Buying a house without a mortgage loan

I think this is the wrong approach. Take one bank for everything now and borrow 200k directly. This is significantly (!) cheaper than just buying now and then getting various modernization loans later.

The problem is, the bank you buy with is listed first in the land register. All other banks come after, and there are massive interest surcharges. Even the first bank can charge significantly higher interest for a new modernization loan with a new financing.

You save 1500 EUR per month, are over 40, and have 20k equity?

No, we are not over 40, but he is over 40, I am just under 40. We only recently started saving so radically. Before, we were more like the "spend money recklessly" types. So we often took short trips, went out to eat and the like. You just make mistakes sometimes. I seriously wonder why people always react so incredulously. By now we think over every expense multiple times, buy used, hardly spend any money while out anymore. And soon I even want to take on a side job so I can save even more. But as soon as a house is bought, it won’t be possible to save €1500 anymore. Thank you Tassimat for the answer, that makes a lot of sense to me. As soon as I have more documents, I will tackle the purchase of the house. And if the [Gutachten] was okay.

People just make mistakes sometimes.

I wouldn’t really call "life" a mistake now. ;) The only thing in life that is truly limited is time. And no one knows their own balance.

I seriously wonder why people always react so incredulously.

Because it’s always easier to criticize and judge others than to look at yourself. Elevating yourself above other people is a balm for your own wounded inner child. But you don’t have to take it personally.

But as soon as a house is bought, you won’t be able to save €1500 anymore.

That doesn’t have to be the case. That’s why you’re paying off the loan. It’s not like you want to buy a luxury property for €800k. You’re looking for a very modest, older house near the railway tracks, for a very modest price. What are your professional prospects like? Is there room for your income to grow? But with the purchase price and the annuity, you probably won’t be able to rent anywhere cheaper either. You just have to be clear that ownership comes with obligations. In an old house, renovations will certainly be necessary and some will eventually become unavoidable. Above all, I would take another look at the heating system.

We are already renting relatively cheaply here. With everything, including electricity and gas, under €1000. However, with 5 people, we only have 76 sqm, plus an unheated mansard room of nearly 14 sqm. The space is simply tight. We are no longer allowed to do anything on the great property. My children no longer feel comfortable and safe, and we are also no longer satisfied, as tenants are constantly changing and there are quite frequent police interventions here, including trampled bags, punctured bicycle tires, etc. And precisely for this reason, we would like to have something of our own. We are aware of what lies ahead. This has been causing me sleepless nights for weeks (and since I keep reading more and more), worrying whether we are overextending ourselves. There is not really anything to be made salary-wise. I have reached the upper end of the collective agreement. You can’t get more hours as a saleswoman, rather fewer. Only a mini job remains, which is a matter of luck with my working hours. My husband could increase his hours, certainly. But if I already work over 40 hours with a mini job, then someone would have to be there for the children.

I wouldn’t want to discourage you from buying the house, but you have to stay realistic so as not to worsen your own situation in the end. Fear and pressure are poor advisors. But you are dealing with it now. I would also wait for the [appraiser] and listen to what they say about the condition and how high they estimate the costs of the necessary renovations. And then take that to the bank. Parallelly, check the rental housing market, even if that’s not the first choice. But your living situation sounds catastrophic, and this way you also have a second perspective in mind in case the house doesn’t work out. That way you don’t become so fixated on one thing.