You write that the condition looks good from the outside... But how does it look inside? Are you sure that 30,000 euros will be enough for the renovation/modernization? The next point is the loan-to-value ratio calculated by the bank. Unfortunately, with older properties, this is often significantly below the real market value.
Financially, I would also say it should work out.
Yes, we have not been able to look inside yet. Until recently, people were still living there. We have to see. My suspicion is that it is quite good. Since everything on the outside is tip-top and a lot was done recently. I don’t think much money would have been invested on the outside if there was a backlog of renovations inside.
For little money compared to the purchase price, if seriously interested, you should go through it with an expert, it’s definitely worth it.
Exactly, I want to do that anyway. We will invest the 800-1000€, if it works out.
Well, cheap property that fits the income in the East. How crisis-proof are the jobs? Otherwise green light. Renovation could hurt if it turns out to be more expensive.
So I work in IT (home office), my wife is a medical assistant.
With the rate that comes out in the financing, it doesn’t matter at all how secure the jobs are. In case of doubt, the rented apartment is just as unaffordable as the house. And housing benefits are also available for homeownership.
That’s very "sharp" said and I can refute that.
Since my wife received parental allowance for 1 year (about 800€). Even then we were able to pay our rent and additionally saved 750€/month.
I calculated it myself, if we both received unemployment benefit I, we could still cover all our fixed costs (with rent), of course saving would be over temporarily. And we also still have reserves. So please don’t generalize all the time.