Piotr1981
2019-12-28 19:53:00
- #1
Good day,
my wife (25), a child (1M) and I (27) are currently living abroad and have saved up equity of €45k in 2 years. Next year in March we will move back to Germany and want to build a house.
The house (160 sqm) + plot (600 sqm) would cost us €380k (including incidental costs, kitchen, floor coverings and garage). The general contractor is a family member and I trust their calculation.
I already have a job in Germany and will earn €3.4k net (bonus not included). Since we are returning from the EU abroad, my wife still has the right to parental allowance for 1.5 more years and will receive €700. With €200 child benefit we would have a total of €4.3k.
After 1.5 years my wife will look for a job and hopefully earn about €1000 net in part-time.
During the construction phase we will either rent a small apartment for €600 warm per month or live rent-free with relatives.
Apart from €160 monthly BAföG, we have no outstanding loans.
Now to the question:
Do you think it is realistic to finance €380k with a family income of €4.3k and €45k equity or is my plan far from reality?
Does it matter for the financing that I would still be in the probation period?
Best regards
Max
With a net income of about €3,400 you are, in my opinion, already above the national average and even with a 3% repayment you are at about €1,200-1,300. If you don’t live in absolute excess, certainly quite feasible.