Is it possible to buy an existing property with our income?

Hello everyone,

my girlfriend (28) and I (29) would like to purchase an existing property, but we have been wondering for a while whether we might be overextending ourselves. We both have permanent jobs and our combined income fluctuates between 3200-3400 net. Our equity amounts to 40k. We are planning to have a child within the next three years. Currently, we rent (including utilities 450 €) and go on vacation twice a year.
The properties we are looking at cost between 120k-130k, have about 120 sqm + land 500-700 sqm.
Should we save up some more equity or would this already be feasible at this point without having to turn every cent twice over?

Best regards Schmitti

Hello,

do you know if renovation costs will still be coming up for you? As of now, it is a good starting position. Good income that matches the purchase price, high equity.

You should think about the future and simulate your income after the child. Will your girlfriend go part-time, what do the nursery & [Kita] cost. Probably only one vacation will be possible.

Regarding the financing, HilfeHilfe has already said a thing or two. I don't know how your income distribution looks, but normally it should certainly be possible, even with a child.

The much more interesting and important question is actually what you actually get for the 120-130k and what else you still have to invest in the house. Because even for Saxony-Anhalt, the price is quite low.

Thank you very much for your answers. Such an independent assessment is really valuable. Here in our area, you can get real estate for the price that would still require about 30K to be invested. Occasionally, however, there is also a "bargain" where nothing much needs to be done anymore. The problem with good offers is just that they are gone again very quickly.

How is the income distributed?

How high are the previous monthly expenses including allocated annual expenses?

What is saved monthly?

Distribution: Freundin 1500, me 1900 We are currently in the process of calculating everything on a monthly basis based on last year. Monthly, I was able to save about €800 (without [Rücklage der Freundin]), although there is certainly still potential for improvement.