The Dream of Buying a Home That Fell Through

Last December, we found a house that was very reasonably priced for us. We decided to move forward with the purchase process by putting down a €500 reservation fee. We knew that the fee would not be refunded even if the loan was not approved, but we didn’t want to miss the opportunity, so we trusted the financial advisor who had consulted us and went ahead anyway.

Because it was the holiday season, the loan review process took quite a long time, and in the second week of January, our application was ultimately rejected. The disappointment was huge because we had high hopes. Still, the financial advisor suggested applying to another bank, so we waited another two weeks. But that application was also unsuccessful. As a last attempt, the advisor applied through a bank where he had a personal connection, but due to the beginning of the year and an internal audit period, we were told that it would be difficult to approve the loan under their discretion.

The main issue was our income. Both of us work as translators, but only I am officially registered as a freelancer. My husband is registered under my business as a mini-jobber (a type of marginal part-time work in Germany with a maximum monthly income of €556, no mandatory social insurance except pension contributions paid by the employer, and generally tax-free). However, because my husband does not yet have permanent residency, his income was not recognized. As a result, he was counted as an additional dependent in our household, which meant that our actual income was assessed as about €1,000 lower than it really is. On top of that, even though the house did not require immediate repairs, the bank determined that it would likely need maintenance within the next ten years, and that our income would not be sufficient to cover both the mortgage and future repairs.

In the end, we decided to save more capital, wait for my husband to obtain permanent residency, increase our income, and try again in three years. Originally, we were anxious because we didn’t know when housing prices might rise again, and the owner was going through a divorce, which made the timing of the sale uncertain. We wanted to buy a more affordable house, even if it was in the outskirts, and move as soon as possible.

To be honest, we were deeply disappointed. But at the same time, there was also a part of me that felt uneasy about leaving city life and adapting to a more rural environment. Bomsu is currently receiving three different therapies, and we are very satisfied with his teachers, so the thought of moving and interrupting those services was also worrying. In the end, I told myself that perhaps it simply wasn’t the right time yet.

Even so, I had hoped to settle down in one place before Bomsu starts school. I also longed for a comfortable home of my own, where I could live and work with more peace of mind and reduce our fixed monthly expenses. But on the other hand, I worried that owning a home would increase household responsibilities and leave me with even less time and energy to focus on work. In truth, I wasn’t completely certain either way. I had no strong conviction about maintaining the status quo or making a change. If that’s the case, maybe not moving forward was the right decision.

Anyway, since this house didn’t work out, we’ve decided to try again in three years. In the meantime, we’ll save more money, build up more content, diversify our income streams, and hope to see meaningful results.

Maybe this is happening because an even better home is waiting for us.