Officer + wife want to build a house.

I am a police officer and earn about 1800 euros net per month, but it will increase.

My wife is a hairdresser and has about 1000 euros net available per month.

So we have 2800 together. Equity 25,000 euros (won :cool

We plan to build a house and the total costs (really everything included, land, everything simply..) amount to 220,000 euros.

Do you think the bank will give us a loan? How much would we have to pay back to the bank monthly? Up to 1,300 euros would be easily manageable, we have no children.

Hi

I don't think it will be that much, at least not over 30 or 35 years

It’s best if you inquire at the bank.

Kind regards

Ok, as a civil servant you are somewhat secure, but how secure is the job as a hairdresser or will it be converted into a mother job in the foreseeable future. What I mean is, you should never go all the way to the limit but also plan for one or two eventualities. But just talk to the bank. Regards Wabe

Hello Jörg 1980,

Quote: (wirklich alles dabei, Grundstück, alles einfach.. beträgt 220.000 Euro)

That's where it starts, who says that? The seller?
... and what if it ends up being 40,000 € more expensive?

The installment should definitely be manageable with one income; if your life plans change and children come, it will get tight.

1300 € + 250 € additional costs + car + insurance will then already consume your income. You would then have to live off what your wife possibly no longer earns.

Or why haven't you been able to save equity, is the current rent already at 1300 €?

First, get advice from your house bank; they know your account movements best.

Oh, that wasn’t a serious question, was it??? I don’t think any bank will give you such a large loan. We have about the same income (growing) and are going back and forth calculating whether we are already overextending ourselves with 95,000€. Have you ever thought about: -30-35 years long period -further renovation costs will follow -possibly unemployment of the partner -possibly family growth -car(s) broken down or new purchase -loss of income due to health, etc. -life and energy costs increase, but salaries not really proportionally -And the biggest point is that with 200,000€ you have about 1100-1200€ monthly installment, now let’s say the interest after 10-15 years fixed interest period is 7-8%, then you have hardly paid anything off by then and interest on that, that is then a few hundred € more burden with that amount. And once you have payment difficulties, you lose everything faster than you can realize and still end up with debts in the end.

We are currently facing the same question. However, our income is a bit higher. Still, we are not willing to pay more than 1,100 EUR per month. Something can always come up, and then you have a very big problem. It is better to take out a loan with special payments.