Is the construction project affordable? 570 k€ loan with a 5300 € salary

  • Erstellt am 2021-04-06 23:57:06

halmi

2021-04-07 08:58:00
  • #1
Absolutely, it is definitely a point where you can already save several tens of thousands of euros.
 

Altai

2021-04-07 09:16:48
  • #2
According to the household calculation, about €700 per month remain in the house after the installment. I did not see an item for vacation or a reserve for replacing the car. That can quickly eat up the surplus, and one already lives hand-to-mouth without children. I am surprised that the overall tone is so positive; I expected more critical voices. The loan amount is also significantly above 100 times the net income. I would break down the expenses a bit more precisely (especially the lump sum for living costs) and see if there is any potential for savings there—in case it is needed. That does not have to be negative; before Corona, for example, I thought I would have to go to the canteen every lunch—but I don’t have to, I have realized...
 

Worrier84

2021-04-07 09:34:20
  • #3
If you wish to have children, I would wait for the first child. Everything can happen (positive/negative) before I commit myself to such a loan amount. (which I personally find crazy given the income)
 

exto1791

2021-04-07 09:39:01
  • #4


When the child comes, you just have to tighten your belt - you have to know that...

Besides, why should you wait for the child before financing? The sooner I take on the loan, the faster and especially the more I can pay off? So that makes little sense to me - except that then you have relatively good spending transparency because you know exactly how things go with a child... Nevertheless - you have to pay off anyway...

The loan is not that "crazy" compared to the income now... it's okay. You just have to live a bit more "frugally."
 

bortel

2021-04-07 10:08:10
  • #5
So I think that's too much. Honestly, financing 570k with 1800€... phew, that makes me a bit scared.
 

hampshire

2021-04-07 10:24:36
  • #6

Planning can work out.
Taking on too much, no, but it can become tight temporarily if income does not increase, but wishes or living conditions do.
One always overlooks costs when building a house. Therefore, plan reserves and do not go to the limit.
Expenses and additional costs can fit. Include a buffer.
Additional expenses for a child are difficult to quantify – depending on the lifestyle, there may simply be shifts. Consider reduced income if you want to take parental leave, for example.
Expenses for children increase with their age. The really expensive things are the unnecessary items:

    [*]Complete initial equipment from furniture to stroller, buying new (really brings nothing to the child, only to the parents)
    [*]Dependency on expensive baby food due to insecurity or inability to cook yourself
    [*]Overload with baby courses like “Listening to English in the first year”…
    [*]Overloading with toys (I also advise to hold back the environment…)
 

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