General questions about house construction / house purchase

Advantage of buying, if the property is in good condition and suits you personally: everything is ready. Land, driveway, everything. Move in and that's it. Disadvantage: high property transfer tax. Willingness to compromise, because in a used house there will always be things that you would have wanted differently for yourself. Price: currently at good properties definitely new-build level. Bargains only rarely, if then via zvg dot com. New build: Pro: It is as I want it. Everything new. Less taxes if house and land are not acquired together but nicely separated. Disadvantage: bare plot, time losses, new development areas are often initially not very charming. Bare. Drafty. Unbuilt. Price: see above. Karsten

I find the savings rate very low, however you consume a lot. Are you willing to practice restraint? Especially since there is always something to do in an existing house or you have the money for craftsmen.

Wow, I didn’t expect so many responses in such a short time. I’ll try to answer everything step by step. A 1300€ installment seems relatively high, doesn’t it? If I also factor in the additional costs of 300€-400€ and reserves of 400€, I’m already at 2000€. Okay, that means you are on the safe side, but if my girlfriend’s salary disappears due to children or something else, that’s already tight. What does Beamter mean... I can’t really explain that exactly because I have never used it in insurance before, only heard about it. I just work in the public sector. Well, trash is of course included in the additional costs. No idea how high it is for us, but we live in a multi-family house and I think trash is cheaper because we have larger bins. Regarding the apartment - it’s a 70sqm apartment in the north of Hamburg. Renovated, fitted kitchen... nothing fancy, but the best price/location/performance ratio we found two years ago. And that also rules out moving to a cheaper apartment. Simply not possible or into social hotspots. Since yesterday we have started keeping a household budget book where we really write down everything we buy during the month. At the beginning of each month, we will look at where unnecessary costs can be avoided. Our going-out habits... we almost exclusively go to friends on weekends, where we bring a little something to drink and eat. For that, we often buy at Edeka out of convenience instead of Aldi and order food several times a week. We know that we definitely have to change our behavior quite a bit... I’m just not a born saver without “getting something out of it.” Difficult to explain. For example, at the beginning of the year we bought completely new furniture for the entire apartment and also booked a vacation. It was not a big problem to pay back about 1000€ monthly until May. So we managed with about 900€. So it’s more in the direction that the new building is cheaper. I didn’t expect that, but then we should probably educate ourselves on that again. You hear everywhere how stressful this time is. One reason why we only had one purchase in mind. The advantage is that I had an electrical engineering apprenticeship, a family member is a construction manager at a house building company, and through my job I deal daily with all kinds of trades for house construction. Garden... I can’t say. I know that I always had fun with my grandparents/parents in the garden back then. But that was over 10 years ago... since then we never had a garden. Well, we will also sit down with our parents in the next few days/weeks because they manage the building savings contracts and will certainly have some tips.

So you are either a civil servant or not. You are an employee in the public sector and therefore not irremovable.

The higher the loan amount, the higher the installment. If you want 400k, the installment is correspondingly high. Especially since you also don't have any equity for the incidental costs yet. Land registry + notary + possibly real estate agent. That can easily add up to 40k. Those are difficult to finance additionally.

If you yourself say you are not big savers, I would reconsider the desire to own property, especially in this size. Your girlfriend is also very young. I also do not wish that the partnership suffers as a result. You finance a lot, can afford less because THE HOUSE is there, and the spiral of dissatisfaction starts to turn.

Hello,

I have taken another look at your initial post.

Basically, you should really examine your consumption habits and keep a household budget. See where the money is "leaking."

You also mentioned something about 5 contracts. You should take a look at what exactly they are and what they were concluded for or how much they cost you monthly.

If you have the desire for home ownership, you should seek advice on what makes sense, also with regard to the purchase/construction ancillary costs, which can be immensely high. Hamburg is an expensive place anyway and will remain so.

It is nice that you are not naive. You also have to figure out for yourselves whether you are even the type for ownership.
You don’t have to own property. That also involves stress, effort, and costs.
Do you like to travel? Then just do that. Enjoy the worry-free apartment.
Or you really want to own property. Then simulate the installments over a year. If you then realize that it’s okay, go through with it.
But maybe you also realize that you prefer to be free and flexible.
That is what you need to find out.
Yes, the installments are not that low. But a high repayment rate makes sense in many ways. Even if it’s just that you finish the loan early.
A house costs money. And really everything. No landlord comes and replaces the faucet.

Also, if you build in the area, something really huge regarding land will come your way.
Maybe you just buy one to see how the financing works out. If I remember correctly, the value of the land won’t drop and you can sell it if you realize it’s not for you...