It was.
But - so the sound man at the other end of the line assured me - these properties were highly demanded. So if I wanted to buy it, I should hurry. He offered us two weeks to figure out our credit status. After that he wanted to put the property back on the market.
In the next 14 days I didn't sleep at all.
Matt and I sat down and tried to figure out our incomes, our fix expenses and our expenses for food, fun and luxury. We found out that we were quite good and that there was - at this point - a lot of money to be saved at the end of every month.
Then we started calculating. We compared several loans with different rates of interests, different depreciation rates always concerning different terms.
Every evening my head felt like it was about to explode.
I had several nightmares in the next nights. My favourite one started with digging a hole for the basement on our new property and ended in burrying myself alive in this same hole under tons of unpaid bills.
However we scheduled an appointment at a private bank with a loan counselor. This counselor told us that it would be the perfect time for lending huge amounts of money while the interests are low, the European Central Bank is struggeling and the economy doesnt't look like it's about to recover.
Loans are cheap right now.
While my in-laws still pay a loan with a 10 percent interest we are paying a 1,6% interest on our property. But to keep it real: We are financing the property with a really unstable EURIBOR-loan which basically means that the interest rate changes every 3 months (Many, many sleepless nights...) . The rate however changes only about 0.0x every 12 weeks and so far it only decreased.
We intend to choose a different type of loan when we are about to finance the whole package. Right now we only finance the property because there still is no house.
The bank counselor assured us that we are able to finance (under the conditions from mid-2013) a loan of 380.000-400.000 euros. Quite astonishing. And way more than we intend to borrow. (But you never know, right?)
Being at the fancy bank office for the first time I felt a trace of panic rising in my guts. We were about to do it. Changing our easy going, laid-back life of two 24-year olds, who were financially stable and not responsible for anything concerning our living situation to a place where we have hundreds of thousands euros of debts and a house to build.
Nevertheless we called Suburbia, told them that we were in and scheduled an appointment with a notary to buy the property.
