D
Daniel7884 Dec 2011 11:17Good morning everyone.
I came across this forum last night, and at first glance, it seems very professional.
I have a few questions that interest me a lot.
I am 23 years old and have a net income of 2250€ (about 2480 USD).
My job is secure.
For about six years, I have been working as a caretaker for elderly people and I still do.
The elderly couple I work for are 75 years old and have already considered selling their house.
They have no children or anyone else to take care of them.
Relatives are listed as heirs, but they do not visit since they live far away.
Last week, I asked the couple if they plan to sell the house in 4-5 years.
They answered yes.
I will have a conversation with them next week to discuss their price expectations.
So now my question to you is: what is the best way to start putting money aside and saving as quickly as possible? (I already have a home savings contract and a Riester pension plan.)
How should I proceed if the price is right and I decide to buy the house in about four years?
Thank you in advance to everyone who reads this and replies.
I came across this forum last night, and at first glance, it seems very professional.
I have a few questions that interest me a lot.
I am 23 years old and have a net income of 2250€ (about 2480 USD).
My job is secure.
For about six years, I have been working as a caretaker for elderly people and I still do.
The elderly couple I work for are 75 years old and have already considered selling their house.
They have no children or anyone else to take care of them.
Relatives are listed as heirs, but they do not visit since they live far away.
Last week, I asked the couple if they plan to sell the house in 4-5 years.
They answered yes.
I will have a conversation with them next week to discuss their price expectations.
So now my question to you is: what is the best way to start putting money aside and saving as quickly as possible? (I already have a home savings contract and a Riester pension plan.)
How should I proceed if the price is right and I decide to buy the house in about four years?
Thank you in advance to everyone who reads this and replies.
Hello Daniel788,
With your net income and secure job, you are already in a good position for financing. The most important step for you is to have a conversation with your bank first, before talking to the sellers. This way, you can define your financial scope in advance. If your bank gives you a preliminary approval, then I would talk to the sellers. At the moment, property prices are quite favorable for buyers, and interest rates are low. In your situation, I wouldn’t wait the full five years but would purchase the house today and offer the current residents a very affordable rental agreement. Maybe they don’t want to stay for five more years and might move into assisted living or something similar. So, if the price is right and the house is in good condition, go for it.
In short:
1. Schedule an appointment with the bank and check your financial situation
2. Discuss all the options with the sellers (immediate purchase, rental, assisted living, and so on)
I’m curious to see how this story develops.
Best regards
CADAMaRa
With your net income and secure job, you are already in a good position for financing. The most important step for you is to have a conversation with your bank first, before talking to the sellers. This way, you can define your financial scope in advance. If your bank gives you a preliminary approval, then I would talk to the sellers. At the moment, property prices are quite favorable for buyers, and interest rates are low. In your situation, I wouldn’t wait the full five years but would purchase the house today and offer the current residents a very affordable rental agreement. Maybe they don’t want to stay for five more years and might move into assisted living or something similar. So, if the price is right and the house is in good condition, go for it.
In short:
1. Schedule an appointment with the bank and check your financial situation
2. Discuss all the options with the sellers (immediate purchase, rental, assisted living, and so on)
I’m curious to see how this story develops.
Best regards
CADAMaRa