Ideas for home financing in about 4-5 years sought

- Net salary: 800€ for part-time if both children go to kindergarten, full-time is also possible

That has to be more. Have you ever thought about changing jobs?

Thanks in advance for your answers. Of course, this is all fictitious, no one can predict the financial factors of the future. We do save and try to put aside as much as possible. Unfortunately, this has not worked out so far, or rather, the savings were completely wiped out due to some unfortunate circumstances recently (car broke down 2 months after purchase, dealer refuses to honor warranty, then a new car etc.). Additionally, there is also a lack of a clear goal for what we are saving for. It feels like houses around Hamburg have become increasingly expensive in recent years, and the interest rates will not stay this low forever. We almost doubt whether it will ever be possible for us to acquire property.

Regarding my wife's income: I have a similar view on changing jobs, but she does not want to because her commute is only 5 minutes, etc. Moreover, she works in a rather unfavorable industry (agriculture). Retraining etc. is out of the question, I have to accept that, but it is not a problem for me. Then I just have to work a bit more :-)

Now, asked the other way around: How much net income should we roughly have available monthly to be able to handle a mortgage of €400k with a fictitious €50-60k equity?

We do not have an extravagant lifestyle, we already feel guilty towards ourselves if we buy a little something for €20 or go out to eat.

Thank you very much

Best regards

Thanks in advance for your answers. Of course, this is all fictional, no one can predict the financial factors of the future. We save and try to put aside as much as possible. So far, unfortunately, that has not worked out, or rather, the savings were completely wiped out recently due to some unfortunate circumstances (car broken 2 months after purchase, dealer refuses warranty, then new car etc.). Also, there is a bit of a lack of a goal for what we are saving. It feels like houses around Hamburg have become more and more expensive over the past few years, and interest rates won’t stay that low forever. We almost doubt whether it will ever be possible for us to acquire property.

Regarding my wife’s earnings: I think similarly about a job change, but she doesn’t want to because she only has a 5-minute commute, etc. Furthermore, she works in a very bad industry (agriculture). Retraining, etc. is not an option, I have to accept that, but it’s also not a problem for me. Then I just have to work a bit more :)

Now, asked the other way around: How much net income should we roughly have available monthly to manage a 400k house loan with a fictitious 50-60k equity?

We don’t live extravagantly, we already feel guilty toward ourselves if we buy a little thing for 20€ or eat out.

Many thanks

Regards

No one can answer that seriously for you in 5 years from now.

As of now, you should earn at least 4,500 € net together on average for a 400k loan (including all bonuses etc.).

...
We are saving and trying to set aside as much as possible. So far, unfortunately, it hasn’t worked out, or rather, the savings were completely wiped out recently due to some stupid circumstances...


Also, there is a bit of a lack of a goal for what we are saving for. It feels like houses around Hamburg have gotten more and more expensive over the past years, and the interest rates won’t stay this low forever. We almost doubt whether it will ever be possible for us to acquire property.

On the topic of saving: what can be saved monthly today can later be used to pay off the loan.

Unforeseeable costs always have to be factored in. It won’t be the case that these costs cease once you own property. Such costs must _always_ be taken into account.

Therefore: what is not available now will also not be available later. Throughout life, you will always be confronted with such “stupid circumstances.” If it’s not the car, then the broken fridge, or dental prosthetics, or the urgent vacation, the wedding, or, or...

Lacking a saving goal: I don’t understand that now. I think you have a goal – namely property?

Regarding your doubts and the long-observed market dynamics:
When did you start looking? I mean: at 21 or 23 years old, it hasn’t been that long, has it, that you’ve been checking the real estate market?!?

Regarding flexibility: you have to be flexible if you can’t just spend what 89% of the market offers.

If the mind is still stagnant, the pain threshold isn’t high enough so that what you have still feels good and okay.

The worst enemy of change is a person who does not want to change and rejects every possibility.
To make a difference, both must pull together.