ᐅ Building a New Home, Buying a House, or Renovating the Family Home – How to Make the Right Decision!
Created on: 5 Jun 2018 11:24
M
MerymeryHello forum members,
We have been considering what the best decision for us would be for about two and a half years now.
Maybe you can help us a bit with your opinions.
I will try to briefly explain the facts:
Currently, the three of us (soon to be four in July) are living on the upper floor of my parents’ house.
Option 1:
We build in a new development area.
Costs will be around 400,000 euros (there have already been talks with the property developer).
We would then have a plot of land that is ideally sized for us. The house would be “a bit small” for the price, but acceptable.
Advantages here: we would live in town, where there are daycare/preschool/school facilities. The infrastructure is somewhat better than at our current place (which is only 3km (2 miles) away).
There are currently several young families living there (nice for children).
Disadvantages from our point of view:
We would be “leaving behind” my parents.
They can still manage the house at the moment, but this won’t work forever.
We would also like our children to grow up with their grandparents.
Another “disadvantage”: we would have more neighbors. Currently, there is only one — which we actually like.
Option 2:
Buying a house. Unfortunately, the market here is currently quite limited.
In the last two and a half years, only one house was interesting for us. Ultimately, however, it was not the “right” one.
The only advantages we see here:
It is already finished. Everything is established and potentially cheaper than building new.
Disadvantages:
We cannot predict what will come on the market.
Regarding size, plot size, location, etc…
Option 3:
We stay in my parents’ house and do some “improvements”.
The house was built in 1960. In 1980 an extension was added, along with a new heating system, windows, and doors...
Advantages:
A clear advantage here is the lower costs and thus a “more relaxed life”.
We would invest at most 200,000 euros to make it more comfortable.
We wouldn’t have to worry about money as much as we would if we built.
We would have my parents here and could support them, and the children would grow up with their grandparents.
Disadvantages:
It is located on a main road/entrance to the town (so traffic is often faster than allowed) — a current study reports around 2,000 cars passing daily.
There are almost no children of the same age in the village.
Daycare/preschool/school are 3km (2 miles) away — transportation is necessary.
Currently, we would need another room. We could get one on the ground floor, which would be used as the master bedroom.
All other rooms would be on the upper floor. We would have to live with this until my parents eventually pass away and the whole house is for us.
The plot is unfortunately very large.
This worries me a bit. So far, we are all maintaining it. When my parents are no longer here or able to do so, it may be different...
Whether we want to stay here for life (especially because of the size of the house and plot) is also a question. But of course, you can always sell a house 🙂
Now I also wonder:
Is it “worth it” to invest so much money in an “old house”?
Of course, we can make the upper floor nice and stylish, but unfortunately the house is also somewhat “complicated” in its layout.
But do you have everything exactly as you want in a new build?
Probably you will never be 100% satisfied with any option.
There are pros and cons everywhere.
What would you recommend to us, and especially why?
I hope I was able to give at least a small impression of our situation and I look forward to helpful answers.
Regards, Mery
We have been considering what the best decision for us would be for about two and a half years now.
Maybe you can help us a bit with your opinions.
I will try to briefly explain the facts:
Currently, the three of us (soon to be four in July) are living on the upper floor of my parents’ house.
Option 1:
We build in a new development area.
Costs will be around 400,000 euros (there have already been talks with the property developer).
We would then have a plot of land that is ideally sized for us. The house would be “a bit small” for the price, but acceptable.
Advantages here: we would live in town, where there are daycare/preschool/school facilities. The infrastructure is somewhat better than at our current place (which is only 3km (2 miles) away).
There are currently several young families living there (nice for children).
Disadvantages from our point of view:
We would be “leaving behind” my parents.
They can still manage the house at the moment, but this won’t work forever.
We would also like our children to grow up with their grandparents.
Another “disadvantage”: we would have more neighbors. Currently, there is only one — which we actually like.
Option 2:
Buying a house. Unfortunately, the market here is currently quite limited.
In the last two and a half years, only one house was interesting for us. Ultimately, however, it was not the “right” one.
The only advantages we see here:
It is already finished. Everything is established and potentially cheaper than building new.
Disadvantages:
We cannot predict what will come on the market.
Regarding size, plot size, location, etc…
Option 3:
We stay in my parents’ house and do some “improvements”.
The house was built in 1960. In 1980 an extension was added, along with a new heating system, windows, and doors...
Advantages:
A clear advantage here is the lower costs and thus a “more relaxed life”.
We would invest at most 200,000 euros to make it more comfortable.
We wouldn’t have to worry about money as much as we would if we built.
We would have my parents here and could support them, and the children would grow up with their grandparents.
Disadvantages:
It is located on a main road/entrance to the town (so traffic is often faster than allowed) — a current study reports around 2,000 cars passing daily.
There are almost no children of the same age in the village.
Daycare/preschool/school are 3km (2 miles) away — transportation is necessary.
Currently, we would need another room. We could get one on the ground floor, which would be used as the master bedroom.
All other rooms would be on the upper floor. We would have to live with this until my parents eventually pass away and the whole house is for us.
The plot is unfortunately very large.
This worries me a bit. So far, we are all maintaining it. When my parents are no longer here or able to do so, it may be different...
Whether we want to stay here for life (especially because of the size of the house and plot) is also a question. But of course, you can always sell a house 🙂
Now I also wonder:
Is it “worth it” to invest so much money in an “old house”?
Of course, we can make the upper floor nice and stylish, but unfortunately the house is also somewhat “complicated” in its layout.
But do you have everything exactly as you want in a new build?
Probably you will never be 100% satisfied with any option.
There are pros and cons everywhere.
What would you recommend to us, and especially why?
I hope I was able to give at least a small impression of our situation and I look forward to helpful answers.
Regards, Mery
Merymery schrieb:
The plot is unfortunately very large. But (regarding the buildable area) still too small for option 3a, building your own house on the parents’ property (possibly for the parents as a retirement home, so the current house becomes fully available for the young family)?https://www.instagram.com/11antgmxde/
https://www.linkedin.com/company/bauen-jetzt/
Who owns the property? If your names are not yet registered in the land registry, would your parents transfer the property to you and would any siblings need to be compensated in some way?
A transfer with all the conditions and risks involved, such as in the event of your separation the property partly belonging to or having to be sold to the in-law, or something similar?
A transfer with all the conditions and risks involved, such as in the event of your separation the property partly belonging to or having to be sold to the in-law, or something similar?
H
HilfeHilfe6 Jun 2018 07:20Selling and building a new home with parents?
@Maria16
The property/house is fully paid off and currently still owned by my parents.
However, my father has wanted to transfer it to me for some time.
There is a brother who would then have to be bought out for his share.
Of course, we still need to clarify what happens in the event of a separation.
But that wouldn’t be any different with buying/building a house...
@HilfeHilfe:
This was already considered as an option.
We discussed it with the property developer. The idea was to build a multigenerational house on the plot in the new development area.
Unfortunately, it is really unaffordable for us. The risk is too high.
Especially since we probably won’t get much for my parents’ house due to its location (small village/main road, etc.). Well, we don’t know for sure yet. But overall, the financial risk is too high for us.
The property/house is fully paid off and currently still owned by my parents.
However, my father has wanted to transfer it to me for some time.
There is a brother who would then have to be bought out for his share.
Of course, we still need to clarify what happens in the event of a separation.
But that wouldn’t be any different with buying/building a house...
@HilfeHilfe:
This was already considered as an option.
We discussed it with the property developer. The idea was to build a multigenerational house on the plot in the new development area.
Unfortunately, it is really unaffordable for us. The risk is too high.
Especially since we probably won’t get much for my parents’ house due to its location (small village/main road, etc.). Well, we don’t know for sure yet. But overall, the financial risk is too high for us.
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