pension insurance (also Riester, Rürup, etc.): /
[*]Disability insurance: /
[*]Accident insurance: /
[*]Household insurance: /
[*]Legal protection insurance: /
[*]Other insurances (e.g. travel insurance, funeral insurance): /

Living expenses:

[*]Food: €240
[*]Restaurant costs: €100
[*]Care/drugstore: €70
[*]Pets (food, doctor, medication, stable costs): €20
[*]Medication: €10
[*]Clothing: €150
[*]Furniture: €40
[*]Daycare/school fees (and meal money): /
[*]Tutoring: /
[*]School material and books: /
[*]Club fees/gym: €29.99
[*]Babysitter: /
[*]Toys: /
[*]Cleaning: /
[*]TV/video/audio/CDs/DVDs: /
[*]Tickets (football, cinema, concerts, etc.): €10
[*]Donations
[*]Other

Savings:

[*]Vacation: 100
[*]House
[*]Retirement provision
[*]Hobbies/gifts: €50
[*]Other

Hello, you will be able to afford that now as well. The question is what still needs to be renovated. Building new in your region will certainly cost from 600k including the plot. It will be difficult to represent with the income or what the future holds.

The question currently is which will happen faster. The accumulation of your equity or the price increase of houses/land?

thanks for the response. We definitely want to save for another 2-3 years. The land prices here are quite high, maybe we will have more luck with a private purchase.


That's the question, will the prices rise or remain constant. ( crisis due to Corona )

Will your girlfriend also work full-time in the near future? That would greatly increase your opportunities.

Savings:

[*]Vacation: 100
[*]House
[*]Retirement provision
[*]Hobbies/Gifts: 50€
[*]Miscellaneous

The interesting part is missing: How much can be saved per month for the house over the next three years? Roughly estimating your expenses, there should be 2000€ left per month.