Home financing - low initial rates / rapid increase?

Considering such posts: Very good question.

I am sometimes just a little angel

Rhenish greetings

Hey colleague, in which plant are you located? Maybe we can meet sometime and I can share my experiences with you?

What's going on here Normally young highly paid academics first take vacation vacation vacation . Do you want to commit already now?

To bring some objectivity back

:
You write that you are engaged. That still costs a lot of money. From experience, 15-20k€ can quickly be gone.

You also said that you can save 2500€ at the moment. Are you already doing that? From my own experience, things always come up. A tip: make an honest budget calculation. Including special expenses or reserves for repairs, etc.

In another post, you mentioned already having 20k equity, but I assume that is still not really there today, right? The problem is that banks want to see some equity; especially to cover the additional costs during construction.

Furthermore, you mentioned that you want to start planning the house already. Do you have a real idea of what such a house construction costs? That would also be a task for you.

By the way, you wrote that you want to plan as much as possible yourself. That is commendable; the architect will still not give you a discount (after all, he has his fee schedule). And with prefabricated houses, it often goes into the area of "custom planning." That means there is an extra charge if you do too much or move load-bearing walls, for example.

And regarding your own work: You want to contribute a large part of the work yourself. There are many other threads about this here in the forum. The fact is: doing your own work costs a lot of time, and time is something that a young aspiring employee doesn’t really have.

I have recently started working for a large German automobile manufacturer as a mechanical engineer. As is well known, the starting salary is relatively low (€2,800 net) compared to what it will be in the next 15-20 years (€4,000-5,000 net).

So now I unfortunately have to bring you back down to earth here. My better half and I both work as engineers in the automotive industry. We both have good jobs, partly with personnel responsibility and also a few years of professional experience. About your stated net of €4,000-5,000 as it WILL be in the next X years, I can only laugh. What are you dreaming of at night?? I recommend you take a look at the IG Metall collective agreement table and then stay grounded and calculate a realistic net salary for yourself. You will see, you won’t find that in the collective agreement table. And already claiming at entry level that you will definitely become a department head or division manager shows the same high-flying attitude as now already calculating with installments of €2,000. Go to the bank and ask about such a repayment plan, I guarantee you won’t get a loan.

Unfortunately, there are too many nutcases who think with a university degree in their pocket that they are untouchable, irreplaceable, and better than everyone else.

Unfortunately, there are too many fools who, with the university diploma in their pocket, think they are unapproachable, irreplaceable, and better than everyone else.

Well, currently his salary is about 53K€. To reach the targeted 4-5K€ net, about 85K€ or 105K€ gross respectively must be achieved in tax class I. Since he consistently ignores the inflation rate in his considerations, he would have to significantly increase it again in 15-20 years to actually have the corresponding real salary increases in his pocket, meaning: with 2% inflation, it would then have to be about 120-140K€. Without a doctorate, only achievable as a department head, see above.

However, if the DINK combination with a frugal lifestyle comes into play, you can relatively quickly afford your own house, which makes it all the more incomprehensible why one then has to realize the house so quickly.

It wouldn't be mine, but to each their own.

Best regards
Dirk Grafe