fresh2
2015-03-20 13:36:00
- #1
Hi,
I am from Berlin, 33 years old, and considering building a house in the next 2-4 years. Of course, the question arises whether this is financially feasible.
Age: 33
Job: Public sector, permanent contract. Currently 2250 net, in 2-3 years definitely around 2600 net -> full-time
Partner: Definitely 1200 net, with tips at least 1500 net -> full-time
Currently no children, but will be starting soon. My wife wants to go back to work after 10 months (initially 30 hours per week, full-time as soon as possible)
Loans: Both on our respective vehicles, mine will be paid off in 3 years (currently 10,000€ remaining).
Equity: Currently about 5000 euros, approximately 6-7k euros should be added annually. So roughly 20,000€ in 2 years.
Why a property: It is unquestionable that a house would be best, but it could also be a nice condominium with a garden. However, prices here in Berlin (not the outskirts) do not differ substantially. I am from Berlin-Reinickendorf and want to stay near there. I have compared land prices (500 m2 on average 150,000-200,000 euros). In the Lübars district, 400 m2 are available for 100,000€. That would be the target district. 400 m2 should be enough.
House idea: 4 rooms with 110-125 m2. We don’t need a huge garden. Therefore, 400 m2 is sufficient (possibly also 350?). I am aware that a Berlin location is expensive, so I would accept a smaller plot. I’m not a big garden fan anyway (work should be manageable).
House type: Prefabricated house in front. The price limit should be 150,000€. Is this possible? The features should be normal to upscale. That means electric shutters downstairs, underfloor heating, triple-glazed windows, maybe some solar panels for energy savings. We don’t want a basement. The type basically a small town villa. Nice form factor.
That would then be:
Land: 100,000€
House: 150,000€
Additional costs: around 40,000€
= 290,000€
I would then have to finance this fully minus the costs for broker etc. (For that I then have about 20-30k available equity).
Now the crucial question. Would we be overstretching ourselves? Maximum financing term should be about 25 years.
Rent for 3-4 rooms approx. 100 m2 should be calculated at 1000-1200 with heating included.
Standard of living: Normal. Everyone has their car, one trip per year. No brand fetishists.
I am from Berlin, 33 years old, and considering building a house in the next 2-4 years. Of course, the question arises whether this is financially feasible.
Age: 33
Job: Public sector, permanent contract. Currently 2250 net, in 2-3 years definitely around 2600 net -> full-time
Partner: Definitely 1200 net, with tips at least 1500 net -> full-time
Currently no children, but will be starting soon. My wife wants to go back to work after 10 months (initially 30 hours per week, full-time as soon as possible)
Loans: Both on our respective vehicles, mine will be paid off in 3 years (currently 10,000€ remaining).
Equity: Currently about 5000 euros, approximately 6-7k euros should be added annually. So roughly 20,000€ in 2 years.
Why a property: It is unquestionable that a house would be best, but it could also be a nice condominium with a garden. However, prices here in Berlin (not the outskirts) do not differ substantially. I am from Berlin-Reinickendorf and want to stay near there. I have compared land prices (500 m2 on average 150,000-200,000 euros). In the Lübars district, 400 m2 are available for 100,000€. That would be the target district. 400 m2 should be enough.
House idea: 4 rooms with 110-125 m2. We don’t need a huge garden. Therefore, 400 m2 is sufficient (possibly also 350?). I am aware that a Berlin location is expensive, so I would accept a smaller plot. I’m not a big garden fan anyway (work should be manageable).
House type: Prefabricated house in front. The price limit should be 150,000€. Is this possible? The features should be normal to upscale. That means electric shutters downstairs, underfloor heating, triple-glazed windows, maybe some solar panels for energy savings. We don’t want a basement. The type basically a small town villa. Nice form factor.
That would then be:
Land: 100,000€
House: 150,000€
Additional costs: around 40,000€
= 290,000€
I would then have to finance this fully minus the costs for broker etc. (For that I then have about 20-30k available equity).
Now the crucial question. Would we be overstretching ourselves? Maximum financing term should be about 25 years.
Rent for 3-4 rooms approx. 100 m2 should be calculated at 1000-1200 with heating included.
Standard of living: Normal. Everyone has their car, one trip per year. No brand fetishists.