Mühlentraum
2024-05-01 08:49:26
- #1
Thank you for the answer! We started working full-time in 2019. Until 2020, we paid off our student debts (€12k) and in 2021 we moved (kitchen/furniture €6k). In 2022, we bought a car (€7k). Our daughter was born in 2022, I was on parental leave for 12 months, my husband for 9 months, of which 7 months were unpaid; that “cost” us about €18k. I hope this gives you an idea of where our money has gone so far. Otherwise, we don’t have any expensive hobbies, except maybe slightly higher grocery expenses… We are currently saving between €1,000 and €1,500 monthly – move-in is scheduled for the end of 2025, and from the savings by then we plan to pay for the kitchen/furniture. Our furniture/kitchen is still fairly new (see above) and we plan to take most of it with us at first.And now to the individual situation: Why do you have no equity? I know you are young and have a child. But absolutely no equity? Even as a civil servant, you have finished your studies by 25, and after 5 years you should have saved more than just a small emergency fund. Even better if you start without a degree. This question is not a criticism but extremely important to assess whether you can afford the project. Where has the money gone and why do you think you can forego these expenses in the future? How do you actually want to pay for kitchen and furniture? Is that all already included somewhere and I missed something? Otherwise, you will live in an empty house with little chance to fix this quickly. Otherwise: With a good 5k net after private health insurance, you can roughly afford a 2.5k rate. Life will of course be modest. Over the years you will grow into the rate, your first pay raise is coming up soon. There are interest rate risks, but since you are civil servants with a reliably increasing income (ignoring misfortunes), I consider this tolerable, also considering the higher pension compared to regular retirement, which in any case provides a certain buffer. Therefore: if you really want the house, you probably have to strike now for the promotional loan. Financially it only works because you are civil servants, but expensive vacations will be off the table for a while.