Good offer for a young family? Buy yes or no

: Yes, of course the starting situation is different. I already wrote that financially it is tight at first. It is also clear that his wife must go back to work as soon as it is possible with the children. And not just 30% but at least 50% or preferably even more if possible. Unfortunately, it no longer works any other way as a normal earner. We also couldn't afford my wife to stay at home for several years because of the children. But if the family wants to fulfill the dream of owning a house, this offer would be a good opportunity. You don't get such an offer often in life. I think if they really want it and are willing to give up other things, it is doable. And one more thing about the bathroom. I would not do anything there for now. It wouldn't be my color either, but I would live with it first. After all, you don't spend hours in the bathroom every day. And there used to be much worse colors in bathrooms before. When I think of the yellow at my parents' and the former green in the granny flat ;)

In every other case, everyone would have advised against it here because it’s too expensive. Suddenly here, the tone is completely different. Why? Because it’s the Munich surrounding area?

I think the fact plays a role here that the house, on the one hand, is finished, without unpredictable work. On the other hand, the house with the land will be worth more than he paid – so there are good chances that he can come out without a black eye if they have to sell it again in a few years.

It is also clear that his wife has to work again as soon as it is possible with the children.

What??? :eek: :eek: and that, although she will then be 40? Tsk tsk..... :D :D

I think that the fact plays a role here that the house on the one hand is finished, without unforeseeable work. On the other hand, the house with the land will be worth more than he paid - so the chances are good that he will come out without a black eye if they have to sell it again in a few years.

Yes, that adds up....... although it never has to come to a sale if the family simply lives reasonably. I can hardly understand some thoughts, because I look in my wallet before I go shopping; if it is empty, then no fingernail, playing etc., very simple. Having to SELL a house is a whole different matter. If you had to sell your house only because of your own wastefulness or lack of discipline, the problem would come back to haunt you in life at some point, namely that the urge to consume is greater than the wallet is full.

So hi guys, my initial hype is now somewhat gone and I’m a bit back down to earth ^^

That means I haven’t decided yet, but the euphoria when calculating and creating the budget book and this “we can do this” is now a bit quieter.

I also really have terrible "headf***" because of it. That would be a "buying under pressure" and right now it feels anything but good.

The €10,000 that I "saved up in one year" is actually 1.5 years and of that €2,200 are "unexpected monetary gifts."

Also the fact that in August I have my second month of parental leave and another thousand is missing and we actually wanted to go on vacation again after 2 years messes things up too. Then I added it all up... The state parental allowance would stop for 5 months because my -son turns 3 in July and my daughter is only 1 year old in November. That is currently an important €250 that would be gone at first.

What’s also the case is that the €10,000 one-time subsidy has been gone since 12/31/20. Also the Bavarian extra child benefit of €300 per year per child. That means my "buffer" of €10,000 that was supposed to be there in the first place is actually not even present. Also, there is only one single bank (online) that might give me this loan, but I would first need a "loan for a loan". In other words, I would have to take out something else on the side first to be able to get the big one.

That the house is probably currently being traded below market value is clearly a good opportunity. But honestly, I don’t really feel ready to be thrown in head over heels. Without ever having tested whether I can and want to limit myself that much.

Then the thought that the loan is simply calculated over a crazy 40 years... That would make me 70 years old O.o Meaning I have the additional pressure to make partial payments over the years so that maybe it ends by 65. And in 10 years the heating system needs to be redone... How in God’s name am I supposed to save €30,000? And then also build up further reserves. That would mean saving €250 per month for 10 years just for the heating. So already €1,650 plus €400 ancillary costs. That’s €2,050 just for housing costs. And other things, small trip to Italy, etc.

So you know what I mean? That scares me massively... I would first like to try for a year how much we can and want to restrict ourselves. And that just feels really forced right now...
Do you buy a property under pressure just because it might be a good deal?

Right now we live for €750 warm in a nice 90 sqm 3-room apartment.. Have great neighbors, carport, garden, etc. and no worries! To quickly throw all that away and then take out €448,000 over 40 years, plus save at least €30,000 in 10 years and somehow still have further buffer and make partial payments.

That makes me terribly scared. And what if there’s more behind the damp wall and my cousin can’t fix it for €5,000? What if the heating breaks down and it costs €5,000?

I don’t know if it wouldn’t be better to actually try now to save as much as possible and see what comes together in a year. Maybe do that for 10 years and then go in with €150,000 equity.

Okay, enough crying ^^ The dream of a property definitely should be realized. But this is a lot of pressure right now. Tomorrow evening I have an appointment with my savings bank advisor. They also have properties nearby here. If he tells me it would be stupid not to go for it... okay. But I will definitely take until Sunday evening to decide. On Friday we’re also going to my in-laws and then we’ll see what they say. They are in favor of buying. But they themselves said that we should list everything and look at it closely.

But right now the thought that 55% of our household income would go on it monthly... Then two cars, mine is slowly but surely not in great shape anymore with its 13 years. I’ll get it through technical inspection one more time, but then?

So those were the downsides to the whole story ^^ On Sunday I have a yes or no, if no then the other couple that also showed interest will be happy... As of now, I don’t know. I feel very big gut pains. But as I said, I am still waiting.

I think the fact plays a role here that the house is finished on the one hand, without unpredictable work. On the other hand, the house with the land will be worth more than he paid - so the chances are good that he will come out without a black eye if they have to sell it again in a few years.

That’s exactly the point. If he sells immediately again, he will probably get 50-100k € more for the house. Subtracting the prepayment penalty (50k €) and notary and property transfer tax (25k €) leaves him roughly at break-even. So initially no risk, except if there are major financial traps in the house. In other words, even if it gets tight and doesn’t work out, no financial damage will occur here that could lead to the ruin or over-indebtedness of the OP.

Well, and not to mention the future... What happens if there actually is a wave of bankruptcies and houses are sold, then everything loses value... That's all the question...