Good offer for a young family? Buy yes or no

So hi guys, my initial hype has now calmed down a bit and I’m a bit more grounded in reality ^^

That means I haven’t decided yet, but the euphoria when calculating and creating the household budget and this “we can do this” feeling has quieted down a bit.

I also have really bad “head f*****” because of it. This would be a “buying under pressure” situation and right now everything feels anything but good.

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

Also the fact that in August I will have my second month of parental leave and we will be missing another thousand and we actually wanted to go on vacation again after 2 years, also throws a wrench into the plan.
Then I added it all up... The state parental allowance would fall away for 5 months because my -son turns 3 in July and my daughter only turns 1 in November. That’s an important €250 per month that would be gone for now.

What’s also still the case is that the one-time €10,000 subsidy has been gone since 31.12.20. 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 doesn’t actually exist at all.
Also, there is only one bank (online) that might give me this loan, but I would first need a “loan for a loan.” Meaning, I first have to take out something else on the side to get the big one.

That the house is probably currently being traded below market value is of course a good opportunity. But honestly, I don’t feel really ready to be thrown into it headfirst. Without ever having tested if I can and want to restrict myself that much.

Then the thought that the loan is simply calculated over a crazy 40 years... I’ll be 70 years old o_O
That means I have additional pressure to make partial repayments over the years so that maybe it’s paid off by 65.
And in 10 years the heating needs to be done... How in God’s name am I supposed to save up €30,000? And then also build further reserves. That would be 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, a small vacation in 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 right now that just feels terribly forced...
Do you buy a property under pressure just because it might be a good deal?

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

That causes massive fear. And what if there is more behind the damp wall and my cousin can’t fix it for €5,000? What if the heating breaks down and it costs another €5,000?

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

So enough of me whining ^^ The dream of owning a property should definitely be realized. But right now, there is a lot of pressure. Tomorrow evening I have an appointment with my Sparkasse advisor. They also have properties nearby here. If he tells me it would be stupid not to take the opportunity... okay. But I will definitely give myself time until Sunday evening. On Friday we’re also going to my in-laws and then we’ll see what they say. But they are in favor of the purchase. But they themselves said that we should list everything and take a close look.

But just the thought that 55% of our household income would go toward that monthly... Then two cars, mine is slowly but surely no longer great either at 13 years old. I’ll get it through the inspection one more time, but then?

So these were the downsides of the whole thing ^^ On Sunday I have a yes or no, if no, then the other couple who also expressed interest will be happy...
As of now, I don’t know. I feel very big stomach pains. But as I said, I’m still waiting.

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

So hi guys, my initial hype has now somewhat died down and I’m a bit more grounded in reality ^^

That means I haven’t made up my mind yet, but the excitement when calculating and creating the household budget and this “we can do this” is now a bit quieter.

I also have some really bad “mental f***-up” because of it. This would be a “buying under pressure” and right now it feels anything but good.

The €10,000 that I “saved in one year” are actually 1.5 years and of that €2,200 are “unexpected money gifts.”

Also, the fact that in August I’ll have the second month of parental leave and another thousand is missing and we actually wanted to go on vacation again after 2 years, also throws a wrench in the works.
Then I calculated... The state parental allowance would stop for 5 months, since my son turns 3 in July and my daughter just turns 1 in November. That’s currently an important €250 that would be gone for now.

What’s also there is that the one-time €10,000 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 exist, actually doesn’t.
Also there is only one single bank (online) that might possibly give me this loan, but I would first need a “loan for a loan.” Meaning, I would first have to take out something else on the side in order to get the big one.

That the house is probably being traded below market value right now is obviously a good opportunity. But honestly, I don’t feel really ready to just throw myself in headfirst. Without ever having tested whether I can and want to restrict myself like that.

Then the thought that the loan is simply calculated over a crazy 40 years... I’ll be 70 then o_O
That means I have additional pressure to make partial payments over the years so that it might actually end by age 65.
And in 10 years the heating needs to be done... How in God’s name am I supposed to save €30,000? And then also build further reserves. That would be €250 savings per month for 10 years just for the heating. So already €1,650 plus €400 utilities. That’s €2,050 housing costs alone. And other things, small Italy vacation, etc.

So you know what I mean? That scares me massively... I would first like to try for one year to see 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?

We currently live for €750 warm in a nice 90 sqm 3-room apartment.. We have great neighbors, carport, garden, etc. and no worries!
Throwing all that away quickly now and then taking on €448,000 over 40 years, plus at least €30,000 to save up in 10 years and somehow still have a further buffer and partial payments.

That scares me massively. And what if there is more behind the damp wall and my cousin can’t fix it for €5,000? What if the heating breaks and it costs €5,000?

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

Okay, enough crying ^^ The dream of owning a property definitely should be realized. But right now it’s a lot of pressure. Tomorrow evening I have an appointment with my Sparkasse advisor. They also have properties nearby here. If he tells me it would be stupid not to take it... okay. But I will definitely give myself time until Sunday evening. On Friday we’re also driving to my parents-in-law and then we’ll see what they think. They are in favor of the purchase. But they themselves said we should list everything and look at it carefully.

But just the thought that 55% of our household income would go towards it monthly... Then two cars, mine is slowly but surely no longer top with its 13 years. I’ll get it through inspection one more time, but then?

So, those are the downside aspects of the whole story ^^ On Sunday I’ll 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. Feeling very big gut pain. But as I said, I'm still waiting.

:) I think it's good that you no longer see everything through rose-colored glasses.

Have you now made a proper income-expense plan?
That still sounds pretty vague to me. So you have already gathered quite a bit (vacations, lost income, car). But it hasn't been really broken down on a monthly basis yet, right?

Just post it here. Many can really help here and give tips and new suggestions.
It's all anonymous anyway.