Hello,
here’s a somewhat "unusual" topic. How did you manage to fundamentally decide between an apartment (condominium) or a house for yourselves? And in the end, how did you manage to put your name on the loan agreement for a construction project, where you are basically always an amateur but financially have to compete at the highest level? I have been following for a long time, and good offers come and go. I just can’t seem to overcome the feeling of uncertainty. Am I the only one struggling with this?
here’s a somewhat "unusual" topic. How did you manage to fundamentally decide between an apartment (condominium) or a house for yourselves? And in the end, how did you manage to put your name on the loan agreement for a construction project, where you are basically always an amateur but financially have to compete at the highest level? I have been following for a long time, and good offers come and go. I just can’t seem to overcome the feeling of uncertainty. Am I the only one struggling with this?
I can fully understand why people nowadays hesitate with such large amounts of money. Financial mistakes are hardly affordable anymore. But it also works the other way around, because in life you can just as easily regret the things you didn’t do:
In 2017, we were in a similar situation, and a great property was practically handed to us on a silver platter—we just had to take it. But the price was quite high for the time, plus the real estate agent’s commission, and we also knew from a reliable source that the seller, who had only moved in in 2014, had paid 50,000 euros less and had hardly done any improvements. Psychologically, this was definitely a disadvantage, and so we simply couldn’t bring ourselves to buy.
Although we have since built our own home and can now look at it with some distance, I still avoid the street where that house is located because even today I could kick myself for not going for it back then. With our new build, we do have a newer house, but less living space, less land, a smaller attic, etc., for an overall investment that was 70,000 euros more... that’s just how it goes when you overthink things. Especially with good existing properties, you need a killer instinct and a high risk tolerance due to the strong demand. If you don’t have that, then buying a plot of land is definitely the better choice.
In 2017, we were in a similar situation, and a great property was practically handed to us on a silver platter—we just had to take it. But the price was quite high for the time, plus the real estate agent’s commission, and we also knew from a reliable source that the seller, who had only moved in in 2014, had paid 50,000 euros less and had hardly done any improvements. Psychologically, this was definitely a disadvantage, and so we simply couldn’t bring ourselves to buy.
Although we have since built our own home and can now look at it with some distance, I still avoid the street where that house is located because even today I could kick myself for not going for it back then. With our new build, we do have a newer house, but less living space, less land, a smaller attic, etc., for an overall investment that was 70,000 euros more... that’s just how it goes when you overthink things. Especially with good existing properties, you need a killer instinct and a high risk tolerance due to the strong demand. If you don’t have that, then buying a plot of land is definitely the better choice.
pagoni2020 schrieb:
I can only recommend this approach. Whether it’s buying a kitchen, planning a floor plan, or anything else. As soon as someone pressures me, I immediately and permanently back out. A solid attitude, but in 2020 you would be out of the running when buying a house, at least for a prime property.
In general, I would also advise people with uncertain personalities not to involve too many others in their plans, but to trust their own gut feeling. That was the mistake we made. We asked for half a dozen opinions, ranging from “Go for it, you won’t get better!” to “Are you crazy? Definitely not!” Great help for making a decision... :-/ Works better than 10 cups of espresso to stay awake at night.
Jean-Marc schrieb:
In general, I can only recommend that people who are uncertain avoid involving too many others in their project,It also puts you under pressure and then you end up with a bad feeling. Constantly being asked if you have started yet or something like that.
Jean-Marc schrieb:
A very solid attitude, but in 2020 you wouldn’t stand a chance buying a house like that, at least not for a prime property.I still clearly remember a property in Berlin Frohnau—just under 700,000. Listed online at 11 a.m., contacted the agent by 11:15 a.m., viewing scheduled for 2 p.m. An hour before the viewing, a call came in: someone had bought it over the phone without even seeing it.
These and other experiences have helped us and ultimately led to our success in the competition for our plot of land.
Jean-Marc schrieb:
A solid and sensible attitude, but back in 2020 you would have had no chance buying a house like that, at least not a prime one. We had a similar experience.
A townhouse right in the middle of Lübeck, with a direct view of a nature reserve. Built in 2014, in very good condition, with a basement suitable for living, purchase price 320k.
Since my wife and I always discuss investments first, I asked if we could sleep on it overnight.
Forty-five minutes later, we got a text saying the house was sold.
And now we’re talking about an investment of 530k — in hindsight, I would have quite liked that townhouse after all.
Hindsight is always 20/20, and buying over the phone? Only if you’re Rockefeller. It can also end badly with a worthless property. Such mistakes are something an average person can afford once, or not at all. For people like me, who have no expertise in this area, it’s basically financial suicide.
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