As the previous speakers have already written, your income is actually not bad.
At the moment, due to parental allowance, we have a similar income and also want to build soon.
The biggest uncertainty factor for you is certainly the desire to have children. You write that your equity capital would decrease by about 700-800 euros. We just had a child, and I can tell you that your calculation doesn’t add up. I think you simply compared the parental allowance against your wife’s income. But you have to consider that a child will bring significant additional costs (stroller, Maxi Cosi, changing table, clothing, diapers, food, and later childcare). I would rather estimate on average well over 1000 euros (i.e., loss of income and expenses).
I have already thought about these costs too. A friend of mine accidentally became a father a few months ago, and the costs seem considerable... If the financial loss revolves around 1000€ (or 1200€), that might still be manageable. At the moment, thanks to my clumsiness, we only have 3000€ per month available. We live well, but it could be better. Unexpected costs in the four-figure euro range could not be managed without using the equity... And if the child then gets sick, spends 2 weeks in the hospital, and I have to pay upfront (because privately insured, no idea if there is a limit), then it looks very grim...
Furthermore, you urgently need equity, at least enough to cover the incidental construction costs, as these are usually not financed or if they are, then on very bad terms. At the moment we have 50,000 euros equity and want to build for about 450,000 euros; we will probably prefer to save a bit more.
What about the “incidental construction costs”? These mysterious online loan calculators ask for the purchase price of the property and then for the equity. And what the calculator outputs as a loan is the difference between purchase price and equity. The incidental construction costs are still missing there. Do I have to withhold equity from the bank so that I can cover the incidental construction costs myself, or how does that work? I was told once that you need at least 1/3 of the purchase price as equity so that you don’t pay yourself sick. Do you see it that way too and want to save up 150,000€ equity, or are you aiming lower?
I think if you want to wait a few more years, a building savings contract might be worthwhile. This way you can secure a loan today for part of the financing at the currently very low interest rates and at the same time build up equity. However, you have to compare carefully here; a good advisor is the internet or the magazine Finanztest, etc. But this only really makes sense if you can still wait 7-10 years before building.
I do think that we can still wait. I will look for an independent financial advisor and ask them. I don’t think much of advice on the internet (not from private individuals in a forum), God knows who sponsors those... I have someone from “Swiss Life Select” at hand. Does anyone have experience with this company? I get along very well with the person, but as is well known, friendship ends when money starts.
We are just past the parental allowance period. My wife got 1400 €. Income at the new 50% job and tax class 5 is 1200 €. That would actually be great, but childcare costs about 500 € per month for 4 days a week, she now needs a ticket for public transport, or in the worst case a second car. Our little one is now 16 months old, and the demands increase... shoes are constantly too small, and children’s shoes cost a fortune. A sandbox needs to be built, etc., etc.
I have already had brief acquaintance with such extensive costs. My friend, the accidental father, received 200 diapers (Pampers) and two bodysuits (full-body ones) from me. So for the child, not for him. I still considered the 40€ for the diapers reasonable. But 20€ per bodysuit seemed harsh. They probably only fit for 1-2 months (if at all) :confused:. But the real kicker was the strollers... There was actually a stroller for 900€ at "Babies'R'Us" (and that wasn’t a stroller for ten babies).
On top of that comes the heavy tax back payment if one takes 12-14 months of parental leave / allowance in one year. In our case, the demand is nearly 3500 € repayment.
Excuse me? How does that work? Can’t the parental allowance be reduced accordingly so you’re not hit so hard by something like that? You would have to take out a loan for the tax back payment.
But I have already become acquainted with something like that... Thanks to the civil servant burden law (or was it called citizen relief law?), I have to pay back about 300€ in taxes every year. And that during my training.
This is not meant to come across as funny. But why on earth should I put up with something like children if you suffer such extreme disadvantages as a result? And how on earth do people who are permanently dependent on Hartz IV manage? They have children too. I don’t have any ALG / Hartz IV recipients in my circle of acquaintances I can ask.
I can live with the high equity for the home if it still takes 7-10 years, fine. But the significant disadvantages that a child brings. I have to ask my girlfriend if maybe a dog would do. Maybe it’s just a fashion trend anyway, since right now almost all women at my girlfriend’s work are pregnant / have just had children (and adopted).