Existing purchase plan: Financing possible?

400 euros additional costs for a house built in 1913 I consider wishful thinking. Renovation alongside the job is doable. But honestly, you can’t do many trades alone. Then you look for someone who makes it nice again. As a colleague always says, "if you want it nice, it costs money or you do it alone."

So, a few key data points:

Current income, with the 13th salary, around €4600 monthly....
A financing in the area of around €500,000 is already very, very tight budgeted (doable, yes, but really TIGHT)
Something like that could be done if you really expect to change jobs in the next 2-3 years, and can count on at least 20% salary increases (this often happens... in my circle of friends a few years ago near Cologne it was also very tight budgeted, now with an income from a job change earning more than before with two jobs, so having a child with parental allowance is comfortably manageable).

What I would do here:
Invest money in an expert, to go through the house with them, who can well estimate when what needs to be renovated and approximate costs for that.

Then you have the complete figures on the table, what it costs (purchase + modernization that will have to be done in the next few years).

I would plan it all in, because either you can afford it immediately, or not, because then the hope would be 1) to save more money + 2) have children and have less income, which in the long run is probably the worse solution.

Also, prices continue to rise, both for real estate and for craftsmen...

When I bought a house from 1958 in 2013 and started renovating (planned €75,000 back then) we finished in 2015, and after €125,000 we stopped counting how much money had flowed in...

Contrary to popular belief, I have experienced both. Renovation while living in the house and once completely beforehand. Of course, it is doable. But I ask you.... 99% of people want a functioning home. And that means move-in ready. Renovation (especially on that scale) while living in the house IS hell. Absolute hell. The dust always gets everywhere. Very few people can really imagine the scale it takes on. A simple: if you are sure, go for it, is easy to say. I also advocate the opinion that you can and should do a lot in EL. But advising that just from your own perspective, I personally really consider borderline.

A simple: if you’re sure, go for it, is easy to say.
[...]
But to advise that just from your own perspective, I personally find really borderline.

That's exactly why I wrote my post above, to make it clear that it's possible, but that you really have to be aware of what you’re getting into. Of course, if you only pick out the last sentence ;-)

To say right away (and by the way also from your own perspective) that this is basically like harakiri and you should discard the idea and look for another house, is somehow patronizing.

Good evening everyone,

I am currently not at home and will of course give you an update next week :-) First of all: We did not buy it.