Financing property purchase and modernization

That I can afford it is clear, it is only about the cheapest option. I would move in after the modernization with my wife and by then 2 children, net salary about 3000 euros, wife's net salary about 1000 euros if she is not on parental leave, which will initially be the case. The 110,000 euros are only roughly estimated and planned by me as a budget, we have not yet precisely planned what we want to do, it could of course become more expensive.

I want to buy a house within the family for about 90,000 euros

Once again the question: What is the house worth?

Of course, I don't want to finance the purchase 100% with borrowed money, that's clear. From what percentage of equity are there good conditions? Would it perhaps make sense to use 50% equity for the purchase and the rest for modernization/extension, in order to possibly get better conditions and also be more flexible with the renovation measures?

Then the amount is again much too small, there are surcharges on amounts, no discounts for promotions which mostly only start from a minimum amount, etc.

It is advisable to present the purchase and modernization and renovation (here with a breakdown of the intended trades) completely to the bank and to record the financing requirement taking into account the equity and the intended value-enhancing modernization and renovation.

The house with the property is worth about 130,000 euros.

The house with the property is worth about 130,000 euros.

With renovations and modernization definitely more, and with an old house (as is the case here) the value increases disproportionately to the renovation and modernization costs; in other words, it can happen that the deductions when valuing the property without renovation and modernization are too high in the dilapidated condition.

It is advisable to present the purchase and mod and ren (here with a list of the intended trades/services) completely to the bank and to record the financing requirements taking into account the equity and the intended value-increasing mod and ren.

However, the planning of the renovation and modernization is not yet so far advanced that I can provide listings for it now. The purchase is supposed to take place in the near future.