Financial planning 3 years before building the house

Hello everyone,
thank you very much for the many responses. Especially for the critical ones.

However, the situation does not look as critical as feared.
Our equity amounts to about 15,000€.
So far, I am still the sole earner. My wife will soon have completed her training. That means there will likely be another salary coming in. Or if children should come, at least none will be lost ;)

We do not live extravagantly. That means we could easily save 30,000€ in the next 3 years.

The main question was whether we can still noticeably increase this savings amount by using [Riester-Förderung]. Especially by benefiting from the tax advantages.

I would appreciate further suggestions.
Thank you very much and best regards.
Kiri

Hello, I also want to join in. I think you shouldn’t see the whole thing so pessimistically. Certainly, an income of 2600 euros net is not very high. But you shouldn’t immediately say that it’s not enough. You have to adjust your expectations to your financial situation to see how far you can go. You have to make sacrifices, but a normal single-family house is definitely feasible. Doing some work yourself can also save money. And a plot of land for 80,000 euros doesn’t have to be the case. Just look for the right plot, not from the real estate agent, just drive around in an area and ask the locals directly... That’s how we did it. Of course, it always depends on the area where you want to build. If you want to be absolutely sure, just go to an independent financial advisor who will realistically assess your financial situation, understand your wishes, and then tell you whether and how it’s possible to build a single-family house and what price and size range. Good luck with your project

@jules I don’t know where you want to build and also not where kiri wants to build. I can only say, no property for 80,000 euros - right, at least here you don’t get a property for 80,000 euros but a front yard. The price per sqm including surrounding areas within 50 km ranges between 300 - 600 euros ... and I don’t live in Munich. It is my personal opinion, with such financial means, I wouldn’t dare to start such a company. (not even with 15,000 euros of equity, to me a "0" is missing at the end.) In the end, everyone has to know what they are doing themselves, I wish kiri good luck in his decision-making.

Hilaria, I thought with us the m2 at €160 was already expensive. That would then come to €80-120K for the plot. 300-600? Lake/sea access and oil reserves? At the in-laws in Emsland the m2 only costs €60.

300-600? Sea/ocean connection and oil reserves?

Nope, normal small/large town with directly surrounding infrastructure. Regarding the equity of €15k: that's not even the ancillary costs (which normally no bank finances).

With us, the sqm costs 48 euros, Sachsen-Anhalt. Kiri, really get advice from a financial advisor, this advice is free. I wish you lots of luck with building, and in three years according to your statement you will have about 45000 and then you already have a good starting capital. Regards