Annadks
2015-04-21 15:36:19
- #1
Hello everyone,
after extensive research in various forums where conditions were discussed that all did not apply to our situation, I thought it would be more sensible to present our specific case for discussion.
In the town where we live, building plots will become available next year and we are currently considering applying. We live in the Stuttgart area where salaries are good, but land and rental prices are very high in return.
About us:
Me, 27, computer scientist, net €2,950
Boyfriend, 28, technician, net €3,000
Child, 8 years old, no income
Both have over 14 salaries per year, boyfriend even more as he annually receives a “very good” bonus.
A salary increase is expected for both of us in the coming years because I am a career starter and still two levels below the target classification, and my boyfriend is studying part-time on the advice of his boss to obtain an engineering position (mechatronics studies will last another 2 years).
In my opinion, we don’t need to worry about our jobs because we both work for large companies and have technical qualifications that are always in demand.
Currently, we pay €1,100 rent including heating.
Unfortunately, we have hardly any equity because, as mentioned, I am a career starter and previously, with only one income, a child, continuing education and studies, it was not possible to save anything.
Since I started working, I have been saving €650 monthly plus special payments, so that €7,000 have already accumulated and by next year at least the ancillary costs should be covered.
My boyfriend has a car loan which will be paid off this year.
I drive a leased vehicle for which I pay €250/month (so no unexpected costs to fear here).
We also have a third car which is my boyfriend’s hobby and he would sell it if necessary (€30,000).
In general, we don’t live badly and personally I spend a lot of money on things I could do without or where I see saving potential (clothes, various short trips (Disneyland, L*ke as you say, etc.), groceries - often the most expensive and unnecessary). Just to avoid the wrong impression: this standard is recent. During my studies, we gave up many things - I rode a bike and took public transport, lived for 3 years in 50 sqm for 3 people and did not go on vacation for 5 years. For that reason, I think we have indulged ourselves a bit more lately because the previous sacrifices were so great. But I see no problem in cutting expenses back down a bit here.
We definitely do not want to give up one vacation per year.
We have fixed and relatively high expenses for childcare and part-time studies. Childcare costs are fixed at €340/month and during holiday care, it can easily be €400 for 2 weeks (about 3 times a year).
For studies, €300/month is deducted. On the other hand, there are good tax refunds for this J.
If I take the current rent of €1,100 + €650 that I save + €450 that my partner can contribute, I come to €2,200, of which surely €1,800 can be used for loan repayment and the rest for monthly ancillary costs.
In our town, the price per sqm is €350, which for a 400 sqm plot would be €140,000. A house according to our wishes and ideas (prefabricated house ~150 sqm, basement, double garage, mid-range equipment) I estimate at about €360,000, so in total I assume a loan of around €500,000. Of course, this is only a rough estimate. We want to deal with the specifics only if we know whether our plan is realistic.
Of course, we are still very young, but we already have a child, have been in a partnership for 10 years and currently pay an enormous amount of rent for an apartment that isn’t worth it and where we don’t really feel comfortable. A partnership can always end; that’s not a criterion for me. We also do not have the risk that a salary will disappear when children arrive, since we already have a child together and I know exactly what a burden it will be if another one comes (and that will only be after studies anyway).
Nevertheless, I am skeptical. Is our plan too optimistic without equity? Will banks grant a loan of this amount given our conditions? Am I missing something in my calculation?
I look forward to any opinion and any advice regarding our consideration!
Best regards
Anna
after extensive research in various forums where conditions were discussed that all did not apply to our situation, I thought it would be more sensible to present our specific case for discussion.
In the town where we live, building plots will become available next year and we are currently considering applying. We live in the Stuttgart area where salaries are good, but land and rental prices are very high in return.
About us:
Me, 27, computer scientist, net €2,950
Boyfriend, 28, technician, net €3,000
Child, 8 years old, no income
Both have over 14 salaries per year, boyfriend even more as he annually receives a “very good” bonus.
A salary increase is expected for both of us in the coming years because I am a career starter and still two levels below the target classification, and my boyfriend is studying part-time on the advice of his boss to obtain an engineering position (mechatronics studies will last another 2 years).
In my opinion, we don’t need to worry about our jobs because we both work for large companies and have technical qualifications that are always in demand.
Currently, we pay €1,100 rent including heating.
Unfortunately, we have hardly any equity because, as mentioned, I am a career starter and previously, with only one income, a child, continuing education and studies, it was not possible to save anything.
Since I started working, I have been saving €650 monthly plus special payments, so that €7,000 have already accumulated and by next year at least the ancillary costs should be covered.
My boyfriend has a car loan which will be paid off this year.
I drive a leased vehicle for which I pay €250/month (so no unexpected costs to fear here).
We also have a third car which is my boyfriend’s hobby and he would sell it if necessary (€30,000).
In general, we don’t live badly and personally I spend a lot of money on things I could do without or where I see saving potential (clothes, various short trips (Disneyland, L*ke as you say, etc.), groceries - often the most expensive and unnecessary). Just to avoid the wrong impression: this standard is recent. During my studies, we gave up many things - I rode a bike and took public transport, lived for 3 years in 50 sqm for 3 people and did not go on vacation for 5 years. For that reason, I think we have indulged ourselves a bit more lately because the previous sacrifices were so great. But I see no problem in cutting expenses back down a bit here.
We definitely do not want to give up one vacation per year.
We have fixed and relatively high expenses for childcare and part-time studies. Childcare costs are fixed at €340/month and during holiday care, it can easily be €400 for 2 weeks (about 3 times a year).
For studies, €300/month is deducted. On the other hand, there are good tax refunds for this J.
If I take the current rent of €1,100 + €650 that I save + €450 that my partner can contribute, I come to €2,200, of which surely €1,800 can be used for loan repayment and the rest for monthly ancillary costs.
In our town, the price per sqm is €350, which for a 400 sqm plot would be €140,000. A house according to our wishes and ideas (prefabricated house ~150 sqm, basement, double garage, mid-range equipment) I estimate at about €360,000, so in total I assume a loan of around €500,000. Of course, this is only a rough estimate. We want to deal with the specifics only if we know whether our plan is realistic.
Of course, we are still very young, but we already have a child, have been in a partnership for 10 years and currently pay an enormous amount of rent for an apartment that isn’t worth it and where we don’t really feel comfortable. A partnership can always end; that’s not a criterion for me. We also do not have the risk that a salary will disappear when children arrive, since we already have a child together and I know exactly what a burden it will be if another one comes (and that will only be after studies anyway).
Nevertheless, I am skeptical. Is our plan too optimistic without equity? Will banks grant a loan of this amount given our conditions? Am I missing something in my calculation?
I look forward to any opinion and any advice regarding our consideration!
Best regards
Anna