House purchase. Can we finance this?

In my opinion, calculated far too tightly. For example, I simply created an annual overview in Excel for us to see how much is ultimately available for vacation and reserves. Also different scenarios like a 2nd child, 1 year of parental allowance, part-time, etc. If there is still enough left for vacation and reserves, you can easily see whether it can work well.

In addition, you should always expect that an income can be lost for a certain period. You should at least be able to compensate for that for a few months. If, for example, €1,000 is missing every month and you have not previously built up reserves, it becomes very critical.

If you calculate so tightly, as some have already said, every repair etc. can become a problem. Also, there is the risk of interest rate changes at the end of the fixed interest period. Can you still afford the installments then? Sure, you can of course assume that after 15 years you will earn more, etc., but I would never calculate it that way. There should always be enough buffer left at the end of the month to be able to breathe...

Hello Eigenheim 2021, please don’t misunderstand; but
in the distant past, one would surely have said: Whoever has their monthly income planned down to ONE euro in their financial planning and is flirting with a few hundred thousand in expenses will surely be a case for Peter Zwegat (if necessary, ask Aunt Gurgel ;) ). One would also have said: Twenty thousand is not even enough as equity for a decent car. But nowadays – the ECB has been running the printing presses at full speed for years; taking on debt is encouraged everywhere and dirt cheap – things have changed. Take as much credit as you can possibly get, it probably won’t get any cheaper and if necessary, you can just sell the house later. Meanwhile, even in the sticks, property prices are rising to unprecedented heights. If you had seriously told someone this ten years ago, you would have been picked up by the green police car :oops:. We once listed our house built in 2018 just for fun; simply to pass the time. There were indeed several serious buyers who wanted to pay us 50k over the TOTAL acquisition costs – really rounding up every little detail included! – It’s incredible, as I said due to the absolute hot demand… So don’t worry and go borrow…

So don't worry and go borrow...

what a saying o_O:D

I know regions where houses cost 200k. These are usually quite dilapidated with rather high renovation needs.

Of course, you don’t have to do everything immediately (Attention: observe energy requirements regarding insulation, heating, etc.), but apparently you also want to feel comfortable (kitchen 15K...).

Overall, I agree with the previous speakers and advise you against the project.

Please don’t misunderstand and without going into deeper life advice, rather as a well-meaning impulse:

You are young and I would consider improving your income side carefree for a few more years. Maybe get a master craftsman title as an electrician and then become self-employed? Craftsmen will be in demand for decades.

If you don’t start your personal development now, you will never tackle it. Then your life will always be a compromise in terms of money. In any case, you haven’t mentioned anything about inheritances.

What income do you have (gross/net)? Net: €2050 + currently due to part-time only €1000 / in a few years probably again about €1750

You are too young! The salary still needs to grow and currently is not sufficient for such a loan. Neither are you. I wouldn’t even want to mention touching the child benefit.
From a €4000 SALARY! you can start to consider it. Or a lottery win...

What do you think? Is it sensible to take on a loan for monthly €850-900 over 30 years due to this situation?

No.

According to the last bank meeting, we could also repay a rate of about €1500,

:eek:

How do you do that?

Wait until the salary or other financial sources are right, meaning increase.

All your points are known to us and also correct. But why would the bank grant us twice as much credit? We know some with roughly the same salaries and new houses. They all have to calculate it very tightly. We can’t explain it any other way. But well - that’s another topic.

There are many, many people with a normal salary but solid equity backing them (inheritance, parents have already bought the land, etc.). Nowadays, it is difficult to keep up through pure work in an average employee position without equity.