Purchase of a condominium with ongoing loans

Hello,

I want to buy a condominium for retirement provision and because of its proximity to my workplace.

The property costs €189,000, additional costs amount to approx. €25,000 and will be financed from equity. There are no service charges. The property is in very good condition (built in 1991) and does not require any renovation. I will do any necessary work myself (painting walls, etc.). So, the full €189,000 should be financed.

Now to my key data:
30 years old
Civil servant
Net salary €2,500
Single, no children
Credit score unfortunately only 95%

Car loan €260/month remaining term 6 years
Installment loan €80/month remaining term 7 months
Health insurance €240

These are my major expenses.

At the moment, I have an offer where I am supposed to pay about €800 with an interest rate of 2.12% (bank loan) and 1.29% KFW loan. The fixed interest period for the bank loan is 18 years.

After deducting all costs for hobbies, groceries, building loan installment, electricity, etc., I theoretically have €800 left per month.

The ongoing car loan and my credit score are causing me headaches; do you think my plans are realistic?

Thank you

Hello, why is there no service charge for a condominium? Are the ancillary costs and provisions for the building paid by grandma? The installment loans still run for 7 months, so why headaches? Otherwise, you have to assess whether you can afford the €800 repayment plus ancillary costs for 18 years. There will probably still be a residual debt, or is it a full repayment loan? What are you currently paying for warm rent? If it corresponds to the condominium, that's fine. Personally, I find the net income required for financing too high.

I pay the additional costs myself. The car loan still runs for 6 years.

The warm rent here in Mainz is currently 400€ (shared, actually 800€) plus 110€ for the parking space. I trust myself with the 800€, especially since my net salary will increase through experience levels, promotions, etc. The remaining debt is once 45,000€ after 18 years of bank loan and 30,000€ after 10 years of KfW loan.

Edit: There is no property management, no caretaker, etc. For any repairs, renovations, etc., you talk to the other owner of the building and look for solutions. Therefore, there is no fixed monthly payable house money.

In your own interest, something should be formed there. Unless major repairs can be paid from the current money. I assume you are not a heating technician.

Not me, but my friend :) Reserves until moving in will be formed, about €4000. Otherwise, I planned to set aside the money from the tax return and the insurance premium refund (about €1500 annually).

Buying a condominium without taking into account the regulations of the [WEG] would be a no-go for me. Renovations/repairs/insurance issues/common electricity/reserve fund formation, etc. If you want new windows or a new apartment door, the owners' association must decide on this (by the way, this applies to everything concerning the common property). And none of this exists with you? Unbelievable - hands off