Financing your own house - is every beginning difficult?

Hello,

we live in Gotha, Thuringia and wish for our own house. My wife and I are 30 years old and our children are 1 and 3 years old. I earn about 54K€ per year, my wife currently has only a mini job and is looking for a part-time position that brings in about 700-800€ per month. Equity is barely available, about 10K€, possibly a few more K€ will come in the next years. However, a large part of this would certainly go towards moving, kitchen, etc., so we do not plan it for financing. Additionally, we have Riester contracts with about 15K€ balance, into which a total of 2,500€ p.a. including allowances flow. In an initial consultation at the Sparkasse, they said we would get up to 200K€. Now I have read a bit here and believe we will not get much for that. So new construction is probably out, a lot of own work is not possible with 2 small children, and we are not professional DIYers either. We have hardly found suitable used houses in the last 2 months. Of course, you have to make compromises, but it still has to please... What do you think? How can we proceed? We thought of 5 rooms and about 140m2. High windows would be great, otherwise it doesn't have to be anything special.

I think it is not unusual for a house search to take 2 years. Good things take time if they are to fit. Besides, financially it can only get better once your wife starts working again :)

We have hardly found any suitable used houses in the last 2 months. Of course, you have to make compromises, but it still has to please you... What do you think? How can we proceed? We were thinking of 5 rooms and about 140m2. High windows would be great, otherwise it doesn't have to be anything special.

What do you expect as an answer? Will prices fall in the coming years? Nobody can tell you that. Whether there will be reasonable used properties at bargain prices? No idea,... Keep your eyes and ears open - maybe you’ll be lucky - but you can’t make firm plans :( The whole thing is, of course, frustrating,...

I wouldn't rush to find a house right now. Take your time! I'm keeping my fingers crossed for you! :)

I would also leave it at that. First, let your wife settle into part-time, and then see what happens. People get too worked up about the interest rates.

we [...] wish for our own house.

You are still young and the older child's school enrollment is still a way off. Therefore: No stress, take your time. You know that you want to build/buy. So save as much as possible and sensible. And then let it come to you ...