Is financing for a 381,000€ condominium possible?

Hey,

I am relatively new and clueless when it comes to financing, but I am still interested in how you see my current situation.
In my current residential area, 4 new-build condominiums are currently being sold. Theoretically, I have great interest, but I know that my income and equity are not very high yet.

What do you think? Should I wait until I earn more, have saved more equity, or should I take on financing? Do I even have a chance?

General information about you:

[*]Who are you? We are a couple living together from Bielefeld
[*]How old are you? 25 and 28
[*]Any children? No
[*]Are children planned? No, not even in 20 years, possibly cat(s)
[*]What do you do professionally? I have been working in the IT sector as a junior software developer for 3 years and she works in cosmetics
[*]Are you employed, yes full-time and permanent
[*]How many hours do you work? 40h and 35h per week

Income and asset situation:

[*]What income do you have? €2400/month net + €200/month life insurance from the company + 13th salary | €1400 net + tips?
[*]How much equity do you have? €5,000

Housing costs:

[*]Current warm rent = €1000

Mobility costs:

[*]Small car approx. €250 per month

Insurance costs:

[*]Liability insurance

Living expenses:

[*]Groceries
[*]Personal care/drugstore
[*]Clothing
[*]Furniture
[*]Cleaning

Other expenses:

[*]Private loan in the amount of €5,000

General information about the property:

[*]Condominium - new build from the developer and habitable since November 2023 with 90 m².
[*]Heating with the help of an air heat pump and efficiency class A+

Construction or purchase costs:

[*]Purchase price is €381,000 excluding incidental acquisition costs.

Other costs:

[*]Kitchen costs

Cost breakdown:

[*]I estimate total costs of about €450,000 if I sum up the purchase price, incidental acquisition costs, and kitchen costs.

What do you think? Should I wait until I earn more, have saved more equity, or should I pursue financing? Do I have any chance at all?

From my point of view, absolutely no chance. Especially the equity is a huge problem. But the income is also too low for a €2,000 installment.

Have you ever used a loan/amortization calculator? I don't think so, because then you would know that the monthly payment would have to be somewhere near your net income, if I am correctly informed. And with the money saved up, you can't even pay the additional costs, which makes the interest very high and in the current situation, possibly no bank will give you a loan...

Also from me unfortunately a clear no. But you are still young and have time, you now have a goal in sight, build up equity.

We also come from your area and bought a little house yesterday. Our financing amount is similar to yours, 465k (house costs 565 including ancillary costs). But we had enough equity and other reserves. We had the intermediary from Dr. Klein here twice. And your monthly burden just for interest and repayment would be somewhere between 1800-2100 euros. No bank will finance that and you shouldn’t do it either. For the installment, you should have a minimum net household income of 5,000 and more reserves. If you are good at your job (possibly studied accordingly), I would look around for a new job in the area. 2400 net doesn’t seem that much for your job now. You can also just make an appointment for budget consultation in Bielefeld with your wife at, for example, Dr. Klein, and they will show you what is possible. I think your current credit limit is about 300k. But you should be able to pay the ancillary costs from equity. I know how hard that is. Keeping my fingers crossed for you. Play around online with the budget calculators from Interhyp and Dr. Klein and interest and repayment should be at most 30-35% of the household net income.

Unfortunately, a clear no from me as well. But you are still young and have time, you now have a goal in sight, build equity.

That's true. I wanted to write that as well. We are relatively late with the house purchase. Both 37 and two children.