Savings beginner with questions about the plausibility of the "rough" plan

A very nice "Moin" from Hamburg!

I am Mattheu and I am completely at the beginning of a probably very long research journey, which will hopefully eventually lead me to my goal.

My goal is to own a house with a maximum monthly burden of EUR 1500,- (including interest, repayment, incidental costs, reserves). The term is "relatively" unimportant to me. (It will be at least 30 years anyway)

Starting situation:
Well, I am 35 years old/young and my partner is in her early 30s.
We have wanted to acquire a home for a long time. However, until a few months ago, we completely lacked the means to save anything at all.
Now, after everything has been paid off and we can start saving fresh, we do not exactly know what we should set as a realistic goal.

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Here are the key data:

Net annual income Me: xx,000,- (+ bonus in the amount of net x,000-x,000,-, which I never take into account)
Net income Her: xx,600,- (+ Christmas, night, and vacation pay, which we do not want to calculate here)

Existing equity: xx,000,- (instant access savings account)

Annual total savings amount: xx,600,- EUR
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Our current "plan" is to "hold out" in the apartment for another 2 years. (Because hopefully there will be offspring then).
In these 2 years we will save another EUR xx,200,-.
Adding our current equity, we come to an equity amount of EUR xx,200,-.

However, the houses that would suit our taste are between EUR 350,000 and 400,000 EURO.
Then there are costs for notary, property transfer tax, land register, kitchen, furnishings, outdoor facilities, etc... So the total amount is very likely EUR 470,000.

I keep reading that one should have at least 20%-40% equity.
"Currently," however, I am only at 13%.

Am I correct in assuming that our plan, based on the above data, doesn't really work out?
(Well, basically I see it myself... But somehow I still hope that someone "external" will give me a saving hint...)

I would be very happy about a few tips
Thank you very much and best regards
Mattheu

So with 5 k€ net - and if you stick to your saving ambitions - I don't see it as that critical. I might even aim to save 30 k€ per year - you still have 2400 net left to live on per month. Then you would have around 80 k€ equity. Parental leave should also be well planned, and then it can work out well.

So with 5 k€ net - and if you stick to your savings ambitions - I don’t see it as that critical. I might even aim to save 30 k€ per year - you’d still have 2400 net per month to live on. Then you’d be at around 80 k€ in equity. Parental leave should be well planned then and it can work out well.

I am currently comparing my calculated expenses (Excel table) with the actual expenses (online banking). Let’s see what comes out of it.

Here is a small overview of the current costs:

Rent: x85EUR (warm including household contents, internet, etc).
"Household money": x00EUR
Car: 400EUR (including fuel, insurance, taxes, repayment)
Insurances: 100EUR
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Total: x.185,-EURO

Then there are some occasional extras here and there, which in my opinion are always needed somehow, since you may/can/should enjoy your life (even while saving).
Whether these extras should cost around 1100EUR per month is another matter!!!

I am checking and will see what is really left over...

I think that one can also take it a bit easier for 1-2 years... one less vacation, maybe not the new Thermomix, cooking yourself and not eating out. It is time-limited and also brings people closer together

You are right. Especially since we pay for our vacation from our bonuses or Christmas money... I think a big point for us is the food. No one has time to go shopping and cook. Although that is probably just laziness!!!

If you're too lazy to cook, you can go out for two people
a) sushi for €60
b) a pizza at an Italian restaurant for €25 or
c) enjoy a frozen pizza at home for €4.

That way, you can "save" 1m² of tiles per evening.

At first, I thought with your income it would be tight, but it is net income.
Banks are also more generous when it comes to equity in that case.
However, I would avoid taking out the loan during parental leave... better beforehand. Without a gut feeling.