Purchase of an existing property - Financing assessment?

Hello everyone,

We are m (37) and f (33), married, no children (not planned either), both working full-time, and have found our dream property.
Data about us
- both have secure, permanent employment
- household income approx. €7000 net, without holiday bonus, Christmas bonus, premium payments
- equity approx. €150,000
Currently we live in a detached single-family house, built in 2003, central location (value approx. €350,000-380,000), remaining debt €170,000, loan term remaining 3 years.
New project residential house built in 1977, outskirts, purchase price €550,000 plus acquisition costs (including broker). We plan additional investments for modernization and design changes worth approx. €150,000.
We fell in love with the location and the view.
We want to contribute €60,000 of our equity into the financing plus the difference from the sale of our current house.
We ask for a realistic assessment of our starting position.
Thank you very much and best regards

If I assume 350k for the house, you need a loan of 460k€. Let's say 500k€. With 5% annuity per year, that would be ~2,083€. So not quite 30% of the household income. I don't see any problems there. Who, if not you, should be able to afford this? ;) At 1.6% interest, you would be done after ~24 years.

If I assume 350k for the house, you need a 460k€ loan. Let's make it 500k€. At 5% annuity per year that would be ~2,083€. So not quite 30% of the household income. I don't see any problems there. If not you, who else should be able to afford it? ;) At 1.6% interest, you would be done in ~24 years.

I see it the same way. With that net income, no problem at all. Even if you wouldn't sell the house, a 600-650k loan is easily affordable for you.

Where does it say that the currently inhabited single-family house is rated so poorly? How large is the plot and how large is the house? But financially certainly no problem.

Where does it say that the currently inhabited single-family house is rated so poorly? How large is the plot and how big is the house? But financially certainly no problem.

The currently inhabited house is located in NRW postal code 32xxxx. The house value is based on an initial estimate by a friend who is an architect and may be somewhat pessimistic. Living area is 165 m^2 and the plot 650 m^2. Shopping facilities, school, doctors are within walking distance, but we don't live in downtown Munich after all ;) If the house comes up for sale, we would price it according to the market.

Regarding the location, year of construction, the plot, and the size, I rather assume 500,000€+.