Purchase existing house plus financing

2023-05-01 09:33:56

Why is the house so cheap if it has already been modernized and is ready to move in? Where is the catch? Just do it.

It's just a socially deprived area in the neighboring district. It's not that cheap after all. I hope there aren’t any more catches; the appraiser at least didn’t find any further ones. So, an apartment in the wealthy villa district, a house in the neighboring district with a significantly lower land value due to a high-rise housing estate. A few kilometers as the crow flies can make that much difference in price. And a few small things (which naturally add up) will still need to be done after moving in. But we can move in first. Of course, we will do it (the property is reserved), and since the financing seems solid, we are now hoping that the bank sees it the same way, the sellers don’t back out at the last minute, and we’re already planning summer/autumn in our own garden.

2023-05-01 21:50:15

Would we get financing? We are currently just starting to check with banks for the specific property.

Yes, you certainly would. I find it feasible… the banks probably do as well. However, it should also be mentioned here that you inquire about the financing limit in good time. At this hour, someone else who knows their limit exactly could come along and leave you out in the cold with your reservation. Your calculation or what you posted here is also not transparent for us.

[*]Total income [*]6170 [*]Total expenses [*]2550 € (1700 € + 400 € for both partners + higher ancillary costs for the house) + 730 € apartment = 3280 € [*]Balance 2890 €

Net income plus child benefit minus installment of the condominium. What exactly remains? Insurance costs are unknown to you…?!

1700 € per month

… and 1700€ is enough for all living expenses for 4 people?! … The bank will calculate differently for you. And your conscience probably will too ;)

[*]We can move in like this at first and, for example, will not paint at first, but smaller things will have to be renewed little by little, e.g. the balcony [*]Purchase price 318,000 €

Do yourselves a favor and plan a few euros accordingly: you are not so poor that you want to have the stale smell of predecessors in your place.

2023-05-02 06:23:57

Yes, surely you would. I find it doable… the banks certainly do as well.

However, it should also be mentioned here that you should inquire about the financing limit in good time. At this hour, someone else could come along who knows their limit exactly and leaves you out cold despite your reservation.

Your calculation or what you posted here is not transparent to us either.

Net income plus child benefit minus repayment of the condominium. What exactly remains?
Insurance costs are unknown to you… ?!

… and €1700 is enough for all living expenses for 4 people?! … The bank will calculate differently for you. And probably your conscience too ;)

Do yourselves a favor and plan a few euros accordingly: you’re not so poor that you want to have the foreign stench of predecessors in your place.

We had requested a non-binding financing commitment beforehand and it was above the purchase price. We also want to know in which range we have to search. Still, it is non-binding and a concrete check is still pending ;)

I would have to look up insurance costs; they are deducted from the joint account (-> living expenses). So far living expenses have been quite manageable because we live quite economically and buy almost everything second-hand. I admit it’s not sustainable as the children get older. (The bank will calculate higher anyway).
Stench from the predecessor: we’re tough about that, see second-hand buying. But if necessary, there is still a buffer.
Thanks anyway for the assessment that it is doable.

2023-05-02 07:41:26

Solid and reliable attitude, I like that and I'm keeping my fingers crossed for you. I think with your balance it wouldn't break your neck, even if the cost of living goes up a few euros as the kids get older. Do you know the neighborhood well? Maybe for safety's sake, it would be good to "hang around" the house more often and see if there are any disturbances you don't know about yet. I'm a seasoned person when it comes to noise.

2023-05-02 11:18:59

Especially when:

It's just a social hotspot in the neighboring district.

With us, such a thing is often only 30-40% of the price of a similar property in a "nice" neighborhood. But you surely know your way around well enough and have that under control...

2023-05-02 17:11:26

and Kati: The area of the neighborhood itself is quiet, mostly townhouses and semi-detached houses. A direct neighbor (townhouse), on the other side a cul-de-sac. Opposite is dead silence (to be taken literally). But of course, we might have bad luck with the direct neighbor. Other parts of the neighborhood are rather so-so. I hope for some gentrification :)

By the way, the first financing discussion is done, you were all right, we will probably get financing.

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Purchase existing house plus financing

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