Financing a condominium with a salary

Hello everyone,

We are currently considering buying an apartment. A few basic details:

Purchase price: €280,000
Two-family house, we would buy the apartment on the ground floor with 104 m². Additionally included in the price is a fully developed basement apartment (2 rooms, fitted kitchen, 74.64 m²).

Our problem is that my husband is still the sole earner, as I am still a student.
Average salary: €2800 net, permanent contract
Although this was the lowest salary of the last 3 years, as he, for example, worked many night shifts last year. Then the salary was of course €700-1000 more. Therefore, we calculate with the lowest average salary of the last years.

I am studying and will probably finish in about 3 years (Master’s in teaching).
We do not count my earnings from holiday jobs.

We have equity including Wohn-Riester and building savings contract of about €27,000.

This year, however, we bought a new car (€30,000 without credit), as we actually did not want to buy anything yet, but now this apartment is really perfect.

We were able to save about €10,000 per year within 3 years.

Fixed costs (insurance, contracts, fees, electricity, internet) without rent:
€690 (incl. €220 LBS contracts)

Warm rent: €580
Food: max. €300 per month
Gasoline: about €200

Otherwise, we actually have not actively saved, treated ourselves to many things, made larger purchases or smaller trips.
On average, we were still able to set aside roughly €700 per month this year.

Would the bank grant us a loan even though we (still) live on only one income? Perhaps my parents would step in as guarantors. They have a large house and no more loans running (but I would only want this in an emergency).

The plan was actually to save equity and buy/build later. But this apartment has the perfect location for us, it’s really a shame to let that slip away.

Does anyone have experience how much the rate would be with €2800 or what would be realistic for us?

It might get tight but could possibly work out. Just ask your main bank. The inquiry costs nothing. I find it ambitious. However, for the next 3 years.

Can the basement apartment be rented out? If yes, what would be a realistic basic rent?

What is the other party in the house like, are they also the seller?

If you plan to buy an apartment or house, you should not afford a car for 30k. With that salary, I don't see that either... But that's just my personal opinion.

A rate between 1,000 - 1,200€ should be manageable and you can probably afford it based on the information given. Then there's the "universally" popular topic of children and costs.

2FamHaus is divided how? Hopefully according to [WEG]. Then the granny flat: can it legally become an independent unit?
If not, the bank might possibly have problems considering the rental income.

Who is the other co-owner? In rural areas, there are sometimes odd ideas about rights and obligations after a sale. Who is selling?

So if you have no prior knowledge about apartments, skim through the [WEG] law and related topics.

With the income and especially considering the "Referendariat" situation, getting married wouldn't be a bad choice. So if you are already building a house/buying an apartment and as a single trainee lawyer face the threat of being transferred to a remote part of the country....

With the income, as long as you are a student and even as a low-paid trainee lawyer, there would be 300 to 400 euros more net for the man, for just one "yes" at the registry office. You can also get married and have a big celebration in the church a few years later when the money is more comfortable again.

Just an idea :)

Just as an idea :)

Exactly, it’s almost December 29th, Swabian love wedding, that’s what it’s called here.