Buy a second property - on existing mortgage

By the way, it only works this way because I exceed the 200 km limit for a new construction financing with a land charge on the new apartment, within which a non-owner occupied property must be located.

Is that a specialty of your bank? It's the first time I've heard of that. My tax advisor recommended that I take out financing instead of using equity (possible) for my renovation project 350 km away with planned rental. That wouldn't be possible for me at all...

Mother rent-free will not go. She needs a rental contract because she receives basic security benefits. Murder and manslaughter, well... anyone who occasionally reads my scribbles here and there has probably read that the relationship basically does not exist. Childhood was not a happy one.
It's somehow schizophrenic to buy her an apartment now, but whatever, who can look into their own brain and even understand it.

Anyway, it has to be with rent. Quick repayment preferred, as I don't like having debt. Who knows if I can/am allowed to work until the second pension. Sure, you can sell the place again, but that’s not supposed to be the point. Basically, I want to do something in some form for my old-age security (my pension entitlement so far 28 euros - without the last two years, which will only show up earliest in 3 years on my pension statement). Anyway, it won’t be anything great.

Now I have already found an apartment, mom will view it tomorrow and if the place is OK, I'll take it (if I get the allocation). Cost 38,000 euros, 64 sqm, old building from 1899. Pressing water in the basement, well you can’t have everything. I don’t care about the basement either, the main thing is that the building fabric is in order. Well, let’s see.

Mother living rent-free will not work. She needs a rental contract

Now I have already found an apartment, tomorrow mother will view it and if the place is okay, I'll take it (if I get the bid). Cost 38,000 euros, 64 sqm, old building from 1899. Basement with pressing water, well, you can't have everything. The basement doesn't bother me either, the main thing is the building structure is fine. Well, let's see.

To me, that reads like the starting price for a foreclosure property. Often the winning bid is at least twice as high.

Pressing water in the basement can quickly end up in a special assessment, for which there should still be money available. And I would talk to a tax advisor about the structuring of the rental contract. If the mother pays the rent, she must pay at least 66% of the comparative rent for the tax deductibility of the apartment. The statements that a fictitious rent must be assumed and taxed are incorrect. If the office pays the rent, go as high as possible, possibly renovate for that. Interest rate fixed for 10 years without repayment, invest the remaining money in your own house. Depending on whether the mother is still alive in 10 years, then sell the apartment. Profit is tax-free.

Also take a look at how high the [Hausgeld] is and what the situation with the reserves looks like. You don't want something major coming up soon and having to put in even more money.

Now I have already found an apartment, tomorrow mom will inspect it and if the place is okay, I'll take it (if I get the bid). Costs 38,000 euros, 64 sqm, old building from 1899. Pressing water in the basement, well, you can't have everything. I don't care about the basement either, as long as the building fabric is fine. Well, let's see.

Is it no longer about the apartment from the opening post?