Hello dear forum members!
Background: My boyfriend bought a house at a forced auction, quite cheaply, basically for the land value. He placed the lowest bid, assuming others would outbid him. However, no one did, and now he owns a house (which we/he do not urgently want to live in ourselves, at least not for the time being).
The house:
Overall, the house is in good condition, at least at first glance. Some renovations are necessary (e.g., the heating system). The last major refurbishment was apparently done in the 1980s. I can’t say much more about it at the moment.
My question:
Based on your experience, what is the best course of action? What makes sense financially?
For example:
1. Simply sell the house again (possibly after partial renovation and definitely at a higher price)
2. Renovate the house and rent it out as soon as possible? (The house could accommodate two tenants, and a part of it used to be a restaurant, which might be leased out again)
3. Renovate the house completely and then sell it.
What other options do you see from your experience? Where is the return on investment best?
I look forward to your answers and advice!
Best regards
Berenike
Background: My boyfriend bought a house at a forced auction, quite cheaply, basically for the land value. He placed the lowest bid, assuming others would outbid him. However, no one did, and now he owns a house (which we/he do not urgently want to live in ourselves, at least not for the time being).
The house:
Overall, the house is in good condition, at least at first glance. Some renovations are necessary (e.g., the heating system). The last major refurbishment was apparently done in the 1980s. I can’t say much more about it at the moment.
My question:
Based on your experience, what is the best course of action? What makes sense financially?
For example:
1. Simply sell the house again (possibly after partial renovation and definitely at a higher price)
2. Renovate the house and rent it out as soon as possible? (The house could accommodate two tenants, and a part of it used to be a restaurant, which might be leased out again)
3. Renovate the house completely and then sell it.
What other options do you see from your experience? Where is the return on investment best?
I look forward to your answers and advice!
Best regards
Berenike
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pagoni202019 Jul 2020 14:39kati1337 schrieb:
Don’t let yourselves be unsettled, post some photos and more information, and ignore the naysayers. As someone who might also be called a “naysayer,” I find it rather dangerous to advise the original poster, who is seeking advice here, to “ignore” warning voices or to label other users’ opinions as negativity just because they don’t personally appeal to you.
kati1337 schrieb:
There are plenty of people here who want to seriously support you. Absolutely!
The question remains, however, why “seriousness” would necessarily mean wearing rose-colored glasses or blindly approving what seems to be a recklessly made home purchase decision.
kati1337 schrieb:
without discussing your private life Didn’t you yourself recently passionately wield the moral hammer and call certain partnership arrangements—or those of an original poster—“absurd” when they seriously considered joint property ownership?
I quote you further:
“...then I should definitely take off the rose-colored glasses and not finance a property with that person, let alone start a family.”
Bang, that sounded far less tolerant, and was right in the middle of other people’s private lives; but it is exactly the opposite of your current stance.
Also your other quote: “...but if someone asks for opinions on the topic in a public forum, I don’t hesitate to shout mine out, even if it displeases some.”
Following this “shouted-out” advice, I’m also commenting here in a constructive manner, but, apparently unlike you, I firmly believe that no one here has any negative intentions but genuinely wants to help the original poster within their means.
Hmm...always this annoying internet that never lets old posts be forgotten...
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Pinkiponk19 Jul 2020 15:3911ant schrieb:
... there might be some overlap greater than zero between “people who must already have managed money well enough to have plenty of it” and “people who handle money as carelessly as if it grew on trees.” A billionaire might take more risks, but they also don’t specifically look for ways to throw money away. True, I hadn’t thought that far.
I would go as far as to say that over 90% of forum members are eager to help. However, new input from the thread starter is naturally missing.
So, @Berenike, please provide us with more information about the house and specific questions, then this thread can get back on track with constructive advice.
So, @Berenike, please provide us with more information about the house and specific questions, then this thread can get back on track with constructive advice.
Joedreck schrieb:
Without more detailed information, no one here can provide even a remotely meaningful piece of advice.The information that a commercial property vacancy was included and that there were no competing bids was already specific enough to reasonably advise "when in doubt, better not to keep dreaming."Joedreck schrieb:
Volunteering doesn’t help in this case either.Volunteering does not mean being a novice amateur. When a typical disastrous entry scenario is described, it’s better to warn someone one time too many.https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/