Mlt1402
2019-03-05 00:03:30
- #1
We (30 and 29 years old, still unmarried) have recently been dealing with the topic of homeownership, as we have settled professionally and want to start thinking about family planning in the next few years.
We both work full-time (tenured secondary school teachers) and currently have a net household income of €6,000 – expected to be €6,100 by the end of the year.
In addition, I have about €500-700 monthly from my self-employed side job. However, I want to consider this amount as a bonus and not include it in my calculations.
Currently, we are keeping a household budget book to have a closer eye on flexible costs/expenses.
Our total fixed costs currently amount to €3,100.00.
This includes major items such as rent (€800, warm), two car loans (€650 – each still running for 3 more years), private health insurance (€530), as well as reserves for vacation (€400), fuel costs (€400), and "smaller" items like car insurance, club memberships, mobile phone, internet, etc.
Added to this are the flexible costs, which I currently estimate at €600 (I hope to get more precise average values through the household book in the future) – so we have expenses of about €3,700, with potential savings to be realized here (especially vacation, elimination of car loans in the foreseeable future).
Overall, at the current time, we come to a disposable income of: €2,300
In addition, there is equity amounting to €105,000
What do we want to do with the money now?
We are looking for a property "off" the Hessian Bergstraße with about 130-150 m2. Whether a new build with solid or prefabricated house, renovation of an older house, or purchase of a ready-to-move-in house – we are open to everything.
After extended research, it is likely that we will have to plan for a purchase price of about €500,000 - 550,000 (incl. ancillary costs), but we have major concerns that we might overburden ourselves (loan amount accordingly: €400,000 - 450,000). Especially considering that family planning is also upcoming in the next few years.
Since we are really still at the beginning of all considerations, I would be very happy if you could give me your opinion – how realistic our (although still very rough) plan is at all.
Thank you in advance for your help and tips.
Best regards
We both work full-time (tenured secondary school teachers) and currently have a net household income of €6,000 – expected to be €6,100 by the end of the year.
In addition, I have about €500-700 monthly from my self-employed side job. However, I want to consider this amount as a bonus and not include it in my calculations.
Currently, we are keeping a household budget book to have a closer eye on flexible costs/expenses.
Our total fixed costs currently amount to €3,100.00.
This includes major items such as rent (€800, warm), two car loans (€650 – each still running for 3 more years), private health insurance (€530), as well as reserves for vacation (€400), fuel costs (€400), and "smaller" items like car insurance, club memberships, mobile phone, internet, etc.
Added to this are the flexible costs, which I currently estimate at €600 (I hope to get more precise average values through the household book in the future) – so we have expenses of about €3,700, with potential savings to be realized here (especially vacation, elimination of car loans in the foreseeable future).
Overall, at the current time, we come to a disposable income of: €2,300
In addition, there is equity amounting to €105,000
What do we want to do with the money now?
We are looking for a property "off" the Hessian Bergstraße with about 130-150 m2. Whether a new build with solid or prefabricated house, renovation of an older house, or purchase of a ready-to-move-in house – we are open to everything.
After extended research, it is likely that we will have to plan for a purchase price of about €500,000 - 550,000 (incl. ancillary costs), but we have major concerns that we might overburden ourselves (loan amount accordingly: €400,000 - 450,000). Especially considering that family planning is also upcoming in the next few years.
Since we are really still at the beginning of all considerations, I would be very happy if you could give me your opinion – how realistic our (although still very rough) plan is at all.
Thank you in advance for your help and tips.
Best regards