So I haven’t read all 43 pages, but I still want to give my two cents:
Don’t let the many naysayers here discourage you! If you can roughly stick to the 425k, I would definitely go for the whole thing with 4.4k. Just reading again that a kitchen eats up 20k of equity... I see such statements at most as a dick-measuring contest, nothing else. Someone who spends that much on a kitchen probably really needs at least 7000€ a month so that besides the house costs they also have enough to impress the neighbors.
Our first kitchen in the house was from the internet and cost 1500€ plus appliances. Yes, it wasn’t the nicest kitchen, yes there was no soft-close or cabinet lighting, yes it was only a countertop from the hardware store but you know what? We actually survived happily with it for 4 years and could even invite people over for dinner.
Back then we took out a similarly high loan and even had 400€ less income, everyone was crying then too. We really worked hard on our house for 4 years. Things like a new roof, attic conversion, plastering walls, new heating system (wasn’t a problem, I am a heating system master), laying tiles etc. we did everything ourselves. Of course, I didn’t know at the start how to do something like reroofing, but you get into it if you really have the will.
Of course, you won’t have everything immediately, but honestly, you can also be happy about something like a carport or a balcony if you get it a year or two later.
It was a tough time, but exactly these efforts that my wife and I took on for our dream really brought us closer as a couple.
Of course, owning your own house costs about 200-300€ more monthly than something comparable renting. But if it’s your dream, you gladly spend that money and be honest, what would you do with the few extra euros you’d have as a renter? Right, you blow it on a better car, more expensive vacations, eating out more often etc. but you certainly don’t save it and you don’t become happier with it.
You’d have to pay rent your whole life and it surely won’t get cheaper in the next years. That stupid argument that as a renter you could move to a cheaper apartment if something comes up is total nonsense. In my area you don’t just move anywhere. You look for about 1.5 years (if you can prove two salaries) for an apartment and it will surely be anything but cheap.
Of course there is always some risk and you will never be able to protect yourself against everything, but no one can.
For us, for example, the risk paid off fully. The standard land value in our area doubled in 4 years, so today alone our property would bring in 1.5 times the purchase price back then.
If you really want it, it will happen!
Best regards, Lukas