Evaluation of our 120% financing

Everything else: approx. 3,000 EUR

Where is your money going? Make sure to create a budget plan for yourselves, showing where the money goes. I would also leave the savings untouched; you will definitely need them. Secure the already calculated new floor coverings through financing. The 10/15 thousand do not make the financing worse, but it eases things.

Thank you very much for your opinions. I myself am still a bit skeptical, my wife is a bit more willing to take risks. If we get the Baukindergeld, I see no problem at all. Otherwise, we will have to restrict ourselves somewhat starting from the second year at the latest.

Are the standard 5% included in your loan agreement? You haven’t mentioned anything about that.

Exactly, they are included. I had forgotten.

Now comes the but: You have high expenses if besides rent and car another 3,000€ per month goes out. Where is it all going?

The 3,000 EUR includes everything else. So insurances, retirement provision, groceries, etc... I was just too lazy to write everything down in detail. I have been documenting our income and expenses for about a year now. Not because of the house, but to find exactly that out. There are many things that add up. Here a larger vet bill for the dog, there a new purchase for the children (e.g. new car seat). But yes, I know that we spend more money than necessary. We are already working on that.

Secure the already calculated new floor coverings through the financing. The 10/15 thousand do not make the financing worse, but it eases things.

To be honest, I hadn’t thought of that yet. Is that really possible without any problems? We are currently writing down all necessary expenses for the move. At the beginning of next year, a heating engineer (acquaintance) will take a look at the gas heating because we would like to know whether it is worth replacing it now or only when it breaks. I would like to avoid the latter. A broken heating system and no hot water with two small children is not necessarily a good thing.

So: a financing calculation including the items renovation of the floors, painting work, repair is of course fundamentally possible. However, I do not know how it is with a 120% financing. Nevertheless, try it. You will be much more relaxed over the years when it comes to necessary renovations. Something can always break that you need cash for,

The 3,000 EUR include everything else. So insurance, retirement savings, groceries, etc...
I was just too lazy to write everything down in detail.
I have been documenting our income and expenses for about a year. Not because of the house, but to find out exactly that. There are many things that add up. Here is a bigger vet bill for the dog, there a new purchase for the kids (e.g. a new car seat). But yes, I know that we spend more money than necessary. We're already working on that

It is important here to separate fixed costs from variable costs. One-time purchases ("consumption") should be excluded, as these are usually large and thus distort the other figures.
I also recorded all costs and ultimately found that, although this is detailed, it is of little help for planning. Banks also calculate using empirically determined household flat rates. These are also good reference points.

I do that too. For example, we spend about 650 EUR monthly at the supermarket, my wife's distance learning course costs 125 EUR, and so on. I just didn't want to write everything down in detail here.

I do that too. For example, we spend about 650 EUR monthly at the supermarket,

Crazy stuff!
How do you manage that? I still see a lot of potential there.

We are also a family of four. Ok, our boys are only 2 and 4. But we spend 310€.
Yes, we also have a garden where some things are harvested, but we partly shop at the organic store/Demeter store and about 70 to 80% of our purchases are organic.

If eating out is included and you do that often, ok, then I understand. But only supermarket?

In principle, I think you can do that.
But you really should check where those 3000€ monthly are going.

We are at about 1700 including ancillary costs with electricity, water, gas, etc.
Yes, well, I know, we are certainly below average. But anyone who wants to take on a house loan should still stay well below 3000€. Unless, of course, they have massively a lot of money, which I don’t see with you now...

Regards
Specki