Financing | Single-family house | Feasibility | 2nd rank

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I don’t mean any offense either – please don’t take it the wrong way, I just want to understand your situation. I understand your joy at finally finding a supposedly suitable property. However, if I were you, I would refrain from pursuing it at the moment. You are aiming for 110% financing and your cash buffer for unforeseen expenses and possibly new furniture is too small. Personally, I would also find the whole thing too risky in light of the Corona pandemic.

Keywords: short-time work benefits, unemployment, banks are currently hesitant to grant loans, tenants unable to pay cannot be evicted.

Just lay the facts on the table and assess the household budget. Also calculate with the possible loan burden and the higher additional costs for a house.

Also run through worst-case scenarios like expensive renovation work on the rented apartment or months of rent defaults and short-time work benefits or loss of income for one of you. What does your calculation look like then? Does everything still work?

As harsh as it may sound: the house currently does not fit your situation and your conditions. That is hard to understand initially because you definitely want to own your own property and it feels like everyone around you is currently building, buying, or has already done one of those.

Start organizing your finances.

1. Pay off the personal loan and save on interest
2. Reduce your expenses
3. Increase your income
4. Start building equity

Many thanks to you and everyone else who took part. I really appreciate your opinion and definitely do not take it the wrong way. I have actually already received all the answers I was seeking with the thread. I will also discuss all critical questions and worst-case scenarios at home -> Many thanks for that as well.

I stick to it, you have no discipline and cannot afford the project house like this. The solution is to sell the ETW, repay the installment loan, and then reduce the loan amount with the additional equity.

I stick to it, you have no discipline and cannot afford the house project like this. The solution is to sell the condominium, pay off the installment loan, and then reduce the loan amount with the additional equity

Thank you for your feedback. The plan is definitely the rational right way.

Quite interesting. First, the condominium was a mega bargain and suddenly it is worth a lot more, and now the new project in the bought-out market is also an incredible bargain that you absolutely can't miss. Then a lot is saved, then little, then loans are taken out, and the apartment is repaid rather moderately. And that's with an interest rate of 2.7%. To me, it all seems completely unstructured and a bit confusing. Possibly also sugar-coated.

Quite interesting. First, the condominium was a mega bargain and suddenly it’s worth a lot more, and now the new project in the sold-out market is an incredible bargain that you absolutely cannot miss.
Then sometimes a lot is saved, sometimes little, then loans are taken out, and the apartment is paid off rather moderately. And all that with an interest rate of 2.7%.
To me, it all seems completely unstructured and a bit confusing. Maybe also sugar-coated.

Maybe I made some things appear confusing in my thread with rough details.
- The condominium with 85m2 in Berlin was a good offer for the price. Don’t you think?