Is financing a condominium possible?

Hello,

together with my fiancée, I am considering purchasing a condominium in Berlin. We want to acquire property and have now found a suitable object for us. Due to the high real estate prices in Berlin, we are now thinking about how feasible/realistic such financing is for us.

About us:
Both civil servants
Civil servant 1: just finished studies, now an income of 2450 net
Worth mentioning: very good promotion prospects.
Civil servant 2: finished one year ago, now an income of 1800 net

Around 250 euros each are deducted for private health insurance. We are both under 30 years old.
Due to studies and training (studies at various locations as a federal civil servant), no equity could be accumulated during this time. Only the parents would provide a certain amount. An amount of about 20,000 euros in "capital" can be expected.

I will now simply list our relatively fixed expenses:
total 500 euros PHI
Mobile phone, internet: 70 euros
Car 1: 200 euros plus 50 euros insurance - will be paid off in one year
Car 2: 250 euros plus 130 euros insurance - will be paid off in one year. After that, it will also be sold immediately due to the unbelievable insurance costs!! Switching to another, cheaper city car is necessary.
Pet: 100 euros
Other insurances: 200 euros
Food, household: 450 euros

Our desired property: purchase price approx. €290,000 plus ancillary purchase costs and broker commission. Small changes necessary but manageable. Otherwise, the property is in very good condition. It is a condominium in a larger residential complex. A very good location for us in Berlin.

So we now ask ourselves: How realistic is this? Should we wait a few more years before buying? Our other thought is: the earlier we start, the sooner it is paid off. And real estate prices in Berlin are not exactly falling....

Well, hearing a different opinion certainly doesn't hurt. If you have tips or advice, we are open to it. :-)

Many greetings from Berlin!

Completely forgot: The monthly maintenance fee is about 300 euros, the necessary parking spaces cost a total of another 100 euros per month.

Should be feasible. However, you are missing €10,000 in purchase-related costs. How does everything else look? Is everything being turned upside down? What do you pay for current rent including utilities? Are they leased vehicles? What about family planning?

How likely is it to be transferred as a civil servant with the federal government (far away)? In my field, it is 100% for the federal government. You are young and want to make a career, so such a burden (whether debt load or administration/rental) can be an additional strain.

Hello!

It should be feasible. But you are missing €10,000 purchase incidental costs. How does it look otherwise? Is everything going to be turned upside down? What do you currently pay for warm rent? Are these leased vehicles? How about child planning?

At the moment we pay 850 euros for warm rent. So far, we have (as mentioned, due to the life situation because of the distant studies and the multiple household management) always lived roughly at about +/- 0. With the first few salaries, things had to be bought that had to be neglected in the three years before. Therefore, I can’t say much yet about "Is everything going to be turned upside down?", but I think we can certainly manage economically once our life situation has finally stabilized. No, the vehicles are financed. These financings will also end soon, as already mentioned above. The "expensive" car will be sold immediately afterward, mainly because of the high insurance costs. Overall, it is rather a long-distance vehicle anyway. It served me extremely well during my studies, but due to the upcoming diesel ban, it has to go anyway. A replacement with a small city car is planned, e.g., a Hyundai i10/20 or something comparable. The other vehicle will remain in our possession. Child planning was considered and declined. ;) We do not intend to have children.

What is the likelihood of being transferred as a civil servant in the federal service (far away)? In my field, it is 100% for the federal government. You are young and want to make a career, so such a burden (whether loan obligation or administration/rental) can be an additional strain.

I am in the fortunate situation that a transfer in my position is almost excluded. Of course, there is never 100% certainty, but in fact, it is extremely (!!!) unlikely.