Financing existing property

Hello everyone,

I am interested in an existing property in my area (Leipzig). The house should cost around €200,000, plus additional purchase costs approximately €220,000.

About me: single, no children, 30 years old.
Permanent employment contract, net income €2,850, equity €65,000.
Car paid off, no other loans...

I would like to borrow about €200,000. After all monthly costs, I have about €1,400 available. Can I afford the financing?

How should I best start? Ask my house bank or research on the internet?

Hello,

is PKV deducted from your net income? (if you have PKV). Otherwise, good income / financing / equity ratio.

First the house bank and in parallel gladly Interhyp Dr. Klein etc pp.

Is the equity also meant for renovation? If yes, you should specify it so it can be taken into account during the condition assessment. (Mortgage lending value determination)

No, I am not [pkv], only [gkv]. From the equity, I would purchase a new kitchen/furniture (40k planned). The rest possibly for ancillary purchase costs...

Is there a backlog of renovations for the property?
You definitely have to plan a few extra bucks for this.

Otherwise, calculated roughly:
200,000 x 5% annuity = 10,000 p.a. burden : 12 months = 833 euros
Even considering monthly additional costs, 1,400 euros would be quite doable.

Is your 1,400 made up of savings portion + previous cold rent?

Best regards to home.

No, €1,400 is the previous cold rent, not included. I only pay €500 warm rent anyway (82 m²).

There is a renovation backlog, but it is not necessarily required as it is only cosmetic defects...

no, €1,400 is the previous cold rent, not included. I pay only €500 warm rent anyway (82 m²).

There is a backlog of renovations, but it is not absolutely necessary as they are only cosmetic defects...

So approximately €1,750 per month would be available. That looks even better. But please check all your TOTAL expenses again to be sure beforehand. Also break down the annual costs to the month. After deducting rent, you have monthly costs including everything of €950. Although – when I think back to my former single days: somehow it can fit.