What can we afford? Young family homeownership. (Bavaria)

2020-07-06 09:39:13

a few thoughts on this:

- you said that you have lived very generously (I understand that well ). Are you now willing to limit yourself for the house in this respect? Because that will be necessary. Here you have to be honest with yourself.

- you forgot the additional costs for the house in your calculation (heating etc etc) - calculate about 2€/sqm living space per month

- I think it is wrong to count temporary subsidies towards income, since your loan will still run for many years when the subsidy falls away.

- what is always forgotten when talking about the construction sum: how much own work do you want to contribute?

280,000 + additional costs is not much for a single-family house with 140-150 sqm, but doable if you can do a lot yourself.

2020-07-06 09:48:58

The 500 Söder euros would disappear. In the end, that's 300€ more net. Although you will certainly have to use childcare. Simplistic calculation

That sounds more like the glass half empty. Of course, it makes no sense to see a solution that ultimately brings nothing, that would be nonsense. But who looks for a solution when they already know beforehand that it won't bring anything?
There are usually ways to increase income, and there is also a life without daycare, etc.
Maybe unusual or exhausting, but no one promised us a life without effort.
It only becomes a simplistic calculation when you think like a simplistic person.
If the horizon is properly broadened, if one is willing to take unconventional and seemingly difficult or new paths, the simplistic person becomes a businesswoman.
Incidentally, this is how dishwasher became millionaires in the USA in the past (somewhat crudely put). If they had wanted to keep their usual and comfortable life, they would never have become dishwashers. Often it is a question of character whether I want to remain a simplistic person. Not always, but often.

2020-07-06 10:20:26

So first of all thank you very much for all the answers!

Even though many are critical, yes, that’s why I’m asking people who actually have experience.

And yes, I know myself that it’s very tight.

We have about €25,000 in equity...
I earn €2,900, we then receive about €400 in child benefits, €250 in state parental allowance, and then my wife gets another €370. The problem is, she didn’t work between child 1 and child 2 and therefore receives the minimum amount.
We definitely have more expenses that I haven’t noted down...
At the moment I put about €400 aside. Unfortunately, I’ve lived like a king all these past years and have spent like crazy. I do regret that, of course ^^

What do you generally think about the topic of real estate? Will it continue to steadily rise?

There are still government subsidy programs , right? Are they so bad that they’re not even worth mentioning?
If she goes back to work, it will only be part-time at 50% at some point. Our children definitely come first while they are still so small. She will probably earn about €1,200 then. Full time is not an option for now.
I imagine a house with 5 rooms and 120-140 sqm.

I do see some examples of people in a similar situation as mine who have actually done it that way.

But for the most part, I see that it probably won’t work...

Thanks in advance and sorry if I didn’t address some things, I can remember everything - next time I would use the quote function.

Hi, so we are taking advantage of the parental allowance office’s funding = €200,000 at 0.00%. But we come from Baden-Württemberg. Maybe there’s also a grant for you? Or Baukindergeld?

2020-07-06 11:07:01

So guys, ok thank you very much. I think for me the topic is settled for now or put on the back burner. So at the moment it is not possible for me to proceed without total risk. I will now just read up a bit on the subject. Otherwise, maybe it will be "only" a 3-room apartment somewhere after all...

But thinking about it, with just under €3k net, I'm actually not a bad earner... Really shocking that as a middle-class person you can't afford a "normal" house...

2020-07-06 11:10:02

But thinking about it, with just under €3k net, I'm actually not a bad earner

that's true, but being alone it's hard. If your wife worked part-time, it would be much more relaxed

2020-07-06 11:19:49

So then it means saving as much as possible for the coming years, and then she will go back to part-time.

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What can we afford? Young family homeownership. (Bavaria)

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