Home financing: Is it sensible or should we wait a bit longer?

It is generally said: 1/3 of the net income for the bank installment, the rest for living and additional expenses. That amounts to €850 available with a net income of €2500. Exceptions are made if, for example, the salary can be garnished. If you calculate, for example, 3.5% + 1% repayment, that is a payment of €750 for €200,000. Plus the payment for KfW €50,000. Roughly €950. But at the bank, each case is calculated individually.

Hello

as others have already written, it only becomes realistic once you are in a job (and even if it is initially poorly paid or well paid but part-time). Before that, I see no chance. For most banks, 3 months of pay slips are usually enough (probation period could be a problem).

Regarding you:

well, you are not married yet. Borrowing 300-350 and building is a risk.... it can work, but it doesn't have to.

Regarding construction costs and the plot:

have some preliminary talks (you don't need to talk about your situation. You are simply in a job) and gather experience. We could have had a plot for 50k. 120-140 costs 200 and up if you do it properly. Without additional construction costs + garage + outdoor facilities. Whether you will do that later with the financial burden, I doubt... that's why we gave up on it.

Yes, that's true. The sizes are already quite large and maybe we will at least reduce the living space a bit. Because 120sqm I actually find big enough, but my boyfriend thinks it's too small! But he grew up in a house with a total of four siblings + parents and I'm an only child.

I would agree with your boyfriend in this respect. 120 sqm does sound like a lot, but if you still want to include a utility room and stairs/hallway in the sqm number, it will be quite small.

Realistically speaking, people always build bigger because they want it more spacious. If you are still quite young and other acquaintances your age live in 70 - 80 sqm, 120 sqm is already quite big, but if children come along, it will get tight again.

Therefore, maybe – regardless of the low interest rates now – a consideration in this direction would be sensible. Do I want to live with 2 or 3 children in a cozy, small house where it will eventually get quite cramped?
If your boyfriend already earns well now, he will probably earn more in a few years, and you will also contribute your share as an academic.

I don't know if you will regret later that you chose a budget house in your mid-20s instead of just waiting until you are established in your career and could have simply afforded "more"...

Hello,

In NRW... Münsterland and Rheinland for example... there are areas with plots (450sqm) for €45,000.

NRW: In Venekotensee or also in the Eifel. The question always arises what costs an individual incurs with a longer commute to the job.

Münster: no comparison to the rest of the republic; there the construction costs are also lower than in the rest of the republic when looking southward.

Rhineland: where is that supposed to be?

Rhinish regards

What I have repeatedly read here so far is that for every €100,000 loan, you should pay back €500 monthly. But I think it also depends on how long you want to finance. There are certainly homebuilders who want to be finished with financing after at most 20 years. Then, of course, repayment has to be a bit stronger. But there are also those who finance over 40 years. They ultimately pay more, but have lower monthly payments.

And after 10 or 15 years, when the low interest rate disappears, you can no longer afford the place and it will be auctioned off. Well, I am currently building up reserves for a cheap bargain to rent out in 10 years.