Mastermind1
2018-04-09 21:20:53
- #1
With €11,000 equity, one should by no means think about building a house yet.Hello everyone,
first of all, thank you very much for the many tips, hints, and suggestions.
We basically wanted to inform ourselves early on about what is possible for us. Whether our expectations are too far from reality.
Of course, we could have saved more, but we treated ourselves to many vacations and other things. We are aware that with a house, something like that initially falls away, or rather a week at the Baltic Sea is possible instead of 2-3 weeks in the USA or Maldives. Therefore, we are taking these vacations now and are happy to postpone buying the house by 1-2 years.
We will also not postpone the desire to have children for a house; my wife does not want that, and neither do I. Currently, we have space for one small child in the apartment, but for the second child or when the child gets bigger, the third room in our rental apartment is no longer enough.
It does not have to be a single-family house, it can also be an end-of-terrace house or a semi-detached house.
We both have home savings Riester contracts; with mine, €100,000 (current balance: €10,000) would be available, and with my wife’s, €50,000 (current balance: €1,000).
The €3,000 is rather the lower value. I usually earn €2,100 - €2,200 and my wife as well. So the parental allowance would of course also be somewhat more than €1,000.
We know that we could not move into a house next year, but we hoped it could be possible in 3-4 years.
Exchanging with the parental home is basically a good idea. The catch is that my grandpa lives in the house and has the right to reside there. And the two apartments cannot be separated, so no separate entrance.
My parents want, if (God forbid) my grandpa has to go to a nursing home or something worse, to sell the house because it is too big for them. I would get most of the money from the sale as an inheritance (only child) (my dad only wants to move into a rental apartment then).
As an alternative, I would also like to take over my parents’ house, but unfortunately, that is not planable because of my grandpa. Of course, that would be the best and cheapest option since I would have to invest a lot of money into the house, but my parents wouldn’t really want anything for it.
The motto here is save, save, save...
Home savings contract available? Usually, it pays for the land or the basement... It repays quickly and then moves gradually into the house construction...
But nowadays it's more like, ordered today, the house must stand tomorrow, payment can be done in 80 years.
No joke aside, but the equity is simply too low, the banker won’t even see the willingness to save for creditworthiness (minus point....)