Is it feasible to buy a second house with a mortgage on the first house?

My grandmother lived to be 96 and lived in her house until she was 95. So there are easily 10 more years here, women generally live longer.

It is also not an investment, in 20 years, when the daughter is supposed to take over the place, she will move 400 km away for her job or studies.
And in 40 years, when the house is paid off, it will be an old dilapidated place that no one buys for a reasonable price.
This is often forgotten, houses wear out, just like cars or people...

Good point.

However, we are talking about a house in Hamburg. Plot 1400 sqm. I think it won't be much cheaper price-wise.

However, we are talking about a house in Hamburg. Plot 1400sqm.

No offense. But a house in Hamburg with a 1,400sqm plot and a value of 450k? Does Hamburg mean a distance of 70k from the city or is it a tear-down house in the worst neighborhood of Hamburg? I usually know quite different prices.

Year of construction 1998

However, we are talking about a house in Hamburg. Plot 1400sqm.

The value of the house is at least approx. €450,000.

Did you make a typo somewhere? Even in Wilhelmsburg, a semi-detached house from 1938 costs almost €600,000.

In 20, 30 years, the Federal Republic will look completely different than today. I am not following any conspiracy theories and I also do not believe that we will manage a significant skilled labor immigration, therefore the population in Germany will shrink significantly.

The current real estate prices are a mixture of the pressure from the housing shortage and the financial jugglers, historically still very low interest rates.

But that of course plays no role here and now. But if you say Hamburg, 1,400m² plot, then the house should not be worth 450,000 but rather 1,450,000 EUR (1.45 million EUR). And then your financing is already no longer realistic for that reason alone, because on top of the 250,000 EUR purchase price, the same amount or more in gift tax will be added.
You could never ever service a loan of 400, 500 or even 600,000 EUR with your 3,500 EUR, even if you agree to just 1% repayment and the daughter takes over with 80% residual debt in 25 years.

PS:
Yes, it would be the absolute top opportunity to snag a bargain, which it still is even with gift tax. But as sometimes happens in life, it comes at the wrong time for you. Either you go back to full work immediately and have 5,000 EUR or more in the account at the beginning of the month on a permanent basis... or you let it go. This is too big a deal, it will not work.

PPS:
And build year 1998 is already 27 years. A new heating system may well be due and a complete roof and facade renovation is not far off anymore if you want to maintain the value of the house.

and actually can’t really afford it. Those who are not in the position to ask are asking – and therefore are far from reality.

I have to admit that I didn’t understand your last sentence.

And I have to admit that this is currently my personal popcorn thread where I really can’t think of anything more than shaking my head. My last sentence back then means exactly what it says: You are one of those who cannot afford such “investments.” Even if it is mathematically feasible, you are not doing yourself any favors because instead of profit over the years, you pay psychologically, since the other living costs (repairs on your own house and car) tend to eat you up rather than giving you reason to smile cheerfully with an investment. You have to think 10 years plus as well. Then you also have to assess your own health situation: whoever doesn’t work that long will not stay at 100% for long, nor can one rely on 120% which might be necessary for a “career ladder.” In any case: it is not up to me to judge, but one has to somehow be able to do that oneself. Then there is the matter of renting: do you want to let the house be rented out to strangers and have your relatives move in, who are dear and precious? Renting means energy renovation..

Only, the thought that my daughter can later go her own way without financial pressure really motivates me a lot.

Hehe, she is barely three years old, and you are planning the big fat and big profit over the next 20 years. By the way, that is also what means

Every few weeks comes a post that is so far from reality that it can only be a troll.

Someone just wants to make a big profit through “investment.” Mortgage on their own home, by the way on the daughter’s home (mortgage), and then eyes closed and push through. That reminds me of my father’s daughter: he also bought real estate, a handful over the years (because he could, not because the bank could), always with the argument, “retirement provision, for my daughter.” I’ll be glad when he sells the last two (three including his own house), even then lives in a rental instead of spending immense heating and gardener costs just for maintenance, and the daughter won’t be a burden with the aging houses. The care costs enough. And the daughter has her own life with ups and downs. You don’t need a ’98 property that then has almost 40 years and a 30-year repair backlog on its back. Bankers can talk as much as they want: sometimes some things are only calculated on paper and far from simple life.

Did you make a typo somewhere? Even in Wilhelmsburg, a semi-detached house from 1938 costs almost €600,000

The €450,000 was offered by the real estate agent a few months ago. The entire plot is even larger.
It was divided in length. 60/40.

I will possibly address the other points tomorrow.

Good night everyone.