Desirable property affordable? Experiences?

  • Erstellt am 2023-01-23 10:28:06

Gelbwoschdd

2023-02-06 23:42:15
  • #1
Of course it is good. The salary is also great. Nevertheless, in the current situation and with this property with this credit frame, it is unfortunately too little. Anyone who does not bring in at least 300K upwards or a valuable property through inheritance or lottery winnings is unfortunately struggling right now. Respect for his salary, the saved equity at 31, and his family with 3 children, but the market unfortunately makes it difficult even for such top earners. That is unfortunately the sad reality.
 

kati1337

2023-02-07 09:25:15
  • #2
I would still consider all of this manageable if the property were at least somewhat newer. Here, many negative factors really come together. The rate is right at the limit for you, the location seems very desirable, but the property is also old, and your renovation costs cover at most the essentials. In such a structure, it would be better if later rising incomes could flow into faster repayment. But with this property, you will have to expect that further renovation costs will arise gradually.
 

SoL

2023-02-07 09:46:22
  • #3
To make it a bit more tangible, maybe what we had to do in our old building over the last 9 years since purchase: - New bathroom including pipes (was foreseeable and planned) - Renew skirting edge (water remained standing, own work but material and time) - Impact plate due to heavy rain - New heating system (planned at purchase) - Heating repair after 7 years - Installation of house water filter - New chimney top - Renewal of outdoor faucet - Renewal of 2.5 x 1.5m window - Insulation of roller shutter box (own work, but material) - New basement window - Basement ventilation - Vent stack ventilation - Partial electrical renewal (1 room, complete renewal follows during renovation) - Installation of additional outdoor socket - Roof repair twice due to storm (minor damage, insurance paid) - Repair pergola (own work, but material) - Sand, paint, and seal roof overhang (own work) - Brick up old ventilation holes (own work) - Renew suspended ceiling (own work) - Various minor repairs and insulation measures (time and/or money) It just adds up with an old house and I am sure I forgot some things. But it’s also a nice hobby if you get into it.
 

Traumhaus31

2023-02-07 11:45:55
  • #4
Update: After inspection and "testing the waters" regarding price negotiation, this property is now off the table for us. Various measures up to a complete renovation would have been necessary, and as already mentioned here several times, these costs would most likely have exceeded >150k€. Additionally, there seems to be little to no room for reducing the purchase price. We really don't want to deal with that. Overall, I find the discussion here and your various opinions very interesting. I'm curious how the market will develop in the coming months/years and whether we as a family without heirs in the background will ever be able to afford a decent place in the surrounding area here. Until then, it means continuing to save equity and viewing properties. Let's see when the next candidate turns up. Third child (God willing) and second income remain, of course, a major issue or the big unknown.
 

leschaf

2023-02-07 11:52:37
  • #5
You can still submit a very heavily reduced offer. Who knows how the seller will react - even if he doesn't find a buyer at his price for a few more months.
 

Gelbwoschdd

2023-02-07 11:58:40
  • #6
I wish you much success in finding the right property. If you can’t afford it now, then surely at another suitable time. If not you, then who. You are still young and earn very well.
 

Similar topics
21.08.2014Is financing without equity realistic?19
27.02.2015Is property financing feasible?56
18.03.2015Buying property feasible - Loan with building savings as equity?12
06.04.2015Our financing with "own contribution"12
18.12.2015Financing unequal equity ratios of unmarried partners24
27.01.2016Own contribution - how to present it to the financer?12
30.08.2016Construction financing 40,000€ equity, tied to a condominium29
29.08.2016Build now or wait until more equity is available?30
15.09.2016Home purchase financing with little equity?42
10.01.2017Construction financing without equity capital, but with other liabilities36
23.07.2018Financing project as a single with a lot of own effort22
02.07.2019Own contribution in financing a single-family house11
29.08.2019Construction financing - mortgage instead of equity?58
09.08.2020Bank does not accept own contribution206
12.08.2020How to correctly determine the loan amount when there is a lot of personal contribution?15
24.09.2020Financing of 400k with 60-120k equity capital through a combination of BANK/KfW/savings contract22
31.12.2020Land purchase with varied financing - is it sensible to hold back equity?10
23.06.2024Buying a house without equity at a relatively young age68
04.03.20242 buyers - 1 property - different amounts of money - owner?45

Oben