Good offer for a young family? Buy yes or no

When I think about the houses from the 70s that I looked at... they were exactly the case where something was only fixed when the heating broke down. Everything else was neglected. Still, gone for 400,000€ in less than a week. The market is just crazy right now

This is mainly due to the associated plots of land, which are often more attractive than those in the cramped new development areas nowadays. Or who can still afford 800-1,000 m² in the new development area with infrastructure around it today? Not to forget the obligatory cellar. On top of that, there is a lack of alternatives in many places. Many municipalities hardly designate any more building land, and mayors still do not dare to tackle the "grandchildren's plots" despite the acute housing shortage. Anyone who absolutely wants to stay in the town under these circumstances reluctantly bites the bullet and pays the 400k for the 70s hut.

Of what we looked at, only one actually made a living from the property itself (1300 sqm, but also a good 60m sidewalk to clear). The others didn’t have any special property. A basement was usually present but partly used as living space due to the slope (= 2 full floors + attic). The main reason for the prices is cheap money and the lack of alternatives. In the bidding process, everyone drives the price up by another €20,000, and after a few houses of this kind, the realtor sets the price accordingly higher. And when almost only such houses are listed on real estate portals, one eventually considers that a "normal" price.

What did the conversation with the bank yield?

Hello,

If I were you, I would grab it immediately. Of course, you have to give up some luxury. I don't know how you are set up, but if you want, you always find a way. I bought an apartment 2 years ago and budgeted very tightly, but it is enough and I am happy. You just have to be content.

Best regards
Gelendd

Hello, I would grab it immediately if I were you. Of course, you have to give up a bit of luxury. I don't know how you are set up, but if you want, you always find a way. I bought an apartment 2 years ago and calculated very tightly, but it is enough and I am happy. You just have to be content. Best regards Gelendd

It was similar for me when I reduced my working days from 5 to 4 for mental reasons. At first, I really had fears of not being able to make a living, but they were unfounded and I have been doing very, very well with it for decades so far.

Hi guys.

Yes, I know many will probably think I'm "stupid" now, but hopefully many will still be able to understand.

We have decided NOT to buy the house.

The problem is that it's not just 430k, but overall we're talking about 470k, plus the "wet wall" that could come back, a very ultra tight budget, two-colored wood on the house and so on and so forth. Oh yes, and a bathroom with which you would be "living" for almost half a million. Also the problem with the heating etc. There are way too many reasons against it.

Then there's flickering in the basement and on the first floor regarding the lighting, or it sometimes goes out briefly, then comes back on and it's not the bulb. Furthermore, the wet wall was apparently opened back then because there was a short circuit and I suspect there is still an electrical fault in the house. And on top of that, it was unheated for three years. That's not so nice either.

The conversation with the bank advisor was also very enlightening...
I could have barely gotten a loan from my house bank as well, and it would have been paid off before retirement, but even the bank advisor ultimately advised against it due to the low equity. (monthly payment would of course have been catastrophic)

In the end, I sleep much more peacefully and am glad that I don't have this "problem" now.
In our community, it happens more often that a house is sold and, ultimately, my eyes have now been opened that I will now save a lot more money and keep a household budget.
The topic house or property is by no means off the table - but now I will work towards it for a few years first and not make a drastic life decision under pressure within a week.

The other couple will surely be happy now, but they have a completely different starting position from the ground floor.

In any case, many thanks to everyone who actively contributed here and gave advice.