What is possible at all?

Hello everyone,

I have been reading here for some time now and have now decided to turn to you, as the topic of homeownership is now approaching us.

At the moment, my wife and I live in 70 sqm rented for 650.00 EUR warm, but this should change soon in 2016 or 2017, as we want to expand. If we were to choose a rental property (urban area Göttingen 37073), we would be paying 8.50 EUR - 10 EUR per sqm. For 110-130 sqm, which we desire, we would be paying about 1,200 EUR cold on average. That’s when the idea of purchasing a property (not building) came to us.

About us:

Man 35 years old:

Employed, 2,500 EUR net, with 14.5 monthly salaries, employed since 2012 with the employer without probation or limitation

Woman 34 years old:

Civil servant, 2,900 EUR (-300 PKV), with 12 monthly salaries, civil servant since 2007

makes a household income of 5,100 EUR without any special payments. Family planning foresees one child in the next 2-3 years, the woman would stay home for 6-12 months.

External financing:

Each a new car, one from 2013 (274 EUR monthly installment, 0.00% financing) and the woman (309 EUR monthly installment with 0.99% financing), no other liabilities.

Equity:

We would reach 30,000 - 40,000 EUR with building savings contracts, support from parents / grandparents.

About the property:

As mentioned, we are looking for an existing property, which is currently not quite easy in our region or only way above market value. Our maximum is 300,000 EUR for a terraced house/semi-detached house/small single-family house

Regarding the question whether it is at all possible or sensible to finance in this size range under these conditions and if so, what the best constellation would be.

Thank you in advance to you for the honest advice :)

Hello and welcome,

How much are you saving at the moment?

asks Yvonne

How much are you saving in the meantime?

According to the current equity, I would say: Nothing!

Unfortunately, I can only respond now. Each of us has been setting aside 200 euros per month for 3 years. So far, however, we have also lived well with many vacations.

Unfortunately, I can only reply now. We each save 200 euros per month for 3 years. So far, however, we have also lived well with many vacations.

Oh, that's almost nothing or just the LV installment. With 5.1 and a ridiculous rent, there should actually be more left over - despite extravagant vacations. The cars are also financed... Are you sure you want to spend money - your own money - on building a house?

You haven't even managed to save up for a good small car in 3 years. I think you are living beyond your means. In my opinion, owning a house would ruin you. With that income, I would not save 200 but 2000€ every month, then it would work. And then a child is supposed to come in the next few years. And beware, children also cost money and not just 2.80€ a month.