Is buying a house affordable or is it better to wait?

Hello everyone,

I currently still rent and want to acquire homeownership in the foreseeable future. I work for a large German automobile manufacturer as a development engineer with a permanent contract and outside the probationary period.

I am considering buying a single-family house with about 120m² of living space. Although I am a bachelor, you never know what the future holds. Therefore, I tend to prefer a single-family house to have sufficient space for a possible future family (and neighbors in multi-family houses often complain about my hobby, music ;-)).

I have already found some properties in the area that I like. These are priced around 280,000-300,000€.

Now the question arises whether something in this price range would be feasible for me alone... I have no significant equity and could at most provide 30,000-40,000€. Currently, I earn a little more than 2,500€ net with a 35-hour week. Increasing to 40 hours (which would be possible at any time) would bring me to about 2,900€ net (vacation/Christmas bonuses and other allowances not included). In addition, I already own a single-family house in my former hometown, which I inherited from my grandparents and is currently rented out cold for a little over 1,000€.

I currently pay about 500€ rent for my apartment, and I wonder whether financing the house with a monthly amount of about 1,500€ would be manageable. That would be an amount I could afford every month without having to make any compromises anywhere.

Are there any single persons here who have ventured into financing such a property? What were the conditions for you, such as equity, monthly payment, and repayment period?

I am grateful for all tips!

Best regards,
Tomasz

What do you want to hear? With just over €3000 net, you can definitely finance €250,000 as a single. But do you really want to tie yourself to something like that when you don't yet know where life is going.
Imagine you meet a woman with 3 kids. Or you get a good job offer.
Selling a house always involves losses unless you bought in real estate hotspots.

If 85 is your birth year, I would say keep saving... you should be able to easily put aside €1500-2000 per month. Then when the right person comes along, you'll have really good equity. And with that, also favorable conditions at the bank.

Yes, it would work financially, but do you want to live in and manage a house alone? Others go to the club and you water your lawn ;) You’re a good catch anyway, but money is not obvious.. in my opinion, that has advantages when looking for a partner ;) But there are also people who would not want to get involved in an existing property (joint nest building and so on...) :)

Hello,

according to the framework conditions, no problem.

You could also include the rented house as additional collateral (it is counted as equity), which would significantly reduce the interest rate. Another advantage is that you can claim the interest on the debt for the rented property for tax purposes, just like the depreciation and everything you invest. This way, you most likely have negative income and save on the taxation of the rents.

You can also manage the financing from the net income. What term? Contact Interhyp, Interhyp will find the cheapest provider for your needs.

Then share your Interhyp experiences here.
Thank you