Short version. We are currently saving around 1.5k a month. We have 3k in savings. We have around 80k in debt. We earn 55k a year.
The monthly payments on a mortgage for a 180k house are significantly lower than our rent (1025 compared to 550). Does it make sense to acquire more debt, but lower our monthly living costs and acquire assets at the same time?
We're expecting to have 10k in savings and the car paid off a year from now. According to the bank that should be enough to get the loan at that point.
My colleagues keep talking about how renting is a waste of money and I should buy a house. I wonder if that makes sense for me.
My partner and I are starters. We started working a year ago with no savings. We started renting a house a few months back and bought furniture for it. We currently have about 2k in savings.
I bought a car worth 10k. We're planning to pay that off fully before buying a house.
I also have 70k in student debts on 0.01% interest. I have 6 years left till I need to start paying these back. There is no penalty for paying off early. I can choose if I want to pay this back over 15 years or 35 years.
I earn 33k a year. My partner earns 22k a year.
Our rent is 1025 a month. Due to the height of our wages, we are unable to rent a house under 710 a month, but due to various reasons, the realistic price range is more around 850+.
Clarification about rent: In Netherlands, rental houses are regulated. Many houses are "social housing", where rent is regulated and is based on scoring. If a house is over the maximum score, its rent must be over 710. Housing organizations have to assign 90% of their houses under 710 to incomes under 41k, but we are over that. Once they are out of the regulated rent, they can demand more things, including a minimum income. For that reason, houses in the 710-800 range are very popular and usually given to people with very high incomes. Our current house is too large for just the two of us (we don't want kids).
We have been looking at houses in the 160-180k range, comparable to the one we are renting now for 1025. We would pay around 550 a month for that, after taxes, 630 before, 30 years at 1.8% interest. I do realize that I would pay for maintenance on the house too. Other costs would stay more or less the same, or may be lower as we want to move to a smaller house.