Young family wants to buy a house, but does the installment fit?

we have the offer to buy my parents' house, the value of the house is about 350,000 EUR, we get it for 230,000 EUR, but my parents absolutely need this amount, they cannot go lower for the life of them.

Why, how come, what for, why you?

Only focusing on the rate is also too narrow-minded. What is the interest rate the bank has offered you?

Well, there are thousands of other possibilities.
If the house is worth €350,000, you effectively have €120,000 equity on paper, and the bank has zero risk.
With that, you get a good interest rate. However, that is already relatively high for your low income.
Because after you have paid off for 15 years, there are usually still over €100,000 in debt left.
Then you will likely have to pay the €856 for about 30 years.
In my opinion, the house is simply too expensive for you then.
Because you can't pay off less either, otherwise you would end up paying even more...

Hello,
2300€ income plus two times child benefit approx. 350€ = 2650€ - 860€ bank = 1790€ - 350€ operating costs = 1240€ - clothing, car, insurance, food and drink.
I don't think it will go well. No more holidays and no room for small purchases etc.
Sell the house freely if it is to be sold. Or rent and try out the house, rent should cover all the costs of the house. Do it for one or two years, so you can see if you can manage it as a family. If you see it doesn’t work, you can still sell it and won’t have any damage. If it works, you can always buy.
Think carefully about a purchase and weigh up all the pros and cons.
When selling, the parents can make a gift, so you get some equity together.

Regards and good luck
Thomas

The 230k€ alone are not enough, as notary fees and property transfer tax are added.

Hello,

Of course everyone lives differently, has different expenses, etc., but maybe someone has a similar situation and can say something about it.

Please think carefully about what you are doing ...

You are pregnant and have a 6-year-old son. You already know what babies cost in the first years. Please let me tell you that this is nothing compared to what your son will cost you once he starts school.

€1,700.00 + €600.00 + 2 x child benefits €368.00 minus warm rent €730.00 leaves €1,954.00 from which - after deducting all costs and living expenses - you might even be able to save some equity.

€1,700.00 + €600.00 + 2 x child benefits €368.00 minus bank €856.00 - incidental costs and reserves €500.00 leave €1,312.00. All costs and living expenses must also be covered from this; I see no savings potential here.

I would think this over carefully – what if repairs to the house are necessary, the car misbehaves, or simply the washing machine breaks down? In our case, within a year all our hardworking electrical appliances refused to work.

I can well imagine that your parents' offer must seem highly tempting to you. But what about the condition of the single-family house? Valuation report? Repair backlog? Money for property transfer tax? Notary and court costs as equity or do these items also need to be financed?

Remember – there are more important things in life than a house

Regards from the Rhineland